UNCDF inks partnership with 10 banks and Financial Institutions
The total seed capital amounts to USD 1.8 million to increase outreach to more than 250,000 low-income potential clients.
UNCDF inked partnership agreements with 10 Banks and Financial Institutions in Nepal to launch innovative financial products and services to promote financial inclusion and to facilitate access to finance.
The banks and financial institution were selected through a competitive process on the basis of a cost-sharing of risk capital approach. The total seed capital amounts to USD 1.8 million to increase outreach to more than 250,000 low-income potential clients.
The partnership has been signed under the framework of the Expanding Financial Frontiers (EFF) Challenge Fund, which is a facility under UNNATI – Access to Finance (A2F), a project funded by the Government of Denmark and implemented by the Central Bank of Nepal, and the Nepal Rastra Bank. UNCDF provides its technical expertise and support to this initiative.
UNNATI aims at supporting the development of Orthodox Tea, Dairy, Ginger and Cardamom value chains in the Eastern Development Region of Nepal.
UNCDF's strategy to expand the scope of work of the participating banks to reach excluded groups is part of the Financial Sector Development Strategy (2016/17-2020/21) approved by the Government of Nepal. The strategy aims to contribute to the broader economic growth and accords high priority to financial access and financial inclusion.
The event included leading bankers, economists, government officials and media personnel, and was introduced by:
- Ms. Ingrid Dahl-Madsen, Chargé d'Affaires e.p., Embassy of Denmark
- Dr. Chiranjivi Nepal, Governor of Nepal Rastra Bank
- Ms. Valerie Julliand, UN Resident Coordinator, and
- Mr. Vincent Wierda, CleanStart Programme Manager, UNCDF.
The event also included a visitors area where participating banks and financial institutions showcased their innovative products and services to the public attending the event.
For additional information please contact:
Bhuwan Adhikari
Communications and Knowledge Management Officer
United Nations Capital Development Fund
UN House, Pulchowk, Lalitpur
Email: adhikari.bhuwan@gmail.com
Tel: (+9771) 5523200
