The CSISA COVID-19 Response and Resilience Activity has signed an agreement with Mega Bank Nepal Ltd. to facilitate access to finance by promoting digital banking for smallholder farmers. A brief agreement signing ceremony was organized on May 6th, 2022, at the corporate office of Mega Bank Nepal Ltd, Kamaladi, Kathmandu.
The agreement was jointly signed by Dr. Corey O’Hara (Principle Investigator, CSISA and Country Director, iDE Nepal) and Ms. Raveena Desraj Shrestha (Acting Chief Executive Officer) on behalf of the CSISA COVID-19 program and Mega Bank Nepal Ltd., respectively
The main purpose of this agreement is to facilitate access to finance through the promotion of digital banking for smallholder farmers to invest in and practice climate-smart/appropriate agricultural technologies, leading them from subsistence to commercial agriculture. The agreement also endorses facilitating returnee migrant workers and small and medium-sized agri-based enterprises to expand their businesses or start a new enterprise.
This agreement aims to promote 2,500 ‘Mega Smart Krishi Card’ – a digital banking tool developed by Mega Bank in collaboration with R&D Innovate Solution Pvt. Ltd. At least 500 of these cards will be linked to affordable agricultural loans. The combined approach will mean lower overall interest payments for farmers and ongoing access to capital throughout the growing season.