Sakchyam, an access to finance initiative of UKaid and Nepal Investment Bank (NIBL), signed a partnership agreement on Wednesday to launch the bank’s extension counter services at Nagma Bazaar in Kalikot, and 28 new branchless banking touch points (BLB) in Achham, Bajhang, Bajura, Darchula and Doti.

Sakchyam is providing technical as well as financial support to the bank for the three-year project.

“The extension counter being launched in Kalikot’sNagma Bazaar is the first of its kind in the district, whereas the locations for the BLB services will mostly be small rural market areas where the population density is high enough to require such services,” Sakchyam said in a statement. “With the opening of this extension counter, NIBL also becomes the first private commercial bank to have a presence in Kalikot and will provide remittance and savings-based services among others.”

“In the past four months, our partner banks have launched an additional 143 BLB touch points through our support and these points have opened over 8,400 accounts, executed over 12,000 transactions and collected over Rs 19 million in deposits,” said Baljit Vohra, team leader of Sakchyam speaking at the signing ceremony.

“This is a very good sign for financial inclusion in Nepal and we are happy to be beginning this new partnership with NIBL and are confident that the bank will do all it can to further deepen access to financial services to the remotest communities through this project.”

NIBL CEO Jyoti Prakash Pandey said the bank was excited to be starting new service points to cater to rural poor communities in the far-western region.

“The bank is looking forward to achieving the same success in far-western region as we have achieved in other parts of the country,” said Pandey.