Standard Chartered’s micro finance recipients speak out

Monday, 20 May 2013 00:00 - - {{hitsCtrl.values.hits}}

Standard Chartered’s micro financing facilities, financial literacy and enterprise mentoring initiatives in Jaffna, the bank’s contribution to the Government’s ‘Uthuru Wasanthaya’ program in the North for the rehabilitation and development, has already reached out to 50 of the targeted 200 women left widowed by the 30-year civil war and families affected by the conflict.

Working together with the Youth Business Sri Lanka (YBSL), (a project of the Ceylon Chamber of Commerce), the bank is investing US$ 60,000 in this project which will also allow it to extend its footprint true to its brand promise ‘Here for good’.

Increased financial and social inclusion is necessary in many of the countries in which the bank operates and is a key priority for governments and regulators. Globally, three billion people lack access to finance (according to the IFC). Increasing access to finance is an important part of Standard Chartered’s sustainability strategy.

Microfinance is providing much needed financial services to the un-banked and under-banked in many markets, and improving access to finance facilitates the opportunity to grow enterprises, increase income, and in turn, invest in family health, housing and education.

Christina Ranjinika, a 24-year-old young lady epitomising the dynamism of Yaalpanam folk, said of the Bank’s initiative: “My second loan through Standard Chartered Bank is what made my poultry farm possible, and it is going well, and I am grateful because I can now take care of my family”. Christina is the soul breadwinner for her family of six, and runs a poultry farm set up through a loan financed by Standard Chartered and YBSL.

“I want to thank the Jaffna Chamber and YBSL for selecting me for the program. I especially thank Standard Chartered Bank for providing us with the necessary support,” a beaming 35-year-old, Selvaraja Kokularaja said, who has been left paralysed from the waist down after surviving a bomb blast. Selvaraja has invested in a three wheeler with the credit assistance from Standard Chartered, and is now able to support the needs of his family and save for his daughter’s future.

The micro-financing facilities, which operate as an integral component of the partnership, were made possible for Standard Chartered, which has no presence in the peninsula, via the assistance of Hatton National Bank, which has undertaken the disbursement of the loans to the recipients on the Bank’s behalf. The interest generated through this will be reinvested in the recipients’ community with a focus on improving the available health care facilities.

Standard Chartered micro finance program will continue to support young entrepreneurs like Christina and Selvaraja to improve livelihoods and provide platforms from which small scale enterprise can enter the mainstream of developmental activities, in keeping with its brand promise, Here for good.