WoMi Laghubitta Bittiya Sanstha Limited (WoMi), promoted by women, is registered with the office of the Company Registrar under the Companies Act 2063.Nepal Rastra Bank has licensed WoMi as a Micro Financial institution (Class "D") under the Banks and Financial Institutions Act 2073. The WoMi has started its micro financing services from 25th of Falgun, 2068 BS (International Women’s Day-March 8, 2012) from its Central Office at Bharatpur-12, Aastha Chowk, Chitwan. WoMi can expand its service throughout the country. The micro financial businesses WoMi carries out are being governed under Bank and Financial Institutions Act 2073.
The central office of WoMi is located at Bharatpur-12, Aastha Chowk, Chitwan. WoMi would follow characteristics of “Grameen” model but would slightly vary from the traditional ones. However, the institution will always follow the regulatory norms of NRB. Becoming more practical and competitive it would follow always profitable and viable models for sustainability of the institution
Objective and Policy
WoMi will adopt the strategy of operating and launching different kind of services and products by providing the resources on productive sector. WoMi believes that without providing financial service massively in rural economy and productive sector, it cannot be achieved the required level of economic growth. Hence, WoMi is submitting its estimated five year working plan for collecting the resources to allocate to the rural and productive sector by providing micro credit to member borrowers. Further, WoMi is wide and flexible for covering its targeted people. Hence, not only the poor women but unemployed youth are also the targeted beneficiaries of the institution. Over the decades, social evil is growing in our society due to massive unemployment problem. Hence, to bring such unemployed youth into the mainstream of financial access is of utmost importance. WoMi also prefers such youth as its one of the targeted clients whereas other existing MFIs have been covering only women groups as their targeted beneficiary.
- The major objectives refer to memorandum of this institution are:
- Providing easy microfinance services on productive sector like agriculture, cottage industries etc.
- Supporting economic development of the country through mobilization of resources (skill, labor & capital) for the development of rural sector in the country.
- Facilitating deprived women and unemployed youth of rural sector by covering them within the sphere of entire microfinance services through training, micro credit and awareness programs for employment and income generation to uplift the socio-economic status of poor people.
To provide microfinance services to deprived women and unemployed youth of the country in a sustainable manner.