CSD to hold 4th National Microfinance Members' Summit on Feb 17-18

KATHMANDU: Centre for Self-help Development (CSD) is preparing to host the 4th National Microfinance Members' Summit in Kathmandu from February 17 to 18.

A press meet was jointly held by CSD and Society of Economic Journalists - Nepal (SEJON) at CSD's central office at Maitighar on Thursday to announce the summit.

The summit, themed ''Swastha Laghubitta, Samriddha Sadasya’, aims to enhance microfinance services and explore their potential as a tool for social and economic prosperity.

CSD Chairperson, Shankar Man Shrestha, delivered the keynote speech at the event, attended by representatives from various microfinance institutions, the organisation’s steering committee members, and over 50 media persons.

Shrestha spoke about the evolution of microfinance and its role in transforming rural areas economically and socially. He said, 'The modern microfinance system, initiated about three decades ago, aimed to transform the lives of the poor and underprivileged, especially women, through financial access. It has proven that the poor can qualify for loans, and can be guided towards economic development through credit services, enabling them to live with self-esteem and self-respect.'

Shrestha shared examples of how underprivileged people have improved their lives by utilising small loans.

According to the organising committee, 'Currently, 57 microfinance institutions have enrolled about 6 million people through 5,082 branches. Of these, 2.8 million members are doing business by taking loans from microfinance institutions, which have invested more than Rs 432 billion. In addition to microfinance, there are about 50 cooperative institutions operating microfinance. However, due to the slowdown in the country's overall economic activity, increased competition among microfinance institutions, and public confusion about microfinance, the sector is facing challenges.'

Before this, the Third National Microfinance Members' Summit was held in 2022 with the slogan 'Spread enterprises to households, make poverty zero'.

Shrestha stated, 'Nepal is the first country to hold a stakeholder summit and is also preparing a legal framework globally.' He shared his vision for creating an eco-village and achieving zero poverty, zero unemployment, zero carbon emission, and zero loan misuse by 2023.

Shrestha also expressed his desire to collaborate with young people to prevent brain drain and encourage them to work in their home country.

The press meet concluded with a Q&A session and a Hi-Tea.