30 Lakh Mobile Banking Users in Nepal

The number of mobile banking users in Nepal has increased to about 30 lakhs, reports Annapurna Post.

Mobile banking has become the most convenient method of banking in recent days. Banking service through mobile was introduced in Nepal in 2005 by Standard Chartered Bank in the form of SMS banking. The bank used SMS service to provide users the information about their bank account.

The actual mobile banking was introduced for the first time in 2009 by Laxmi Bank. Through this service, the user could get information of banking statement, money transfer, deposit information and could even recharge mobile phones.

In the year 2014, mobile smart banking was introduced by Global IME Bank for the first time. According to the Executive Director of F1Soft International, Subash Sharma, Global IME bank launched smart banking based on the Internet for the first time.

About 46 Commercial and Development Bank in Nepal have mobile banking service. Among those, 26 banks provide mobile banking service based on data. Through these services, users can transfer money from one bank to another bank, pay school fees as well as, NTC, Ncell, electric bills, water bills and Internet service fees. Users can also fill forms for Debit and Credit cards from the comfort of their own homes. Added to this, there’s feature of instant mobile alert of any activity made in the user’s bank accounts.

The number of mobile banking users of Sanima Bank has reached 1,94,500. Similarly, Nepal SBI Bank and Global IME Bank have 1,77,500 and 1,74,900 mobile banking users respectively. And, the number of mobile banking users of Bank of Kathmandu, Lumbini, has reached 1,45,150.

Anil Keshari Shah, the newly appointed CEO of Nabil Bank, believes that mobile banking is the beginning of modern banking in Nepal. He added that if mobile banking is made available all over Nepal then it will help in the success of cashless business in Nepal. He also added that 30 lakh mobile banking users in Nepal is a huge development.

However, among the 30 lakh users, some users have just applied for the service but do not actually use them. Many users are not aware of available features for the usage of the service and are only using it to track their transactions.

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