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NEFSCUN has been implementing Credit Union Microfinance Innovation (CUMI) programme since 2001, the main objective of the programme is providing affordable financial service to the poor. It has been providing the services of micro savings, micro credit, micro insurance and other support services to the low income poor, micro entrepreneurs, women and disadvantage group in rural area and to uplift their socio economics condition. It aim is to integrate low income people in rural area into financial mainstreaming by offering different skill development and employment creating activities in the local level.
The program has covered 188 SACCOS from 25 districts and more than 92 thousand of women members are involved in the program by different SACCOS. NEFSCUN has targeted to reach out two hundred thousand poor family households through this program by the end of 2014.
- 46 Districts Covered
- 623 SACCOS applied CUMAI Model
- 75 Trainers certified
- 15575 technical staff trained
- 216000 women members benefited
Cooperative member’s security policy (CMSP) is a co-operative based financial security system (Micro-insurance) which provides insurance facility to the cooperatives members who are excluded from formal social protection mechanism under co-operative principles & values. This service started from 2005 and re-executed the product including death risk policy (DSP) with double accidental death benefit and in 2008, a 15 year term combined savings and death risk policy. The policy offered are from 10,000 to 100,000 NRs. risk coverage of individual.MICRO-INSURANCE
NEFSCUN has the projection of reaching to 6000 security plan members. Now this number is 2300 CMSPs through 66 SACCOS in 2014.
The collected premium are deposited into NEFSCUN’s CFFI service, and risk is being covered by the returns of this investment into NEFSCUN business. At the end of 2015 CMSP fund has increased up to 30 Million of NRs and near future NEFSCUN will establish a separate mutual service to manage this micro-insurance product as one of a major component of micro-finance model.