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Institute of micro-finance and cooperative development.

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32nd Annual General Meeting of CSD Concludes with a Decision to Urge MFIs to Work for the Prosperity of their Members

The 32nd Annual General Meeting of the Centre for Self-help Development (CSD) was held on Sunday, December 10, 2023. The meeting decided to urge MFIs and MFCs to work to improve the financial health, and well-being of their members and focus their efforts to create prosperity through the development of entrepreneurship skills and abilities of microfinance members. The General Assembly also felt that the MFIs should bring out special schemes for the children of microfinance members and other young people to engage in local potential enterprises of their choice to retain them at the place of their birth. It was also unanimously agreed that young boys and girls be educated on the concept of three zeros (zero poverty, zero unemployment, and zero net carbon emissions) and organized into three zero clubs.

A view of Proceeedings during the AGM at CSD Building, Maitighar Height

In the assembly, the chairman of CSD, Mr. Shankar Man Shrestha, on behalf of the governing board said, "The microfinance sector is entangled in a turmoil due to its mission drift and the profit-centred approach. It is now the responsibility of the Board of Directors and CEOs to put the MFIs on the right track by adhering to the values, norms, and fundamentals of microfinance and following best practices." On that occasion, Mr. Shrestha also reminded that the purpose of microfinance is not to make the members over-indebted but to make them self-employed entrepreneurs to end poverty and unemployment.

He also informed that a total of 1299 microfinance employees benefited from the training conducted by the Centre. The Centre has also launched a three-level entrepreneurship development program to cultivate entrepreneurship skills among members for developing a cadre in entrepreneurship training in microfinance organizations. It was said that 24 senior officials from 18 microfinance institutions and microfinance cooperatives have been trained as master trainers in entrepreneurship. They have also trained 365 field staff as trainers in the second level of training. This aims to equip them with the skills to develop entrepreneurship among their clients.
In the coming days, the Centre plans to focus on various activities such as training, communication, study tours, and promotion of three zero clubs, Environment-Friendly Self-help village programs, and entrepreneurship development and motivating the young generation to undertake local potential enterprises.

Chairperson Mr. Shankar Man Shrestha informing on the Progress made during the F/Y to the members present.

Comments on the report of the Governing Board, the Chief Executive Officer of Jalpa Mrs. Bimala Yogi mentioned that microfinance institutions should contribute to social transformation by focusing on the upliftment of the poor and underprivileged.

The Deputy Chief Executive Officer of Chhimek Laghubitta Bittiya Sanstha Ltd., Mr. Deepak Nidhi Tiwari opined that the role of CSD in the development of microfinance is instrumental and should be further continued through proactive sessions.
During the discussion, Mr. Bharat Sah, the Chief Executive Officer of Chameli SACCOS made critical remarks on the performing style of microfinance and cooperatives that resembles the style of the traditional money lenders who are concerned only to lend and collect back. They should be pretty conscious about the borrowing of loans by any method ignoring the well-being of the client.
Mr. Bishnu Prasad Baral, Secretary of Shreejana Bikas Kendra, expressed his view on the problem with microfinance institutions, stating that they are too commercial and guided by the profit motive. He suggests that microfinance practitioners should not be profit-motive and greedy.

CSD General Assembly Members during the AGM, at its Training Hall

The AGM made the following resolutions

• Unanimous decision to approve and enact the report of the Governing Board presented in the 32nd Annual General meeting by the Chairman of the Governing Board.

• Increase individual membership registration fee from Rs 1000 to Rs 2000 and annual individual membership renewable fee from Rs 500 to Rs 1000. Similarly, increase institutional membership registration fee from Rs 5000 to Rs 10,000 and annual institutional membership renewable fee from Rs 1000 to Rs 5000. The allocated fees for the FY should be submitted to the Centre within the FY. Introduce the lifetime membership fee of CSD where Rs 10,000 should be submitted while the membership is awarded to the individual.

Board Members releasing 13th Social Business Day: Country Forum of Nepal Proceedings Report during the event.

Other resolutions

The service of R K Associate, Chartered Accounts was extended to carry out audit for the FY 2080/81 and allocate fees for the FY.

Mr. Nirmala Acharya, Chairperson of Mahila Sahayogi Bachat Tatha Rin Sahakari Sanstha Ltd, was elected from among the members present in the AGM to sign the minute book of the 32nd  AGM along with the Chairman of the Governing Board, Mr. Shankar Man Shrestha and Secretary of Board and Executive Chief of CSD, Mr. Bechan Giri.

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