Laxmi Sunrise Bank has joined hands with the International Finance Corporation (IFC) under the ‘Empower Finance Alliance’, marking a pioneering step in Nepal’s financial sector. This initiative, supported by the Australian Government’s Department of Foreign Affairs and Trade, aims to combat financial abuse and enhance financial security while promoting inclusive economic growth.
Laxmi Sunrise Bank Partners with IFC to Address Financial Abuse
Key Objectives of the Partnership
- Combat Financial Abuse: Financial abuse involves the misuse of financial resources to control individuals, often associated with domestic violence.
- Safe Banking Products: Development of secure banking solutions to safeguard vulnerable groups.
- Systemic Change: Introduction of principles that ensure inclusivity and prevent exploitation in financial services.
Statements from Leadership
- Ajaya Bikram Shah, CEO of Laxmi Sunrise Bank: Highlighted the initiative as setting new benchmarks for safety and inclusivity in banking.
- Martin Holtmann, IFC: Stressed the importance of the alliance in driving systemic change within the financial sector.
Empower Finance Alliance
- Launch Date: August
- Participation: Includes nine financial institutions across the Asia-Pacific region, collectively serving over 30 million customers.
- Goal: To establish a safer and more equitable financial ecosystem.
This partnership signifies Laxmi Sunrise Bank’s commitment to innovation and social responsibility, reinforcing its role in fostering financial inclusion and resilience.