23 SACCOS In Nepal Undergo Virtual ACCESS AuditÂ
- Date : Wednesday September 30, 2020
- Venue : Nonthaburi
ACCU and NEFSCUN jointly carry out a virtual audit for 23 Nepalese ACCESS Savings and Credit Cooperative Societies to renew their brand accreditation for 2020/2021.
Due to the COVID-19 impacts, ACCU revised its strategies and audit process on ACCESS brand auditing from physical to virtual. In the light of this new implementation, ACCESS branded SACCOS were required to submit the Business Continuity Plan and Ability to Pay survey to ACCU in addition to their ACCESS self-evaluation and audited financial reports.
In Nepal, the members' ability to pay was tremendously affected due to the lockdown imposed by the government. The SACCOS applied the loan moratorium based on the government’s declaration. During the audit, ACCU emphasized that the loans under the moratorium are still considered risks.
ACCU suggested the SACCOS to adopt a member-centered response to recovery. The recovery of SACCOS is very much dependent on the recovery of members. The SACCOS agreed to provide business coaching services that will ultimately create demand for loans and members' businesses would have a higher rate of success. To become financially resilient, SACCOS also agreed to provide financial coaching to members to build assets, emergency fund, get out of debt, and engage in multiple streams of income.