23 September 2024, Kathmandu
NMB Bank Limited, in collaboration with DV Excellus Pvt. Ltd. (Kheti App) and Bagmati Rural Municipality, Makwanpur, has launched a digital agricultural loan scheme aimed at empowering local farmers and agricultural entrepreneurs.
NMB Bank Partners Kheti App
This NMB Digital Kisan Karza initiative focuses on providing accessible financing through digital platforms, revolutionizing the way agricultural loans are distributed in Nepal.
Objectives of the Agreement:
The tripartite agreement signed between NMB Bank, Kheti App, and Bagmati Rural Municipality aims to modernize the agricultural sector by making loans easily accessible to farmers. Through this partnership, the goal is to enhance financial inclusion and foster economic growth in rural communities.
Key Features of NMB Digital Agricultural Loan:
- Fully Digital Loan Process: Using the Kheti App, farmers can now apply for and manage their agricultural loans digitally. This streamlined process eliminates the need for physical visits, saving time and making financial services more accessible, especially for those in remote areas.
- Financial Literacy Programs: The partnership also includes financial literacy initiatives aimed at educating farmers about financial management, proper loan utilization, and sustainable farming practices. These programs are expected to help farmers maximize the benefits of the loans while managing debt effectively.
- Loan Facilitation: Bagmati Rural Municipality will support the loan facilitation process by identifying eligible farmers and coordinating with NMB Bank and Kheti App to ensure smooth loan disbursement.
- Consultancy and Support Services: In addition to the loan, farmers will receive agricultural consultancy services, including advice on crop management and loan repayment strategies. This is aimed at helping them improve productivity and maintain financial discipline.
- Repayment Assistance: The agreement also includes a framework for assisting farmers with loan repayment, ensuring that farmers remain financially stable and able to meet their obligations without undue burden.
Chairman’s Statement:
Sarkesh Ghalan, the Chairman of Bagmati Rural Municipality, expressed his commitment to supporting local farmers through modern agricultural practices and digital financial solutions. He emphasized the role of the NMB Digital Agricultural Loan in helping farmers boost their incomes and achieve financial independence.
Expansion of NMB Agricultural Loans:
NMB Bank has been providing digital agricultural loans in Bagmati and Gandaki provinces since last year. With the success of this initiative, the bank plans to expand the service nationwide. Currently, NMB Bank operates 201 branches, 187 ATMs, and 11 extension counters, providing high-quality banking services across Nepal.
The collaboration between NMB Bank, Kheti App, and Bagmati Rural Municipality is a groundbreaking move towards digital transformation in agriculture. The NMB Digital Kisan Karza is set to provide farmers with easy access to financial resources, helping them modernize their practices, increase productivity, and enhance their livelihoods.
For more: NMB Bank Partners Kheti App
