Promotion of Migrants Savings and Alternative Investment through selected Microfinancing Institutions (MFIs) in Nepal
IFAD and CMF agreed to implement and manage the Project as per the goal, purpose and activities signed on agreement effective from 30 March, 2009 through 31 March, 2011. The goal of the project is to improve financial services, including remittance delivery capacity, of 10 selected MFIs to the rural poor and migrant worker families by promoting migrant's savings and investment through community-based MFIs in the migrant workers' home villages. The target groups are ten selected MFIs and their 11,000 clients including migrant workers' families. The target areas are seven districts in Nepal.
Improve financial services, including remittance delivery capacity, of 10 selected MFIs to the rural poor and migrant worker families by promoting migrant's savings and investment through community-based MFIs in the migrant workers' home villages.
- To diversify microfinance products targeting migrant workers and their families.
- To enhance the sustainability of MFIs and migrant family enterprise through savings and alternative investment.
- To increase awareness on financial and business literacy among MFI clients and migrant work
- To create an enabling environment for migrant workers.
- To use remittances as technology for rural development
- To pilot test unemployment insurance
4. Expected Results
Impact:The capacity of MFIs will increase so that they are not only able to provide quality financial services to their clients, mobilizes remittance and promote micro enterprise activities.
- MFIs will realize their strength and weakness from the discussion during assessment
- The Client receive improved services from MFIs
- The sources of fund of MFIs will be increased to use in enterprise development and built linkage with different organizations
- Proper planning and financial system will be developed
- Remittance will be saved to mobilize for lending and MFI Members will be increased
- Productivity, Profitability and efficiency will be increased
- Outreach of MFIs will be increased
- Savings and credit activities will be increased as per the increased member ratio and MFIs will received the savings of migrant worker
- Clients will received training at their doorstep from MFIs
- A new insurance product will introduced and selected youths/clients will be benefited
- Unemployed youth will be encouraged to do productive activities
- Knowledge on business and financial literacy will reduce unnecessary expenses
- Small business and enterprise development activities will be developed by mobilizing remittance saving
- Mobilization of remittance savings and new clients savings will support MFIs to raise more funds
- Institutions Strengthened
- Migrant Workers and their Families Empowered on Financial and Business Matters through Training
- Project Monitored, Evaluated and Disseminated
5. Project Funding Partners:IFAD and CMF