Nabil Bank Launches its SME Hub and joins hands with Sakchyam to Promote Access to Finance to the SME sectorMay 7, 2018
Nabil Bank inaugurated its Mid-Corporate and SME Hub in the United World Trade Center, Tripureshwor, Kathmandu on 6 May, 2018 and also announced of its plans to work in partnership with UKaid Sakchyam – Access to Finance Programme (Sakchyam) to promote access to finance to the SME sector. Nabil Bank intends to work with Sakchyam to increase its footprints in the rural sector by establishing a dedicated and specialized SME lending unit in the Bank to enhance access to finance for small and medium enterprises operating in the country. Sakchyam and Nabil Bank will be jointly work on market assessment, product development, process and operational set up and training and development, targeted for rural areas. A Memorandum Of Understanding (MoU) to this end was also signed between Nabil Bank and Sakchyam during the inauguration of the Hub.
Anil Shah, Officiating CEO of the Bank stated, “The inauguration of the Mid-Corporate & SME Hub and the signing of the MoU with Sakchyam reinforces Nabil Bank’s commitment to grow its SME and Mid-Corporate loan portfolio across the country. Currently we have a Mid-Corporate and SME loan book of over Rs. 25 billion and want to exponentially increase it in the days ahead. Mid-Corporate and Small & Medium Enterprises are the backbone of our economy and Nabil Bank wants to play an active role in the growth of this sector. By working together with Sakchyam we are confident to introduce new products and enhanced processes to enable us to surge ahead together.”
Similarly, Baljit Vohra, Team Leader of Sakchyam said, “To unleash the potential of SMEs in Nepal, Sakchyam has been working in partnership with various financial institutions, especially commercial banks, to facilitate easy access of innovative new financial products and services to SMEs. We are particularly excited about the Nabil partnership, and its commitment to set up a dedicated SME Hub. Through this SME hub, we will bring in the best of global practices and delivery mechanisms to meet the diverse financing needs of small and medium enterprises in a more comprehensive and robust way.”
The Hub was inaugurated by the Bank’s Chairman Mr. Shambhu Prasad Poudyal where other members of the board along with senior representatives from the Bank and Sakchyam were also present. The Hub caters to business enterprises involved in trading, manufacturing and services of Mid-Corporate and SME sizes. The Hub also looks after direct and indirect Micro Financing activities at various Branches of the Bank across the nation.