CENTRE FOR SELF-HELP DEVELOPMENT

Institute of micro-finance and cooperative development.

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COVID : 19 : The Opportunities and challenges

The Chairman of the Centre for Self-help Development (CSD) Mr.  Shankar Man Shrestha has suggested the microfinance practitioners to study and review the problems and opportunities faced by the society due to the Corona virus (Covid-19) is both a challenge and an opportunity.

This was suggested by Shrestha to the participants of the Zoom online discussion organized by CSD with the objective of preparing future strategies by exchanging experiences on the impact of microfinance after the lockdown.

During the discussion, he said that one of the major opportunities seen after Corona pandemic is the young manpower returning home with skills and capital from abroad. He suggests that microfinance institutions should come up with schemes to make them self-reliant in the country and give priority to agriculture. Pointing out the problem faced by most of the microfinance members in marketing now, it has also been suggested that microfinance institutions should create their own network and start working in marketing of their members business and products. "Unless the market is secure, members will not be attracted to business and living standards will not rise. Therefore, we had to expand the network in self-ownership” Mr. Shrestha said. Shrestha also suggested not sitting in the hope that the government or other bodies would work in the market.

Earlier, the participants had experienced that some of the members had facilitated the market and some were trying to come up with long-term plans.

During the discussion, it success practice was shared that the Mahila Community Microfinance Financial Institution Limited in Dang district used to buy, process and market the products of its members by itself and this has benefited the members, institutions and the community as well. Stating that it is a successful model of social entrepreneurship, Shrestha suggested that the efforts of women's community microfinance be followed by others.

CSD has organized a discussion on 18 June 2020 involving its member microfinance and cooperatives in Province 5, Karnali Province and Far Western Province.
In the discussion, the participants presented their experiences on the impact, challenges and opportunities of microfinance after Corona. Most of the participants convinced that the young manpower with skills and capital capacity in the microfinance sector has now returned to the villages, there is a possibility to produce high value agricultural products on barren fertile lands; microfinance can work for marketing of member products and collaborate with local and state governments. There are opportunities. They have also considered it necessary to engage in social entrepreneurship.

The participants also discussed the current challenges in the microfinance sector. These include the impact of the covid-19 on the living standards of the members and sustainability of the organization, the ongoing problems in recovery, the stagnant investment and the negative impact it could have on the present and the future.

During the discussion, Executive Heads and Representatives of the Shri Udaydev Multipurpose Cooperative Limited, the Navjivan Cooperative Society Limited,  the Kisan Multipurpose Cooperative Society Limited, the Upkar Microfinance Financial Institution Limited, the Buddhist Rural Multipurpose Cooperative Society Limited, the Environment Improvement Multipurpose Cooperative Society Limited, the Pioneer Multipurpose Cooperative Society Limited, the Unique Nepal Microfinance Financial Institution Limited, the Mahila Community Microfinance Financial Institution Limited and the Aatmanirbhar Microfinance Financial Institution Limited were presented.
The Centre for Self-help Development, which has been conducting online discussions with the objective of finding solutions to the impact of the Corona Virus (Covid-19) epidemic and its subsequent lockdown in the microfinance sector, is organizing another discussion on June 28 and 29 involving members from Bagmati and Gandaki.

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