सीप Launches Challenge Fund with Micro-finance Companies

UKaid Skills for Employment Programme (सीप) organized a launch event with Micro-Finance Institutions (MFIs) in Kathmandu on Friday, 6th December 2019. The event revolved around सीप and its approaches to Migration Management and also introduced its Challenge Fund Mechanism to the participants, who were representatives from more than 40 different MFIs.

The opening remarks was given by Ram Bahadur Yadav, Secretary General of Nepal Microfinance Bankers’ Association (NMBA). He highlighted the role of MFIs in facilitating the migration experience in Nepal. It was then followed by introduction to UKaid सीप, its priorities in migration management and introduction to Challenge Fund by Baljit Vohra, Team Leader and other team members from सीप. The participants discussed about the Challenge Fund mechanism and on leveraging resources and catalyzing partnerships to respond to market failures and opportunities aimed at optimizing migration through innovative financial and remittance solutions. Pawan Yogi, Senior Manager of Mahila Samudayic Laghubitta Bittiya Sanstha also shared his organization’s experience of partnering with UKaid Sakchyam Access to Finance Programme (UKaid Sakchyam) to implement Migration Loan product. Highlighting the plight of migrant workers in Nepal, Nirmal Dahal, Team Leader of UKaid Sakchyam said, “We are not promoting migration, rather we are trying to find solutions for migrants who are already going abroad to work. Through services like the Migration Loan, there is hope that migrants are able to have better opportunities and living conditions.”

During the launch, an interactive round table discussion was held where the participants shared their ideas and solutions to harness the benefits of migration through innovative, scaled-up financial products. Secretary General Yadav stated, “Access to financial products are not sufficient for the migrants, we should innovate a financial product that not only supports migration loan, but also successfully mobilize remittance income into productive investments.” He further emphasized on the opportunities MFIs have on the thousands of people migrating each year from the country.

The event concluded by reflections and next steps where Team Leader Vohra urged the MFIs to collaborate in order to optimize the migration in the country.