Kathmandu, June 21:

Laxmi Bank Ltd has become the member of Visa International and started issuing Visa credit cards. “Laxmi Bank is the fifth bank in Nepal to issue credit cards,” states a bank press release.

“Introducing Visa credit cards compliments and consolidates our position as a key player in Nepali retail banking field,” says Suman Joshi, chief executive officer at the bank. “With the addition of credit cards to our suite of products and services, we believe that Laxmi Bank now offers the complete range of personal financial solutions in Nepal, ranging from flexible consumer loans to insurance products to e-banking channels to plastic money,” he added.

“Although the scope and size of the market in Nepal is not big enough to consider credit cards as a major growth driver of our business, it will help us offer our customers more choices and value. Today, credit card is no longer a luxury but a necessity, especially amongst the urban population and a majority of credit card holders use it as a convenient means of managing the financial lifestyle,” he said.

He informed that the bank is already working towards introducing International Cards

and Debit Cards under the Visa brand.