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.