Nepal’s Booming Cooperative Sector
In the past six months, the Nepal Cooperative Bank Limited (NCBL) and the Nepal Federation of Savings and Credit Cooperative Unions Ltd. (NEFSCUN) have achieved remarkable progress, guided by its Sixth Strategic Plan and newly elected Board of Directors. Both cooperative organisations have strengthened its position as a key player in Nepal’s cooperative ecosystem, with significant initiatives aimed at empowering members and enhancing cooperative governance.
One of organisation’s standout accomplishments has been the launch of Business Development Service (BDS) Desks, supported by USAID and the Association of Asian Confederation of Credit Unions (ACCU). Over 50 member SACCOS (Savings and Credit Cooperative Societies) have established BDS Desks, providing members with resources to venture into small and medium enterprises. These desks have introduced new loan products, particularly in agriculture and tourism, helping members achieve economic self-sufficiency while reducing loan delinquency rates.
On the international stage, NCBL / NEFSCUN have bolstered its presence through strengthened ties with key partners such as the International Cooperative Alliance (ICA), WOCCU, and ACCU. The organization gained recognition at the WOCCU Conference in Boston and secured an alternate board seat at ACCU. NCBL / NEFSCUN also participated in the International Cooperative Conference in India, engaging in high-level discussions to build a robust image for Nepal’s cooperative community.
Domestically, both NCBL and NEFSCUN have worked closely with regulators to implement long-awaited amendments to the Cooperative Act 2017, focusing on deposit guarantee funds, credit information systems, and improvements to the Stabilization Fund. These reforms aim to enhance governance and address challenges like fund mismanagement and irregularities, ensuring the cooperative sector continues to uplift underserved communities.
NCBL and NEFSCUN also takes pride in being part of the Raiffeisen Ambassador Training Program, with representatives like Ranjan Mani Paudyal and Ganesh Timilsina benefiting from the opportunity. Their participation reflects Nepal’s reverence for Raiffeisen’s principles of self-help, self-governance, and self-responsibility, which continue to inspire cooperative training and education in the country.
