NRB Agrees to Telecom for Mobile Money Service

Nepal Telecom, a government-owned telecommunications company, has received a letter of intent to operate a mobile money service from NRB. A few days ago, Nepal Rastra Bank gave preliminary agreement to Telecom to operate mobile money service as a payment service provider in collaboration with Rastriya Banijya Bank.

According to the NRB, now Telecom and Banijya Bank will be able to set up a joint venture company and prepare the necessary infrastructure for the operation of mobile money services. Telecom and Banijya Bank had submitted applications for the letter of intent to Rashtra Bank a year ago.

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With the in-principle agreement of the Central Bank, the necessary infrastructure and structure will have to be set up within the next six months and the application for the final license will have to be submitted. Within 30 days of receiving the application, NRB will monitor the company registration, office, staff, software, network and other necessary arrangements on the spot.

If deemed appropriate during the investigation, NRB will issue a license to operate the mobile money service to a joint venture company of Telecom and Rastriya Banijya Bank within the next eight months.

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With the final approval, Telecom’s mobile subscribers will be able to use their mobile balance as a wallet. From which they can easily pay for various goods and services. Rastriya Banijya Bank will remain as the settlement bank for payment services.

At present most of the economic activity is outside the banking business. The share of banking business in the total business is said to be less than 40 percent. The challenge of expanding banking services to businesses and populations beyond banking reach remains.

For that, the banks themselves are trying to reach that population. Connectivity is an important medium for that. Dilliram Adhikari, managing director of Nepal Telecom, says that banking services can be expanded across the country by using the technology and connectivity of telecom companies.

‘It will allow users to check their entire financial activities from their mobile. Will facilitate payment. It is certain that all economic activities will come under the purview of banking and will also be comfortable for the customers, ‘he added,’ so it will have a positive impact on the country’s economy. Understanding this need and importance, mobile money service is being launched now. ‘

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Officials said that they are ready to move ahead with the necessary infrastructure work for mobile money as soon as the LOI is received. Of course, even now, various companies are operating digital payment services in the name of mobile money, mobile banking.

However, the official expressed confidence that the mobile money service launched by the two government agencies would boost the confidence of consumers in digital payments. “Even now we have a society where people don’t believe unless they have enough money,” he said. There is even a large group of people who do not even trust the check for payment of goods. ‘

When the mobile money service comes into operation, there will be an app on the mobile.

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The Telecommunication Authority of Nepal, which is the regulatory body of the telecommunications sector, has already approved the procedure for purchasing goods and services from the mobile balance last December.