Digital financial services in rural Nepal
51%
49%
Partner contribution
$ 508,195
DFAT contribution
$ 499,815
Total Value
$ 1,008,010
Start: July 2019 - End: July 2021
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.
Australian Government
The Australian Department of Foreign Affairs and Trade works with international partners and other countries to tackle global challenges, increase trade and investment opportunities, protect international rules, keep our region stable and help Australians overseas.
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.
