Phurpa Lhamo  

A team of students from Gyalpozhing College of Information Technology won the short video competition held by Respect, Educate, Nurture and Empower Women (RENEW) micro financing private limited (RMFPL).

The competition was among the many activities initiated by RMFPL to celebrate World Savings Day.

Speaking at the celebration in Thimphu yesterday, RMFPL chief executive officer, Bernd Baehr, stated that the average savings amount per individual has increased from Nu 5000 about five years ago to Nu 10,000 under RENEW microfinance.

Serving the rural community, the RMFPL annual 2020 report stated that the savings volume had increased from Nu 2.947 million (M) to Nu 212.622M in 2020.

Bernd Baehr said that to celebrate World Savings Day, painting competitions in Paro and Thimphu and saving game simulations in eight dzongkhags were also held.

“Similarly, piggy bank designing competitions were also held.”

At the celebration yesterday in Thimphu, winners of the piggy bank competition from Jigme Losel School also were awarded prizes.

Under the RENEW microfinance, power tiller loans in collaboration with Karma One-Stop-Shop was also started last year and has served to 332 clients with loans.

Bernd Baehr said that financial literacy for schools and monasteries were also conducted.

He said that a movie called Gangnam Girls was also sponsored by RENEW microfinance.

RENEW microfinance was started in 2012 and was undertaken by Deutsche Sparkassenstiftung für international Kooperation (DISK) funded by the German Ministry for Economic Cooperation and Development, Germany.

RENEW microfinance project was founded by Her Majesty the Queen Mother Ashi Sangay Choden Wangchuck.