Inspiration For Women Entrepreneurship

Sonika Manandhar vividly recalls the days when she accompanied her father on his minibus routes in Kathmandu. At just five years old, she started to understand the importance of hard work, financial independence, and the power of small loans. Thanks to a government loan programme, her father could purchase a minibus, which allowed him to support his family and send Sonika to school, where she eventually earned a computer engineering degree. 

Inspired by her father's journey and the struggles of small-scale entrepreneurs, Sonika co-founded Aeloi Technologies. It is a Nepal-based fintech platform that aims to bridge the financial gaps for small and medium enterprises (SMEs). Her spectacular success serves as a beacon of hope for aspiring female entrepreneurs in the micro-business world.

Innovative impact

Born on January 17, 1990, in Kathmandu, Manandhar's early exposure to her father's entrepreneurial spirit laid the foundation for her future endeavours. She graduated with a degree in computer engineering from Kathmandu Engineering College, Tribhuvan University, in 2011. Her career began at the Microsoft Innovation Centre Nepal, where she worked as a software engineer. Her drive for technological innovation propelled her into an elite programme at Singularity University in Silicon Valley and the Korea Aerospace Research Institute. These experiences broadened her horizons and sharpened her skills, setting the stage for her future contributions to fintech and entrepreneurship.

In 2017, she became the first Nepali to receive a scholarship to the Global Solutions Programme at NASA, where she studied exponential technologies such as robotics, artificial intelligence, and blockchain. These involvements equipped her with the skills and vision to tackle some of Nepal's most pressing challenges, including air pollution and financial inclusion. Aeloi is designed to help micro-entrepreneurs, particularly women, access low-interest loans through digital tokens. These tokens, usable only at pre-approved vendors, provide a transparent and traceable way for lenders to track the impact of their loans.

“We believe that SMEs are essential for growing the economy in the county,” said Manandhar. “The informal sector should be allowed to access financial loans and given financial opportunities to grow as we did.” Aeloi’s mission aligns with the UN Sustainable Development Goals (SDGs), particularly SDG8: Decent Work and Economic Growth and SDG13: Climate Action. By facilitating access to finance for green micro-entrepreneurs, Aeloi aims to reduce economic inequality, empower women, and tackle climate change.

In 1995, Kathmandu introduced a fleet of 700 electric three-wheelers, known as Safa tempos. These vehicles, driven primarily by female micro-entrepreneurs, were a pioneering effort to combat the city's severe air pollution. The Safa tempos reduced greenhouse gas emissions significantly but faced numerous problems, including high battery replacement costs and competition from diesel-powered vehicles. Despite these obstacles, many women persevered, keeping the fleet operational and demonstrating the potential of green transport solutions. However, Kathmandu's air pollution remains a critical issue, with levels five times higher than the safe limit. Nepal continues to rely heavily on diesel imports despite its substantial hydropower potential.

Transformative vision

Sonika's project with Aeloi tackles a crucial hurdle for Safa Tempo drivers: getting affordable loans. Many drivers struggled to replace their expensive batteries without loans, reflecting the broader issue of mistrust from mainstream financial institutions towards small-scale business owners. Based on her tech skills, she created a system using digital tokens, making loans more transparent and efficient. These tokens work through text messages, letting people with simple phones use financial services. This innovative approach helps eco-friendly entrepreneurs and builds trust between those lending and borrowing money.

Aeloi plans to assist up to 1,000 female micro-entrepreneurs in Kathmandu, providing them with the financial means to sustain and expand their businesses while contributing to a reduction in greenhouse gas emissions. Manandhar and her company also plan to launch a ride-sharing platform for electronic-scooters, specifically designed for women. In 2019, she was named one of the UN's Young Champions of the Earth, and in 2020, she was recognised as a National Geographic Society Emerging Explorer. These accolades highlight her contributions to environmental sustainability and financial inclusion.

In September 2020, at the UN75 commemoration forum in Bangkok, Manandhar spoke about Aeloi's impact and its alignment with the SDGs. She emphasised the importance of traceable impact, enabling funders to see the tangible benefits of their investments in real-time. “We have a traceable impact so they can make the region more resilient to climate change, apart from being able to afford to provide for their families,” she told the forum.

Manandhar's vision for Aeloi extends beyond Nepal. She aims to create a global platform that supports green micro-entrepreneurs worldwide. In partnership with local and international organisations, Aeloi continues to expand its reach and refine its technology. The company's success serves as a model for how small enterprises and young entrepreneurs in the Asia Pacific region can scale innovations to address local and global challenges.

Reflecting on her journey, Manandhar credits her father’s experience and the support she received from her family and various educational and professional programmes for her success. Her story is a testament to the power of education, innovation, and perseverance.

“I saw the trajectory of my family, from micro- entrepreneurship to now owning shares in big buses,” she said. “It all comes down to finance; with it, you can really grow a business and the economic status of your family, but without it, there is nothing,” she added. 

Manandhar also has a passion for space exploration and dreams of travelling to space. She is dedicated to making Earth a cleaner, more sustainable place to live.

As a mentor and advocate, Manandhar is passionate about empowering the next generation of entrepreneurs, particularly women. She has worked to establish computer labs for blind students and continues to explore new ways to teach computer skills to marginalised communities.

Inspiring leadership

Outside of her professional achievements, Manandhar recalls a poignant moment from 2012. While working at her job, she visited 

a centre for blind children, where a child asked if blind people could use computers. Manandhar assured the child that they could and later dedicated her time to helping them learn to use computers.

Her involvement in initiatives like the United Nations Foundation’s Young Climate Advocates network and the Women’s Entrepreneurship Development Fund highlights her dedication to fostering a supportive and inclusive ecosystem for young leaders. “I really wanted to show the world that youth actually know the problem and that we just don’t see it as a problem but as an opportunity,” she said.

Manandhar’s meteoric success in leading a pioneering fintech company is a story of resilience, innovation, and social impact. Her work exemplifies how technology and finance can be connected to address critical issues like air pollution and economic inequality. As Manandhar continues to inspire and lead, she remains a powerful advocate for sustainable development and women’s empowerment, proving that with the right support, small-scale entrepreneurs can drive significant change.

(Bhusal is a journalist at The Rising Nepal.)