Digital financial services in rural Nepal

Digital financial services in rural Nepal

Round 3 Nepal ICT/Financial Inclusion Active

51%

49%

Partner contribution

$ 508,195

DFAT contribution

$ 499,815

Icon Total Funds

Total Value

$ 1,008,010


Start: July 2019 - End: July 2021

Partners

Prabhu Management

Prabhu Management is a digital financial services provider in Nepal. Prabhu also closely coordinates with other Prabhu Group companies to offer financial services and other products to its targeted cooperatives.

Grow Nepal Social Enterprise

Grow Nepal Social Enterprise is a company incorporated with the vision of incubating and investing in small and medium enterprises in Nepal to create a bigger impact.  Its services are designed to benefit poor communities through creating fair and inclusive economic growth.

About this partnership

This partnership brings together Prabhu Management, Nepal’s leading financial services company, with Grow Nepal Social Enterprise and the Australian Department of Foreign Affairs and Trade (DFAT) to expand digital financial services to rural areas in the far Western Region of Nepal. This region has high levels of outgoing migrant labour to India, and many migrant workers lack access to financial services and rely on remittances to be hand-carried, which is both time consuming and dangerous.

This partnership aims to expand Prabhu Management’s digital financial services network while increasing access to finance and reducing the cost of remittances for households in remote regions of Nepal. Prabhu Management will work with local financial cooperatives to offer digital financial services. Grow Nepal will provide training to these cooperatives  to increase their capacity to administer other financial services, benefiting rural households.

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