17th April 2025, Kathmandu
Prabhu Bank Limited has partnered with the Agriculture Market Management Committee in Pokhara. The agreement, signed on April 14, 2025, focuses on digitizing the agricultural market.
Prabhu Bank Digital Payments
This collaboration aims to simplify financial transactions for vendors and customers. By promoting digital payments, both parties aim to enhance efficiency and security in the market.
Partnership Objective
The main goal of this partnership is to streamline the daily financial transactions at agricultural stalls. These stalls sell both locally produced and imported agricultural products. Prabhu Bank will help digitize these transactions, offering easier access to banking services for vendors and customers. As a result, the market will experience smoother financial operations and increased efficiency.
Key Signatories and Statements
The agreement was signed by Navaraj Duwadi, Chairman of the Agriculture Market Management Committee, and Raju Rana, the Chief Provincial Officer of Prabhu Bank for Gandaki Province. Duwadi expressed his gratitude, stating, “This partnership will significantly ease the daily transactions, especially for fruit and vegetable vendors. Digital payments will make the market more efficient and accessible for everyone.”
Rana shared a similar optimistic view, emphasizing that digital transactions would simplify the financial process. “This partnership will enhance the ease of doing business by facilitating cashless payments. It will create a more secure environment for both vendors and customers,” he said.
Introduction of Digital Tools
As part of the agreement, Prabhu Bank will provide essential digital tools to vendors. These tools include QR codes for payments, internet banking services, and the necessary infrastructure to shift the market to cashless transactions. The bank will ensure that these services are user-friendly and easy to access, which will benefit everyone involved.
By providing these digital solutions, the bank aims to reduce the reliance on cash and streamline daily transactions. This shift will improve the speed and convenience of business operations. With easy access to digital tools, vendors will also be able to handle customer payments more effectively.
Support for Business Growth
In addition to offering digital tools, Prabhu Bank will also support vendors by providing financial services. The bank plans to offer loan facilities based on the specific needs of the vendors. This will allow businesses to expand and grow, improving their ability to compete in the evolving digital market.
This aspect of the partnership will provide vendors with the necessary resources to scale their operations. With financial support from Prabhu Bank, vendors will be better equipped to meet the growing demand for digital services and expand their market reach.
Expected Impact and Future Goals
This collaboration is expected to have a lasting impact on the agricultural market in Pokhara. By transitioning to cashless payments, the market will experience increased efficiency and transparency. These changes will help vendors reduce operational costs and enhance the customer experience.
The partnership also sets the stage for similar digital initiatives in other agricultural markets across Nepal. Prabhu Bank and the Agriculture Market Management Committee hope to serve as a model for future collaborations between financial institutions and local market management committees.
For more: Prabhu Bank Digital Payments