Today, the Nepal Rastra Bank (NRB) and the United Nations Capital Development Fund (UNCDF) launched the Nepal Financial Inclusion Portal to further support the financial inclusion effort in Nepal.

The objective of the portal is to enable Nepal Rastra Bank and Government of Nepal identify areas that require financial services but also understand the need and the operational scope of those financial access points. The portal is powered by Regulatory Technology (RegTech) that is built on geographic (spatial) data provided by the banking and financial institutions (BFIs) of Nepal. Ensuring access to finance and its usage by every Nepali across Nepal is the driving force towards economic development of the country. Based on this, Nepal Rastra Bank through its “Bank and Financial Institution Regulation Department” and support from United Nations Capital Development Fund has set-up a portal which could provide real time information and data to map out a realistic picture of the financial access and the usage. Some of the core functions of the portal are measuring financial inclusion and generating analytical reports to facilitate data driven policy intervention. This will enable the department to accelerate the approvals for establishing new bank branches.

UNCDF programme in Nepal is supported by development partners- USAID, DANIDA, DFAT and Metlife Foundation.

As the Key Note Speaker, Dr. Chiranjivi Nepal, Governor of Nepal Rastra Bank said: “The availability of data and information on banking and financial access and inclusion helps the government in formulating necessary policies and programmes targeted to the rural areas. The database will provide information and data from even the most rural parts of the country where the government and regulators cannot reach immediately. It is very important for policymakers as they can develop policies and financial strategies with support from this portal.”

Ms. Ayshanie Medagangoda-Labe’, UNDP Deputy Country Director said, that the financial inclusion and access could be increased though literacy and use of technology. She pointed out various barriers for financial inclusion such as lack of literacy, distance people travel to access finance, low income and trust in banking and financial institutions. She further added. “One of the aims of the SDGs is to leave on one behind. The challenge that we have in front of us is driving financial access, literacy, infrastructure and technology to these 753 local bodies. With initiatives like championing inclusion through innovation we can reduce the barriers and build an inclusive digital economy.”

In regard to innovation and financial inclusion, Francois Coupienne, Digital Manager at UNCDF said. “There is a huge gap between the diverse needs and aspirations of each individual and the ‘one size fits all’ approach of the financial service providers. Innovation, technology and data will play a key role in filing this gap.”

The Nepal Financial Inclusion Portal is an innovative tool to help regulatory bodies, financial service providers and infrastructure providers build in-roads to help the financially excluded become financially independent.