September 1: Daayitwa, a non-profit, non-governmental organization that envisions an enterprising Nepal where every individual has opportunities for a prosperous future, organized the fourth policy dialogue of the ECON Talks Series on “Boosting access to financial investment for women-led enterprises” on Monday, August 29.

The panel discussion was attended by Nepal Rastra Bank’s Executive Director Dr Gunakar Bhatta, finance expert Monisha Shrestha, FWEAN First Vice President Shova Gyawali and Executive Director of One to Watch Suman Joshi.

According to the organisers, the discussion was held to support the policymakers and policy implementers to come up with pragmatic and effective models and schemes with a rich and diverse set of knowledge from the panelists.

The panel recommended innovative alternatives like psychometric scoring, digital footprint of loan applicants to establish credit guarantee schemes in order to improve women’s access to finance, reads a statement issued by Daayitwa.

While inaugurating the event, Executive Director of Daayitwa, Susit Dhakal remarked that sustainable economic growth of the nation is impossible without women’s economic empowerment.

“However, women-led enterprises, while resolutely promoting national income, employment and identity, are facing myriad investment challenges,” he said.

 Dhakal said that the conclusion and recommendations derived from the dialogue will support the policymakers and policy implementers for suitable parliamentary actions to boost women’s access to financial investment.

The challenges faced by women entrepreneurs in Nepal, lack of policies and programmes focused on rural MSMEs, unnecessary rules and regulations based on societal gender stereotypes discouraging women entrepreneurs, complicated documentation processes in banking and financial institutions (BFIs), lack of coordination between government agencies and BFIs, ineffective communication on existing loan and investment schemes, and language barriers to reach rural women entrepreneurs, alternative credit guarantee schemes, etc. were the major issues discussed in the dialogue.

Addressing the event, MP Chanda Chaudhary reiterated the importance of effective implementation and monitoring of the existing policies and programs to ensure women’s access to investment and to accelerate women entrepreneurship in Nepal.

“It is very necessary for the government as well as the financial institutions to create a favorable environment for women entrepreneurs to take loans, invest in their innovative ideas and upgrade their enterprises,” said Chaudhary.

Joint Secretary of the Ministry of Industry, Commerce and Supplies, Radhika Aryal emphasized on the three key points for entrepreneurship development of women. 

“We already have a few good policies and programmes focused on women entrepreneurs and women-led enterprises. But we are lagging on the implementation part. To increase women’s access to financial investment, the relevant credit and loan schemes need to be communicated well to the women especially those from the rural areas,” said Aryal.

She stressed on the need to simplify the process to access those schemes and that there should be good coordination between the government and BFIs.