Bhutan Association of Women Entrepreneurs (BAOWE) inaugurated microfinance institution (MFI), BAOWE- Pelzhing yesterday. They also distributed micro automated teller machine (ATM) to its members from across the country.
The MFI licensed by the Royal Monetary Authority (RMA) has been conceptualized to provide a conducive platform to encourage support for their members to invest in their business.
MFIs are expected to address the gap between rich and poor, create employment and promote access to finance particularly among the rural people and unemployed youth.
The micro ATM is also expected to inculcate the saving habit among the members. The members can deposit and withdraw from micro-ATM.
“With access to micro ATMs on their doorsteps, people will start saving what they have in excess, and it will then become a habit. Also, first-time entrepreneurs are coming forward because of access to MFI,” Damchae Dem, the Founder& CEO of BAOWE, said.
The MFI will also provide loans to its members without any collateral.
