23rd October 2022, Kathmandu
With an objective to encourage mobile based fund transfer during the festivals of Tihar and Chhath, the transaction fee for fund transfer initiated from BFI’s Mobile Banking using connectIPS has been completely waived for any amount of transaction with effective from 7th to 13th Kartik 2079.
This offer has been launched jointly by the banks & financial institutions and NCHL in order to encourage mobile based fund transfer instead of cash during the festivals.
For fund transfer, open your mobile banking app, click on Send Money or Fund Transfer, select connectIPS as fund transfer option and then complete the transaction.
connectIPS as a fund transfer option is available in mobile banking of more than 50 BFIs. The current fund transfer limit in mobile banking is up to NRs. 2 lakhs per transaction per day. It is easy, convenient and does not require separate registration to use.
With the growing use of mobile banking as the primary channel for fund transfer and payments, the campaign of free transaction fee is expected to largely help reduce use of cash during this festival and is also expected to generate further awareness amongst the BFI customers to avail the services of mobile banking.
connectIPS fund transfer and the channel platform is now powered by Retail Payment Switch under NPS. It has processed more than 11 million transactions equivalent to NRs 582 Billion in settlement value during the first three months of the current fiscal year.
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