Funded by UK aid from the British Government, the Sakchyam Challenge Fund is built upon DFID’s belief that the lasting removal of poverty requires the birth and growth of profitable businesses – it is these that offer people the chance of financial independence and well-being – through job creation and financial security. DFID also believes that the creation and growth of profitable businesses requires effective financial services.
Sakchyam Challenge Fund (S-CF) works with private sector organisations wanting to invest in Nepal’s financial sector to provide innovative financial services and products in remote rural areas where financial access is under provided. Specifically, S-CF aims to improve the access of poor and middle income groups (including Micro, Small and Medium Enterprises (MSME) to services such as credit, savings, insurance, and investment capital. S-CF offers to co-invest with organisations seeking to build upon exciting and create new financial services in target districts of the Far Western and Mid-West Regions of Nepal.
WHAT IS A CHALLENGE FUND
A Challenge Fund issues a challenge to the private sector and other players to identify innovative ideas and/or new products and services aimed at poor people and communities. It is an investment fund governed by specific, commercially oriented objectives, which are awarded competitively only to the best projects. The aim is to encourage increased commercial activity in chosen financial and geographic areas. In this way, poorer communities and disadvantaged groups gain from the substantial and additional private sector investment which is supported by S-CF through sharing the cost and risk of interventions making neglected projects viable, and commercially sustainable.
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