UNCDF together with the Ministry of Federal Affairs and Local Development (MoFALD) have reached an agreement with Siddharta Bank Limited (SBL) to deliver scholarship payments for the Human Development and Social Protection Pilot (HDSPP) under the Local Governance and Community Development Programme (LGCDP).

This is the first agreement that outsources the delivery of government social payments to commercial financial institution in Nepal and which will do so electronically. This is an important step towards reducing fiduciary risks currently linked to social payments in Nepal and to increase the financial inclusion of 26.000 recipients of such transfers.