We are excited to announce that Khalti has won Fintech Innovation Fund from the United Nations. The Innovation Fund Challenge was jointly launched by the United Nations Capital Development Fund (UNCDF) and the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in March 2019. Khalti was selected as one of the total 10 winners for the Innovation Fund. A total of 110 applicants from 20 countries in Asia and Pacific region had participated in the competition.
Khalti’s plans after winning Fintech Innovation Fund
After being announced the winner for the Fintech Innovation Fund, we are launching a special project within July 2019. The project will support women-led micro, small, and medium-sized enterprises (MSMEs) in 12 different districts across Nepal. We will support women involved in Dhaka Weaving to Allo Processing and Weaving to Food Processing as part of this project.
With this project, we are aiming to solve gaps between production and sales of goods produced by 3500 women involved in MSMEs in Nepal.
The project intends to deliver financial and digital literacy and skills to women-owned, managed or led MSMEs by bringing them to a digital platform and upgrade their current style of working. We will provide them necessary training to be self-sufficient and help them in expanding their business and resources. Khalti is partnering with SAARC Business Association of Home Based Workers (SABAH Nepal) to implement the project. We are also mobilizing Smart Chhoris to assist the MSMEs.
Over the next year, UNESCAP and UNCDF will be providing us the necessary financial and technical support to conduct the project and introduce digital and financial solutions that improve access to finance and enhance operational efficiency of these women-led MSMEs.
Message from Khalti’s Director
Micro, Small and Medium Sized Enterprises (MSMEs) are a vital source of employment and a significant contributor to the country’s GDP in Nepal. However, most MSMEs have been facing difficulty in accessing loans and other financial services.
We are building a hyperlocal market in Khalti platform and conducting marketing and sales of goods produced by the women and enabling payments of goods directly through Khalti app. And, on the basis of their monthly income level, we will recommend the loan from our partner bank so that they can expand their business. This project offers payment solutions and improved access to finance to the women-led MSMEs in Nepal.
–Arvind Sah, Director, Khalti
Through Khalti’s hyperlocal market and bulk payment processing system (about to be launched soon), the women-led MSMEs will be able to connect with their end users directly and receive payments on their mobile phone. The project aims to improve the livelihood of women involved in MSMEs in Nepal.