Nepal | June 27, 2019

NRB to increase access to financial services

Himalayan News Service

Kathmandu, December 15

Nepal Rastra Bank (NRB) Governor Chiranjibi Nepal has said that the central bank is committed to providing formal and affordable financial services to people who do not have access to formal financial services.

Speaking on the occasion of the 50th anniversary of the United Nations Capital Development Fund (UNCDF) today, Governor Nepal mentioned that 40 per cent adult Nepali people are banked and additional 21 per cent is formally served by savings and credit cooperatives. Similarly, another 21 per cent is being served by the informal financial sector and the remaining 18 per cent is completely excluded from any financial services. “NRB aims to provide financial services to those 39 per cent of people who are either informally served or completely excluded,” said Nepal.

On the occasion, Nepal also mentioned that NRB, with support from UNCDF, has succeeded in expanding formal financial services to 250,000 rural households under its ‘Enhancing Access to Financial Services’ project.

Nepal also said that the central bank is in the process of developing an action plan on financial inclusion that will pave the way for all government agencies and development partners to support NRB in achieving its goal of ‘Leaving No-one Excluded from Financial Services’.

Addressing the event, Valerie Julliand, resident coordinator of the United Nations, Nepal, informed that UNCDF aims at making finance work for the poor people in least developed countries (LDCs) by increasing people’s access to finance. According to her, UNCDF currently is working in 40 nations of which 30 countries are least developed.

“Our basic motto is to help increase poor people’s access to finance and resources in LDCs and we have been doing the same in Nepal,” said Julliand, adding that UNCDF is also focusing on clean energy promotion, food security, women empowerment and climate change.

A version of this article appears in print on December 16, 2016 of The Himalayan Times.

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