Sakchyam supports Global IME Bank’s Financial Service Extension in Far West Nepal

May 28, 2015 – At separate events organized in Jogbuda, Patan and Melauli on the 26th, 27th and 28th of May, 2015, Global IME Bank Limited with support from Sakchyam Access to Finance Programme, has launched the area’s first Bank Extension Counters in Dadeldhura’s Jogbuda and Baitadi’s Patan and a Branchless Banking Touch Point in Melauli.

Speaking on the role of the Extension Counters and Branchless Banking Touch Point, Assistant CEO of GIBL, Mr. Dripu Dhoj Adhikari said, “Global IME Bank was established with the objective of providing banking services to all regions and communities of the country. To do away with the hardship of traveling long distances to avail banking services, the bank has been providing services through its branches, extension counters and branchless banking touch points. The launch of the extension counters and branchless banking touch points with the support of Sakchyam Access to Finance Programme is a part of our aforementioned objectives. We have always proclaimed that we are a bank for all and today we have been able to provide our services through all 14 zones of the country.”

According to Mr. Vohra, Team Leader, UK Aid funded Sakchyam Programme, households, businesses and government entities in Jogbuda, Patan, and Melauli have faced considerable hardships in accessing financial products and services; lack of formal financial institutions have forced people to travel for hours to Dhangadhi, Gothalapani or Dadeldhura to draw their salaries/pensions and incur significant transportation and other incidental expenses. District authorities have had to physically carry over NPR 7.5 Million every quarter to make social security payments in Jogbuda alone. “Through partnering with Global IME Bank, we are opening extension counters and BLB points in these 3 jurisdictions through which will now be able to provide convenient access to financial services to over 40,000 families, help locals save monies on transportation, and support more than 70 government bodies and other entities to conduct over NRs 100 million of monthly transactions in a safe manner using formal financial intermediaries,” said Mr. Vohra.

Jogbuda (pop. 50,000) is 90km from the Dadeldhura district headquarter, and has very limited presence of formal financial institutions. There are more than 100 wholesalers/ retailers and cottage industries in Jogbuda. On the other hand, Patan (pop. 25,329) which is 40km away from Baitadi district headquarter has a market comprising more than 50 large wholesaler/retailer and at least 80 small scale businesses. The impact of the Extension Counters were felt immediately. The latest update from the extension counters show total deposited amount at more than NPR 500,000 at Jogbudha and more than NPR 41,39,255 at Patan.

Melauli (pop. 20,000), the site of the BLB touch point is 80km from the district headquarter, has no electrical power but has internet connectivity through ADSL and Ncell. The major source of income here is agriculture, trade and foreign employment.

Sakchyam is an Access to Finance Programme funded by UK aid. It is implemented in Nepal by Louis Berger on behalf of DFID Nepal.

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