Sangeeta Kunwar’s Journey to Independence with the Pasio Program

In the heart of rural India, where economic opportunities are often scarce, Sangeeta Kunwar’s entrepreneurial spirit has illuminated a path to financial independence, thanks to the support of the Pasio program at Prayas Finance.

Sangeeta’s venture began modestly, with a loan application she submitted alongside a fellow villager. The approval of this loan was her first step toward a new life. With the funds, she boldly opened the doors to her own grocery store—a simple establishment that would soon become a cornerstone of her community.

However, it wasn’t just financial assistance that the Pasio program provided. The initiative also enrolled Sangeeta in a transformative journey of learning and connection. By creating a comprehensive business profile and linking her to a dynamic WhatsApp community, the program equipped her with more than just capital. It gave her access to a reservoir of knowledge shared by peers across various industries—from grocery ventures to milk production.

This vibrant community became the backbone of her day-to-day operations. Through active engagement, Sangeeta learned to discern the quality of goods, understand her customers’ evolving needs, and refine her business communications. As her inventory grew, so did her customer base, leading to a steady rise in her monthly earnings, which now range between 9,000 to 12,000 rupees.

The aspect of financial digitization introduced by the Pasio program was a game changer. Digital tools helped Sangeeta manage her finances with precision, keep a meticulous inventory, and plan for future growth. This leap toward digital literacy not only streamlined her operations but also ensured her business adapted to the changing economic landscape.

The youth in Cambodia, India, and Sri Lanka face significant challenges in the labor market, marked by high unemployment and underemployment. In these countries, most young people are forced into the informal sector, where job security is minimal, and social protections are lacking. The COVID-19 pandemic has further strained their situations, leaving many without the necessary support to weather economic downturns. Essential to economic recovery, these young entrepreneurs urgently need better

Amidst these ambitious strides toward financial empowerment, a noteworthy collaboration between Gojo, a Japan-based microfinance holding company, and Silatech is setting a benchmark for financial inclusion. This partnership has given birth to the “Smart Financial Solution,” a pioneering initiative tailored to meet the unique financial needs of low-income youth. By developing a mobile-based solution that is both intuitive and user-friendly, this project aims to place 89,600 youth into self-employment, significantly transforming the landscape of youth unemployment and MSME development.

The Smart Financial Solution leverages cutting-edge technology to provide instant account openings through e-KYC systems, alternative documentation for assessing creditworthiness, and flexible loan products specifically designed for young entrepreneurs. This innovative approach not only simplifies financial access but also dismantles the traditional barriers that have long excluded underbanked and unbanked youth from the financial mainstream. By enabling these young individuals to manage their financial activities remotely and efficiently, the solution ensures that obtaining a loan for income-generating activities can be completed in mere hours, thereby accelerating their journey towards economic empowerment.

This initiative does more than just provide financial services; it fosters substantial economic impact by integrating young people into the labor market and enhancing local economies through new employment opportunities and grassroots business activities. As a result, it promises not just individual success but a broader socio-economic upliftment, leveraging the untapped potential of a vibrant young workforce.

Today, Sangeeta stands as a testament to the power of targeted financial support fused with educational opportunities. Her gratitude for the Pasio program is profound, as it has not just elevated her business but has also secured a stable, prosperous future for her family.

In Sangeeta’s story, we see the core mission of Silatech in action: empowering individuals through education, financial assistance, and community support to forge paths to self-sufficiency. Her journey reflects the potential for transformative change when the right resources meet the undying spirit of entrepreneurship.