Financial SystemsIndia
India: Strengthening Inclusive Insurance and Risk Finance
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Financial Systems, Risk & InclusionAsia · Nepal
Nepal: Financial Inclusion Assessment
Financial inclusion program assessment
The engagement
Challenge to impact
01 · Challenge
By 2018, the Sakchyam: Access to Finance for the Poor Programme, funded by UKaid through DFID, had completed three years of operations with a mission to improve financial inclusion across Nepal. Despite notable progress, systemic issues persisted:
02 · Strategy
The review was led by Russell Leith, head of GG International’s Insurance Finance & Risk Division, who guided a multidisciplinary team through an in-depth, evidence-based assessment. Key strategic activities included:
03 · Transformation
GG International’s review, under Russell Leith’s leadership, produced actionable insights that significantly shaped Sakchyam’s second phase:
04 · Impact
1
Financial Exclusion: Large segments of Nepal’s rural population remained unbanked or underserved.
2
Uncovered Disaster Risks: Communities regularly affected by natural disasters lacked access to tailored financial instruments like microinsurance or emergency lending.
3
Programmatic Gaps: The programme’s original design did not fully account for regional disparities, gender-based barriers, and the growing impact of climate risks.
4
Comprehensive Results Review: The team evaluated Sakchyam’s outputs, outcomes, and institutional partnerships against its original objectives.
5
Gap Analysis: A detailed benchmarking exercise was undertaken to identify discrepancies in target achievement, product delivery, and inclusion outcomes.
6
Disaster Lens Review: The assessment emphasized vulnerabilities not covered under the existing programme, particularly for disaster-prone and climate-vulnerable communities.
7
Stakeholder Engagement: Consultations were held with financial institutions, community representatives, regulators, and Sakchyam beneficiaries to validate findings and co-design forward-looking solutions.
8
Product Innovation Recommendations: The team proposed new financial instruments (such as weather-indexed insurance, rapid-disbursement credit lines, and women-focused savings products) to expand coverage and deepen impact.
9
Expanded Financial Products: The programme adopted a roadmap for introducing disaster-responsive and gender-sensitive financial tools.
10
Policy-Level Recommendations: The findings informed broader financial inclusion strategies adopted by Nepal’s financial regulators and development partners.
11
Realigned Priorities: Focus shifted toward remote provinces, low-income households, and populations historically excluded from formal finance.
12
Strengthened Programme Accountability: Monitoring frameworks were refined to better track inclusion metrics and regional performance.
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