CENTRE FOR SELF-HELP DEVELOPMENT

Institute of micro-finance and cooperative development.

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CSD’s 33rd Annual General Assembly Appealed MFIs to Restore Right Track for the Prosperity of its Members

The Centre for Self-help Development (CSD) held its 33rd Annual General Assembly on December 2, 2023. The meeting urged microfinance institutions to prioritize socio-economic development of its members with focus on enterprise development particularly among the youths, poverty reduction through credit plus activities and environment protection through various environment friendly programs. As part of this approach it empathized on the implementation of entrepreneurship programs, eco-village programs and promotion of 3Zero Clubs for the youths in partnership with various MFIs.
The Chairman of CSD, Mr. Shankar Man Shrestha, welcomed all the individual and institutional members including guests present in the assembly.  On the occasion, presiding the meeting, he presented briefly the annual progress report along with the Balance Sheet and the Profit and Loss Accounts of the FY 2023/24 and future course of action for the FY 2024/25 of CSD on behalf of the Governing Board. He said, “In the last 33 years the Centre has been focusing on the upliftment of the poor and socially excluded communities of the country. After commencing its activities in Jumla and Kalikot, two of the regions of the country excluded by the development it focused on microfinance activities in Siraha, Saptari and Udayapur. During those years microfinance was governed by norms, principle and tenets which has been lacking nowadays. Some time back a team of CSD along with 28 officials from various MFIs visited various programs and activities being carried out by Jeevan Bikas Laghubitta Bittiya Sanstha for the socio-economic development of its members. Jeevan Bikas has been doing an outstanding job for the socio-economic development of its members but poverty is still rampant in those regions. We do not need sophisticated tools to measure poverty as we can judge by our bare eyes who are poor and who are well-off. My 50-year experience in Morang shows that we have not been able to eradicate root cause of poverty. Today our priority should be to review and retrospect the microfinance program and bring it into right track.” With respect to Fourth National Microfinance Members’ Summit held in the fiscal year 2023/24, he said, “This kind of Summit with special focus on the members of MFIs is organized only in Nepal. A 12-point declaration was also passed unanimously to address various issues raised in the Summit. I expect the MFIs to work as per the spirit of the declaration.” He also spoke on Nepali delegates visiting Manila, Philippines for the 14th Social Business Day and formulation of revised 11 point action as well as 3Zero Conventions held at Sarlahi, Biratnagar and Baglung. He said that the Centre has been focusing on formation of 3Zero Clubs where out of around 4000 such Clubs more than 2000 have been formed in Nepal. Similarly, the Centre’s other priorities include youth entrepreneurship with emphasis on “Learn and Earn” and green shop for establishing fair price for the members’ products. As per the financial statement of 2023/23, if the Centre’s expenses were deducted from the income received from its program activities only, there was a deficit of Rs. 21,503,493.  The deficit is mainly due to organizing various activities for the sustainable development of microfinance and to bring microfinance in the right track. Similarly, along with Micro-entrepreneur Members Award, Micro- entrepreneurship Development Award and Shankar Man Shrestha Microfinance Award,  38 individuals and institutions were honored in 8 different categories for their outstanding contributions to the promotion of 3Zero Clubs, Entrepreneurship Development at the Household Level and upliftment of the life of the hardcore poor. Those who have demonstrated outstanding performance as Centre Chiefs also were recognized.  In Context to Women Led Entrepreneurship Development Training Program, he said, “CSD will continue to provide entrepreneurship/business plan/skill development training as well as mentoring services to members of MFIs and MFCs even after completion of the project. The Centre will continue to mobilize master trainers as well as other trainers who received first and second level training in conducting/managing entrepreneurship development training. The Centre will also groom member entrepreneurs who received third prong skill development training and capacitate some of the best entrepreneurs to provide skill development training in their areas of expertise.” He also said that Yunus Centre for Social Business and Grameen Kalyan will be established in the current fiscal year which will focus on providing various social business and health services respectively to the members of MFIs. Both will be registered as a private non-profit company. 
Mr. Mahendra Kumar Giri, Vice-Chairman of the Governing Board, spoke of National Microfinance Members’ Summit and how the surplus fund from there has been deposited in a separate bank account. He said that the funds will be used to minimize the participants’ fee for the Summits in the future.
Ms. Shova Bajracharya, Treasurer of the Governing Board, shared briefly the Financial Position and Income & Expenditure Statement of the FY 2023/24. In the FY 2023/24, the Centre had made an income from training programs, International Social Business Day, sale of National Microfinance Members’ Summit reports, support from MetLife through MSC Global Consulting Pte. Ltd, interest income from savings, Shankar Man Shrestha Laghubitta Award endowment, interest income from Citizen Investment Trust deposit, membership fee and other income. The total income received was Rs 37,900,748 while the total expenditure was Rs 31,191,913. The incomes from endowment funds have been shown as income of that respective fund. After deducting the total expenditure and provision for the taxes, the total leftover amount was Rs. 2,361,567. The main source of income was interest on fixed deposits made out of earlier surpluses. However, if the Centre’s expenses were deducted from the income received from its program activities only, there was a deficit of Rs. 21,503,493.  This is due to the reason that the majority of the programs were carried out online without charging any fees to the participants. There has been an increment in the General Reserve Fund by Rs. 2,361,567  as of the fiscal year-end.
Mr. Bharat Shah, CEO of Chameli SACCOS, spoke on entrepreneurship development and its importance in microfinance.
Mr. Eak Raj Bista, Treasurer of Karnali SACCOS requested CSD to organize a program for board members on working modality of   microfinance. 
The meeting passed the Report of the Board of Directors presented by the Chairman along with the Report of the Auditor for the year 2023/24 and endorsed the Program and Budget for Fiscal Year  2024/25.
Founding members including individual members, institutional members, Mr. Rabindara Kumar Shrestha, RK Associates, who carried out the audit for 2023/24, Mr. Shankar Prasad Panday, Legal Advisor for the Assembly as well as staff of CSD were present during the function.

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