Siddhartha Bank’s Initiative in Women Empowerment

Kathmandu – International Women’s Day is not just a celebration; it symbolizes the ongoing struggle for women's rights, equality, and empowerment. The key foundation of women’s empowerment is financial independence. Only when women are economically strong can they ensure their rights in society. Embracing this principle, Siddhartha Bank has positioned itself as a women-friendly bank.

Sundar Prasad Kadel, the Chief Executive Officer of Siddhartha Bank, stated that the bank has been operating with a focus on financial inclusion, aiming to support women in income-generating activities. He mentioned, “We are working towards empowering women. To achieve this, we are focusing on teaching them how to save, providing financial literacy, helping aspiring entrepreneurs build their capacity, and supporting them in market expansion.”

As a leading institution in Nepal’s financial sector, Siddhartha Bank has prioritized women’s empowerment institutionally. The bank has been offering various financial services to promote women's entrepreneurship. In particular, the bank provides loan facilities at simple and low-interest rates for women, enabling those interested in business to become more financially strong, CEO Kadel explained.

To make banking services more women-friendly, the bank has been focusing on providing special banking services for women, conducting financial literacy programs, and expanding access to digital banking, contributing to gender equality. Internally, the bank is also adopting policies to increase the participation of female employees, actively maintaining gender balance in the workplace.

At present, Siddhartha Bank employs 1,929 staff members, of which 735 are women, making up 38.10% of the total workforce. This demonstrates the bank’s commitment to gender-inclusive policies. However, among the 112 employees in managerial positions, only 14 are women, indicating relatively lower female representation in top-tier responsibilities.

As a women-centric bank, Siddhartha Bank has been prioritizing female employees, promoting gender equality at the workplace by providing skill development, leadership training, promotion opportunities, and workplace-friendly policies. The bank is also implementing strategies to increase the number of women in senior management, ensuring that its initiatives positively impact overall female participation.

Retail Loans Provided by Siddhartha Bank

Siddhartha Bank has been offering various retail loan services to help customers meet their personal financial needs. Such loans cater to individual financial requirements, including:

• Home Loan – for purchasing or constructing a house
• Auto Loan – for purchasing vehicles
• Education Loan – for higher education
• Personal Loan – for other personal expenses

As of now, 28,461 people have taken retail loans from Siddhartha Bank, with women accounting for 30.43% of the borrowers. These loans have significantly improved the personal living standards of women, making it easier for them to invest in housing, vehicles, healthcare, and education. This has further strengthened women’s economic participation.

Contribution to Women’s Entrepreneurship

Siddhartha Bank has been offering various loan facilities to support business promotion. One of its key financial services is business loans targeted at proprietorship businesses, where the owner takes full responsibility for the management and financial aspects of the business.

Under the bank’s business loan program, a notable number of women are engaged in sole proprietorship businesses. As of now, 6,206 people have taken business loans, of which 2,145 are women, making up 34.56%. This data suggests a growing involvement of women in business.

To further promote women's entrepreneurship, Siddhartha Bank prioritizes businesses fully owned by women. So far, the bank has provided loans to 2,032 businesses with female shareholders, out of which 135 businesses are fully owned by women. This indicates that the number of businesses entirely owned by women is still low, necessitating state-level support through business training, guidance, and grant assistance.

Women’s Participation Among Depositors

Siddhartha Bank currently has 1,776,904 active customers, out of which 1,023,323 (57.59%) are male customers, and 753,581 (42.40%) are female customers. This reflects the increasing financial inclusion of women in Nepal.

To encourage more female customers, the bank has been offering attractive services, including special deposit schemes with higher interest rates. By implementing women-friendly financial programs, the bank aims to enhance financial inclusivity further.

Women-Focused Banking Services and Card Usage

• Credit Card Users: 53,586 total users, with 10,772 women (20.10%)
• Debit Card Users: 857,604 total users, with 326,557 women (38.08%)
• Prepaid Card Users: 26,663 total users, with 8,938 women (33.52%)

According to CEO Kadel, these figures indicate a gradual improvement in women’s participation in banking. He mentioned that the bank had never analyzed such data in the past but has now started considering banking from a women’s perspective. He also assured that future policies would continue addressing gender inclusivity.

Siddhartha Nari Savings Account and Debit Card

Siddhartha Bank has introduced a special "Siddhartha Nari Savings Account" for women, which offers zero-balance account opening and higher interest rates. Additionally, the bank has launched Nepal’s first "Nari Debit Card," where 0.10% of transaction amounts contribute to a Women’s Health Fund.

CEO Kadel emphasized that the bank alone cannot drive comprehensive women’s development and that the state must take proactive measures. He stated, “The government has been implementing policies for women’s economic empowerment, ranging from entrepreneurship development to protection. We are making efforts to contribute to this initiative.”

He further added, “Many women still keep their money at home. When money is kept idle at home, inflation increases, but their money does not grow. Instead, if they deposit it in the bank, they can earn at least some interest and mitigate the effects of inflation. More efforts should be made towards financial literacy.”

On the occasion of International Women’s Day, Siddhartha Bank reaffirmed its commitment to women’s empowerment, financial inclusion, entrepreneurship promotion, and gender equality in the workplace.

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