At two separate events today, with the support of UKaid Sakchyam – Access to Finance (Sakchyam), Nepal Investment Bank Limited (NIBL) inaugurated its 48th Branch in Dipayal, Doti and 49th Branch in Mangalsen, Achham. This partnership aims to bring more than 14,000 beneficiaries into the formal financial system. The project will facilitate lending of NPR 288 million to 16,580 beneficiaries during the project period of 3 years.
“I applaud the commitment of NIBL and Sakchyam to provide financial services to the people of Dipayal,” said Mr. Shishir Dhungana, Regional Administrator of the Far-West Region, who was the Chief Guest at the Dipayal branch opening. “I am confident that the opening of this branch office will help in bolstering small industries, trading and agricultural activities of the area,” said Mr. Dhungana, who was also the first chairman of Sakchyam’s Steering Committee.
“NIBL will be one of the first few commercial banks to establish its branch in Dipayal and Mangalsen and we are proud of partner with them to make this happen. Our aim is to reach the unreached population and through the establishment of these branches we aim to improve the financial status of the communities residing in these districts and improve their livelihoods in the long run,” said Mr. Baljit Vohra, Team Leader, Sakchyam during the branch inaugurations.
At a similar event, on 16 June, NIBL, with support from Sakchyam, also inaugurated its Extension Counter in Daab, Dailekh. This is the first extension counter established by a commercial bank in the area. With the rise in economic activity due to the establishment of GMR Upper Karnali Hydropower Project in Daab, the extension counter aims to serve the locals, especially the small entrepreneurs of nearby Daab Bazaar with its various financial services.
Sakchyam is a UKaid-funded access to finance programme. It is being implemented by Louis Berger for DFID Nepal, in partnership with local and international institutions. The 5-year programme is working with the public and private sectors to leverage access and facilitate financial sector development in Nepal for small and medium enterprises (SMEs) and for poor people with a focus on the Mid- and Far-Western Regions (MWDR and FWDR), and beyond.