NDB Bank launches ‘NDB Araliya’ creates ‘Banking on Women’
Central Bank data reveals that although women constitute 52% of the population, the economically active component stands at a mere 34%.
Through this Sri Lankan women had defied tradition, driving female empowerment, predominantly by entering historically male-dominated sectors the country’s economic landscape continues to show a substantial gender imbalance.
Research conducted by NDB Bank in partnership with the IFC and AC Nielsen reveals a significant disparity in women’s access to formal financing with loans for formal Micro, Small and Medium Enterprises (MSMEs) being limited.
To support these women with their career aspirations in varied professions, NDB Bank launched a bespoke initiative, “NDB Araliya”, and created “Banking on Women (BOW)” as a strategic pillar in 2017.
“At Araliya, our brand target is as diverse as the women we serve. We are dedicated to reaching women from all walks of life, spanning a broad spectrum of socio-economic backgrounds. Our focus extends from the grassroots to the more affluent segments of society,” stated Chief Manager – Product Lifecycle Management, Nadie Samarasena.
“Our brand’s target is a diverse tapestry of women, united by the goal of financial empowerment. ‘Araliya’ is here to champion their aspirations, no matter where they stand on the socio-economic spectrum,” she said.
“Through the Banking on Women (BOW) platform, our vision is to be more than just a bank; we aspire to become the foremost financial partner and a symbol of empowerment for women. We are steadfastly committed to fostering gender equity, empowering women and bridging the existing disparities in access to financial resources and opportunities.”
The NDB Araliya platform is driven by a profound commitment to women’s financial empowerment and inclusion. Our mission is to stand as a trusted ally on every woman’s journey towards financial prosperity.”
“We operate under the guiding theme of ‘Banking on Women,’ recognizing the pivotal role women play in society.”
“Our purpose is twofold: to provide women with the tools and knowledge they need to secure their financial future and to foster a sense of independence. We believe in breaking down barriers to financial inclusion and nurturing financial literacy, empowering women to make informed decisions about their finances.”
“Armed with financial confidence, we envision women taking an active part in socio-economic activities, driving positive change in their lives and communities.”
Through the NDB Araliya framework, female entrepreneurs are not only recognized but also provided with the tools and resources needed to thrive in the business world, contributing to a more inclusive and equitable society.
During 2022, NDB partnered with the Asian Development Bank (ADB) via the Government to extend financial facilities to small and medium-sized entrepreneurs. Loans amounting to Rs. 145 million were granted under this initiative, which included focused support for female entrepreneurs, with 10% of the loan amount being given as a grant. The bank offered LKR 15 million worth of grants, benefiting nine women-owned projects.
The Bank also supported eight women entrepreneurs by way of monetary Grant Aid netting Rs. 2.6 million to expand and grow their business ventures and make greater
Socio-economic contribution
In addition to financial and cultural constraints, a critical finding from the NDB 2017 strategy diagnostic phase highlighted that women were most often undervalued for their significant contributions to families, communities and the national economy.
In response to this and to fill a much—needed void NDB Bank collaborated with a leading a TV channel to launch Sri Lanka’s ‘Vanithabhimana’ awards ceremony, which was conceived as a prestigious national platform to honor and celebrate women of vision, innovation aspiration entrepreneurial vigor and leadership.
The first program was launched in Nelum Pokuna in 2021, second at BMICH in 2022 and third in 2023 at Stein Studios adding more participants each year with the outstanding success of prior editions. The fourth version of this program was introduced recently.
This programme lasts six to seven months and concludes with a grand award ceremony that celebrates the exceptional achievements of women across various sectors of the nation’s economic and social landscape, including entrepreneurs, professional corporate sector workers, athletes, and etc.
As of 2022, nearly 5,000 applications have been collected for the programme and over 200 provincial winners have been crowned, while simultaneously providing a wide range of financial and non-financial support services.
This award scheme is another initiative by NDB’s unwavering dedication in supporting female entrepreneurs is exemplified through its ‘Banking on Women’ holistic proposition.
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