Kathmandu, 5 July 2019
Khalti, a digital wallet and payment gateway in Nepal, has won the 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 & Social Commission for Asia and the Pacific (UNESCAP) in March 2019. Out of 110 applicants from 20 countries in Asia and the Pacific region in the competition, ten winners have been announced. Khalti is one of the winners for the Innovation Fund.
After being announced the winner for the Fintech Innovation Fund, Khalti is launching a particular project within July 2019. The project will support women-led micro, small, and medium-sized enterprises (MSMEs)in 12 different districts across Nepal. Khalti will support women involved in Dhaka Weaving to Allo Processing and Weaving to Food Processing as part of this project.
With this project, Khalti aims 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. Khalti will provide the necessary training to be self-sufficient and help them in expanding their business and resources. Khalti is also mobilizing Smart Chhoris to assist the MSMEs.
Over the next year, Khalti will receive financial and technical support from UNESCAP and UNCDF to conduct the project and introduce digital and business solutions that improve access to finance and enhance the operational efficiency of these women-led MSMEs.
Announcing about the project, Khalti’s Director Arvind Sah said,
“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, they 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. Based on their monthly income level, we will recommend a loan from our partner bank so that they can expand their business.”
Through Khalti’s hyperlocal market and bulk payment processing system, 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.