Kathmandu, May 26

A partnership between Sakchyam Access to Finance Programme and Nepal Investment Bank Ltd (NIBL) has launched the first bank extension counter in Nagma, Kalikot.

Nagma Bazaar, located in a remote part of Kalikot district still neither has electricity nor dependable telephone connectivity. The launch of this new extension counter makes NIBL the only commercial bank in Nagma, Kalikot, providing world-class banking service, as per a media release issued here today.

Nagma Bazaar is an hour’s drive from Jumla Bazaar, and two hours by bus from its district headquarters of Manma. The residents of the area have had to travel either to Jumla, or all the way to Manma to avail the most basic need of financial services. With the presence of NIBL’s extension counter, locals of Nagma will benefit from easy access to banking services provided by a class ‘A’ commercial bank for the first time in their own village.

The establishment of the extension counter is part of a partnership between Sakchyam and NIBL, which will also launch 28 new branchless banking (BLB) points in Achham, Bajhang, Bajura, Darchula and Doti districts.

Sakchyam is a five-year access to finance programme funded by UKaid. It is implemented by Louis Berger for DFID Nepal in partnership with local and international institutions, the release adds.