Twenty-two women who graduated from ultra-poor status through USAID’s Nobo Jatra Project II (NJP II) received digital microloan of Tk 30,000 each under BRAC Bank’s Agricultural and Rural Credit service “Jibika Loan” on Tuesday at Shyamnagar Upazila in Satkhira.
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BRAC Bank digitally transferred the credit to 14 women of Kaikhali Mohila Unnan Somobay Samity Ltd. and eight women of Dharoni Mohila Unnan Somobay Samity Ltd. at an event organized by USAID’s Nobo Jatra Project II (NJP II), implemented by World Vision Bangladesh (WVB).
Attending the event, Lima Hanna Daring, Chief of Party (CoP), NJP II, WVB, said “USAID’s NJP II has been facilitating more than 30,000 ultra-poor rural women who formed over 1,600 Village Savings and Loan Associations (VSLA) for their financial inclusion through linkage building with government agencies and formal financial institutions.”
She also said, “The ultra-poor women are not in their previous status anymore. They are united and through collective efforts, already 33 VSLA Cooperatives received government registrations from the Department of Cooperatives.”
Tapos Kumar Roy, Head of Agricultural and MFI Finance, BRAC Bank, said “This is one of our very first initiatives in Bangladesh to come with Agricultural and Rural Credit service ‘Jibika Loan’ for financial inclusion of marginal rural women of VSLA and registered cooperatives through partnership.”
“We’re working through a partnership with USAID’s Nobo Jatra Project II (NJP II), implemented by World Vision Bangladesh. We’re open for new partnership with other projects like Nobo Jatra,” he added.
“The whole process of this credit distribution system was conducted digitally,” Tapos said adding that the marginalized rural customers can withdraw money from any of our local banking outlets and transfer credit to their own bKash number.
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Loan recipient Shopna Pervin, also the President of Dharoni Mohila Unnan Somobay Samity, said “I’ll invest the money in my fish farm. The monthly installment process of ‘Jibika Loan’ is easier for me.”
Promila Rani Shil, another loan recipient and the president of Kaikhali Mohila Unnan Somobay Samity, said “I’ll buy clothes for my tailoring and clothes business.”