Finalist

Entrepreneurship Educator of the Year Award

Prakash Koirala

Finalist of the Entrepreneurship Educator of the Year Award

"Entrepreneurship education to financial capability: Way forward for financial freedom"


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Summary

I have been engaged in financial education and entrepreneurship education sector for over 9 years. Throughout this period, I have dedicated my time specifically in developing financial education and entrepreneurship curriculum, policy supplements to Higher Secondary Education Board, Central Bank of Nepal, Nepal Bankers’ Association, various MFIs’ and 179 Colleges. I am persistently in a job to make my contribution in entrepreneurship education aiding “One Entrepreneurship Semester in One College” campaign of college and universities. It is a trivia that Finscope Survery conducted in 2014 raises the curtain that only 67% of the total population of Nepalese youth had access to Finance. Thus, I have been endeavouring my best to trigger the financial literacy and entrepreneurship education campaigns, helping college and universities in designing and developing courses, improving the teaching systems, tapping the Small and Medium Enterprises with in region.

During the first three months’ education, we give everyone a piggy bank so students can start saving. After a month, we follow up and help them break their piggy banks and whatever amount they have in there, we help them deposit into a formal bank. The next month, we help them prepare a business plan through the nearest banking institution—the goal here is to become self-sufficient in generating income. Microfinancing is expanding here in Nepal, where banks provide loans with no collateral to help alleviate poverty and promote small-business growth. We are trying to build an ecosystem where community groups can obtain these loans but with the proper guidance and mentorship.

I have trained more than 146000 young people about entrepreneurship education, which is dedicated to enhancing the entrepreneurial capabilities of them. This involves giving all youth the knowledge to make wise financial decisions, the opportunity to accumulate savings, opportunity to pitch their business idea and the skills to promote their start up idea too. I am taking a lead in this sector and motivating other college/ universities/venture capital and related stakeholder to take action. Since 2012, youth age from 19-23, they are already in a start-up business path, inspired by this project. I have reached almost 48 districts out of 75 districts.

Key People


Yugshree Belbase
Semi Qualified Chartered Accountant
Product Design and Quality Control,  FINLIT Nepal



Jayaram Khanal
Founder
Medhavi College


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IMPACT STORY

Impacting lifes

Miti Singh, who along with her brother came down from Birgunj four years back to start a undergraduate in the capital city. While perusing undergraduate degree, she now runs her own business; a small retail shop in the backstreet of Baneshwor. Money, for Miti, is of great importance and is a strong believer that in today’s date not a single activity can be executed without money. Despite her profound belief, she thinks money is not as important as her family and it wouldn’t be worth to create any fuss in her relationship regarding it. On the other hand, she does feel a bit of discrimination among the richer and the poor in the society. However, that doesn’t amuse her as it has been going on for a long period of time and according to her lesser you acknowledge it, happier you’ll be. Regardless of her educational background, she has appreciable knowledge on financial planning and its significance, gained from Entrepreneurship Class at Medhavi. She does fear loss and taking risks but, unlike most of them, she has been saving. “It gives me confidence and puts me at ease that one day, if any natural disaster hits us or any situation comes up, I can protect my family with my savings”, she stated.

Miti, with her extremely positive attitude towards life and tips, methods and tools that she learned from a class, says this is something she dreamt of few years back and now she is very satisfied with what she has today. She feels strong, empowered and independent when she goes for work every day. She advises that rather than spending whole 4 years in undergraduate course book, student should always divert it towards personal financial management and entrepreneurial mindset.

Women like Miti help to elevate the risk of the financial crisis by taking an actual step towards financial planning and scaling up her start up business.

LEARNINGS

Lessons learned

Leader should be able to collaborate and coordinate activities between students and college to contribute to and support initiatives that strengthen the entrepreneurial mindset of students and their parents.

FUTURE PLANS

What's coming?

We have a plan to scale up this innovative idea in terms of promoting financial literacy and entrepreneurship education together with Universities and College. We are currently working with Central Bank of Nepal to design the curriculum of financial education and entrepreneurship education, which will be implementing through Ministry of Education. We have already created an incubator in Medhavi College from where students can get an access to finance and mentorship. Personally, I have a mission to eradicate the financial illiteracy from the corner of Nepal. I wish no one will be left college and give up their life just because of Money. I am in a mission to educate 73% youth together with Bank and Financial Institution, Universities, local government and private sectors.


KEY STATISTICS

1200

Students benefiting from the course

316

Students starting their business, inspired by our curriculum

1:4

The Social Return on Investment Ratio

46%

% of girls in the course. They are already married, are helping their husband to maintain financial diary and business plan in their house

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