Nepal is a newcomer to the digital financial services (DFS) space, with most efforts being small scale with branch less banking deployments. Most banks simply lack a long-term vision to create alternate distribution channels to reach the ‘last mile,’ and a large portion of their efforts to date have been driven by interventions from development agencies. Nepal’s economy has been affected significantly by the earthquake of April 2015 as well as the political unrest that occurred during most of the second half of 2015.
Nepal Rastra Bank (NRB, Nepal’s central bank) dedicated a department to payments systems that recently released its by-laws on payments and settlements and called on institutions to apply for a licence. This action opens the door to non-banks (i.e., mobile network operators [MNOs], money transfer operators) to operate wallet services in the market. There is tremendous opportunity in Nepal linked to remittances as a gateway to fnancial inclusion that remains untapped.
#UNCDF #USAID #NEPAL_ANNUAL_MONITOR #2015
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Publisher:
MM4P/UNCDF
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(2015
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Type / Script:
Official Document
in English
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Keywords:
BANKING, COINAGE, CREDIT, CURRENCY, LIQUIDITY, MONETARY ANALYSIS, MONETARY POLICY, MONETARY SYSTEMS, MONEY SUPPLY, FINANCIAL RESOURCES, QUANTITY THEORY OF MONEY, GOVERNMENT, MOBILE MONEY, POOR, DIGITAL FINANCIAL SERVICES, DIGITIZATION, FINANCIAL SYSTEM, REMITTANCE
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Thematic Group:
UNCDF
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Capital Development
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Thesaurus:
02.12.00
- Monetary Issues
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Reference Link:
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