Nepal Rastra Bank Study Reveals Financial Inclusion Progress

Significant Progress in Financial Inclusion in Nepal

A recent study by the Nepal Rastra Bank (NRB) has revealed substantial progress in financial inclusion in the country. The study found that 69% of the population now has access to financial services through a bank or mobile money service, with men accounting for 50% and women making up 42%.

Key Findings

The number of deposit accounts increased by 15% from mid-July 2020 to mid-July 2021.
Total loan accounts grew by 10% over the same period.
Deprived sector loans saw a significant jump, increasing by 46%.
Automated Teller Machine (ATM) terminals increased by 4%.
Branchless banking centers rose by 8%.
Payment system operators grew by 22%.
Debit cards saw a significant increase, with the number of card holders growing by 15%.

NRB’s Efforts to Promote Financial Inclusion

The NRB has been driven by its strategic plan, which focuses on financial literacy, inclusion, and access to finance. The bank has implemented various initiatives aimed at strengthening financial inclusion in Nepal.

“We are committed to promoting financial inclusion and ensuring that all citizens have equal access to economic opportunities,” said a spokesperson for the NRB. “Our efforts aim to create a more inclusive and stable financial sector.”

Collaboration with International Organizations

The study was conducted as part of the NRB’s ongoing efforts to promote financial inclusion in Nepal. The bank has been working closely with international organizations, such as the United Nations Development Programme (UNDP), to achieve its goals.

Importance of Financial Inclusion

Financial inclusion is considered crucial for economic growth and development, as it enables individuals and businesses to access financial services and participate in the economy more effectively.

By promoting financial inclusion, the NRB aims to create a more inclusive and stable financial sector that benefits all citizens of Nepal.