सीप Launches Challenge Fund with Focus on Migration Optimization in Collaboration with Nepal Remitters Association

On 15th November 2019, UKaid Skills for Employment Programme (सीप) launched its Challenge Fund with a focus on migration optimization in collaboration with Nepal Remitters Association (NRA) in Kathmandu. The event focused on solution-finding interaction on extending and expanding innovative financial solutions for migrant workers.

The event started off with the opening remarks from Suman Pokharel, President, Nepal Remitters Association where he highlighted on the interests and priorities of the NRA and its alignment with UKaid सीप. Then, Baljit Vohra and Prasanna K.C., Team Leader and Deputy Team Leader of UKaid सीप, introduced the सीप Challenge Fund (CF) and explained how the CF can be mobilized and leveraged by the private sector to achieve common goals related to lowering the cost of migration and increase savings and investment of remittances. and discussion on potential partnership ideas with the Remittance Companies.

A very interactive round table discussion on “Solutions to Harness the Benefits of Migration through Innovative, Scaled-up Remittance and Financial Products” followed the CF introduction where potential partnership ideas were discussed. On the future of digitisation of the remittance industry, Nora Gurung of Thamel Remit said,"Digitisation and collaboration is key to the remittance industry’s growth. If companies can agree on and work towards addressing common challenges around increased adoption of digitisation, we can build a stronger ecosystem that serves us and the migrant population better—helping us expand to new markets, reduce the cost of remittance, and channel savings to productive investments”. The event concluded by reflections and next steps by Vohra and Pokharel. Pokharel expressed, “Future sustainability of the industry should be built on collaboration rather than competition among each other”. He further stressed on opportunities remittance companies have with an entity like UKaid सीप to design new products to serve the migrant populace.

To address the challenges and gaps the migration system in Nepal is facing, the UKaid सीप works with the private sector and intends to support the sector to scale up their investments in projects that could help address the market constraints, particularly, those related to skills, information, cost of remittance and productive investment of remittances through the Challenge Fund. The programme adopts a market-led approach that will address these market failures in partnership with the relevant market actors.