Verification: a0d6e82a7952e405

LFHCK a.k.a LiFeHaCK

IFC and NRB Unveil Report: The Digital Finance Revolution’s Impact

Published by

TEDDIE

on

On April 2, Nepal witnessed a significant transformation as digital financial services started reshaping the country’s financial sector, promoting greater access to finance and boosting economic development. This information was unveiled through a key report released jointly by the International Finance Corporation (IFC) and Nepal Rastra Bank (NRB).

As stated in a press release from the IFC, the report underscores notable advancements in broadening digital financial services within Nepal via two principal initiatives: Access to Financial Services, which has received backing from the Japanese and British governments, and Digital Financial Services in Nepal, supported by the Korean government. The document further emphasizes important achievements such as the effective execution of the National Payment System Development Strategy (NPSDS) and the Retail Payment Strategy. Additionally, it points out the expansion of digital payment systems that have streamlined electronic transaction processes, notably benefiting underprivileged areas.

“Digital finance represents a vibrant and swiftly changing sector. This document offers financial organizations and regulatory bodies an insight into advancements within digital finance, along with perspectives aimed at fostering a robust and sustainable path toward digitization for Nepal’s financial service industry,” stated Gregory Smith, IFC Manager for South Asia. “In collaboration with NRB, our objective is to fortify the digital financial environment, improving accessibility to financing options and stimulating inclusive economic expansion,” according to the declaration.

The statement reads, “In the last ten years, Nepal has seen progress in fintech, spurred by quick expansion of internet access, technological innovations, and greater use of electronic transactions. This transformation is altering the financial sector, offering fresh chances for companies and people alike. To illustrate, data from the end periods of fiscal years FY 2019/20 and FY 2021/22 indicates that digital payment volumes surged by 125%, jumping from Rs 2.8 trillion (USD 21 billion) to Rs 6.2 trillion (USD 47 billion).”

“Digital finance holds significant promise for promoting access to financial systems, cutting expenses, and enhancing operational efficiency,” stated Maha Prasad Adhikari, Governor of NRB. “Our long-term collaboration with IFC aims to extend these vital services to a broader population, both directly and via alliances with governmental bodies and the private sector, thereby fostering a fairer financial landscape for all Nepalese citizens.”

The report highlighted substantial strides in digital finance and pinpointed chances for expansion, such as boosting investments in digital infrastructure, enhancing financial education, and improving cybersecurity measures. The document asserts these improvements will enable all citizens to participate securely and reap benefits from digital financial tools.

Published by HT Digital Content Services with authorization from Republica.

Provided by SyndiGate Media Inc.
Syndigate.info
).

Discover more from LFHCK a.k.a LiFeHaCK

Subscribe to get the latest posts sent to your email.

Leave a Reply

Previous Post
Next Post

Recent posts

Quote of the week

"People ask me what I do in the winter when there's no baseball. I'll tell you what I do. I stare out the window and wait for spring."

~ Rogers Hornsby

LFHCK a.k.a LiFeHaCK

About

Lifehack Your Life is a simple content personal blogger from everywhere.

Topics

Made with 🩷 in Yogyakarta Indonesia

Share This

Share This

Share this post with your friends!

Discover more from LFHCK a.k.a LiFeHaCK

Subscribe now to keep reading and get access to the full archive.

Continue reading