VO Lao-French bank receives Challenge Fund's Second Window for Women's Financial Inclusion
INTRO: Banque Franco Lao Ltd (BFL) has been awarded a grant by UNCDF's SHIFT Challenge Fund's Second Window for Women's Financial Inclusion, funded by the Australian Government. It is said that, the UN Capital Development Fund (UNCDF) is the UN's capital investment agency for the world's 48 least developed countries.
STORY: A signing ceremony for the award to BFL by the UNCDF SHIFT Challenge Fund to expand financial businesses through Digital Financial Services took place in Vientiane on Friday between UNCDF Regional Coordinator (Asia), Feisal Hussain and BFL Managing Director Guillaume Perdon.
The ceremony was also attended by the Australian Ambassador to Laos, John Williams
The grant will be used to implement a payment digitisation initiative involving small female-run retail businesses in Laos in partnership with Lao companies who have retailers in their supply chains.
BFL plans to promote access to Digital Financial Services for 7,000 retailers, mainly comprising small female-run businesses. BFL will be moving distribution chain finance to electronic money in the future and will then use it as a launch pad for a Digital Financial Services offer available on mobile phones.
The initiative will enable clients and non-clients to access an account and various financial services such as fund transfers, bill payment and cash-in/cash-out. These activities are being launched in line with BFL's strategic initiative to better address the female entrepreneur market.