Siddhartha Bank Limited Signs a Partnership Agreement with UKaidSakchyam
KAROBAR CORRESPONDENT
Sunday, Jul 07, 2019
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Siddhartha Bank Limited signed an agreement with UKaidSakchyam - Access to Finance Programme for “Restructuring of SME vertical to achieve Bank’s focused target on SME Banking”. The partnership was officially announced today by signing and exchanging of agreement certificates between Mr. ShambhuNathGautam, Chief Executive Officer, Siddhartha Bank Limited and Mr. Nirmal Dahal, Team Leader of Sakchyam amidst the media and senior management of both the Organizations at Hotel Soaltee Crown Plaza.
The partnership aims to cater to the financing needs of SMEs – particularly the ‘missing middle’ – across the country through innovative and sustainable approach. This collaboration aims to facilitate people with low income to meet their financing needs and promote entrepreneurship. The Bank shall restructure its business model, customize products, services and delivery mechanism in a way that best suits micro and small business segments across the country with extensive use of its expanding branch network.
During the event, MrGautam, CEO of SBL said that the Bank is delighted to collaborate with UKaidSakchyam - Access to Finance Programme for creating a platform for delivering a complete financial solution to Micro, Small and Medium Enterprise. The Bank believes that MSMEs are the backbone of the economy and play a pivotal role in economic growth for developing countries like Nepal and the main intention of this collaboration is to provide service to larger number of customers who have potentiality under this segment.
Through this initiative, Bank shall be able to roll out innovative financial products and services in a more focused and structured way and help position itself as one of the market leaders in the segment.
Mr. Dahal, Team Leader of Sakchyamsaid “Our partnership with SBL aims to enhance access to finance for SME in general and ‘missing middle’ or micro-small enterprises in particular. Many studies, including the recent ‘Nepal Economic Census’ point to a significant percentage of enterprises in our country are still out of reach of formal FIs. Changing this scenario would require banks to overhaul their operation, reengineer processes and utilize data-backed and technological solutions for effective and efficient decision making and this partnership is formed along the same line.”
Sakchyam Access to Finance is an UKaid-funded programme as a part of an agreement between the Governments of Nepal and the UK. It is being implemented by Louis Berger for DFID Nepal, in partnership with local and international institutions.
Siddhartha Bank Limited (SBL), established in 2002 and promoted by prominent personalities of Nepal, today stands as one of the consistently growing banks in Nepal. The Bank presently has mobilized deposit in tune of Rs 117 Billion and has advance loan in tune of Rs 107 Billion. The Bank has been providing outstanding Banking services through a wide domestic network of 156 branches (including 4 extension counter), 100 BLBs, 172 ATMs and more than 1,450 POS throughout the nation with the aim to cater its banking services with the motto of “Relationships Forever”.