Registered under the Companies Act of Bhutan 2016 and licensed by Royal Monetary Authority of Bhutan as a Deposit Taking Microfinance institution, MBPL started operation from August 2019. With our corporate office in Thimphu, we opened 2 more branches in Samtse and Zhemgang. Our third branch office was opened in Tsirang Dzongkhag, in August of 2022. MBPL started with an aim and objective focused only to benefit the rural communities and uplift their livelihood.
Although MBPL started right before the onset of global pandemic, we continued offering our service during the pandemic and successfully helped rural economy survive the effects of pandemic. During the pandemic and its post era, global food price increased causing inflation and making the livelihood difficult for our poor section who depended on essential food items imported from India. MBPL prioritized rural financing on increasing the local agricultural products and realize self-sustainability. We help rural people start or expand their businesses. We help rural people improve their agricultural production collaborating with modern technology and modern farm machineries. We help people build assets, such as homes or businesses.
How we benefit the rural communities.
Research Based location: First and foremost, a thorough research is carried out on the benefits and impacts we would make on communities before we opened our branch offices. MBPL opened branches in key location where maximum outreach was possible to communities that had little or no access financial services
Local Employment: MBPL has all our staffs employed from the locality of our branch offices. This step helped us understand the needs of the rural community firsthand. It also helped MBPL in KYC (Know Your Clients) and made MBPL business ready from day one.
Financial Education: Rural communities lacked formal education and even the few educated ones lacked financial knowledge. MBPL starts our financial services by providing financial education to the communities. The importance of financial disciplines, financial management and investing the loans availed in the right projects and most importantly in sustainable projects that would benefit the rural economy was some key points MBPL focused on.
Financial impacts and priority lending: Like any other services there is always positive and negative impacts to the community by our services. MBPL recognize this and prioritize that we make only positive impact to the society and the communities we provide our services to.
Best financial service: Although small yet we offer our best services to our clients focusing on the following key points:
-> Right amount of loan: Many rural clients are uneducated, so assisting the individual to calculate the right loan size is very important so that we don’t underfinance or overfinance a project which would either leave it unfinished or wasting the excess loan amount.
-> Fast and efficient service: To provide best service, MBPL has cut down all unnecessary requirements and minimized the loan procedural works by maintaining everything ready in office including free legal stamps. We also brief and educate our communities on basic requirements for loan procedures. MBPL provide loan services within 2 days from appraisal date. Therefore, the cost of availing loan is minimal.
-> Other solutions: MBPL not only focuses on our core services, but we also extend our support in other services such as finding innovative solution to their problems, support to find/link market to their agricultural products, improve and ease their work using modern farm machineries, encourage and support the rural youths take up entrepreneurship, etc.
-> Agri Machineries: MBPL tied up with farm-machineries company DEPEL Argo Company to provide efficient farm machineries and provide onsite support and maintenance. We have successfully helped more than 75 household in the eastern part of the country with microloans to purchase power tillers at reasonable rate.
-> Insurance: Global warming and erratic climatic conditions are impacting our rural agriculture output and bringing more uncertainties. Therefore, MBPL is exploring to tie up with insurance companies) to insure crops as well as loans.
Lastly, to sum up MBPL focuses to promote and support any activities / projects that improves self-sufficiency of the communities, improves rural economy, and bring positive change to the society.
And MBPL won’t stop here!