9 June 2022 03:59 am Views - 132
There has been significant growth for women in small and medium sized businesses in Sri Lanka, even amid countless market challenges, as a result of an initiative between the National Development Bank PLC (NDB) and IFC, a member of the World Bank Group.
Initially set up five years ago, the partnership between NDB and IFC has led to the opening of over 49,000 new savings accounts dedicated for women, increasing the value of deposits by 600 percent. It has also helped grow the value of outstanding women small and medium enterprise (WSME) portfolio from US$ 3.3 million to US$ 12.6 million in just two years.
The program’s aim to increase financial inclusion in the country with a special focus on financing for women has proved successful with retail assets growing by 21 percent amongst the female base.
As part of the Banking on Women initiative – under the IFC-DFAT Women in Work programmein Sri Lanka – IFC partnered with NDB to provide a dedicated holistic banking proposition targeting women entrepreneurs in the country.
IFC assisted NDB by developing new financial products including SME loans and digital banking by providing consultancy services drawing on its vast experience obtained through similar programs in other geographies.
Over the years, IFC also extended its long-term partnership with NDB to support the bank’s transition and growth goals. IFC has since provided global best practices and knowledge to improve the bank’s operational efficiencies under this partnership, enabling the bank to expand its reach.