10th August 2019 (25th Shrawan, 2076)
Keeping up with its ambition to spread awareness on Digital Finance, CAN Federation successfully concluded ICT Seminar on Digital Financial Services for financial inclusion 2019 session on 10th August 2019, at Marwari Sewa Sadan, Lahan Siraha.
This campaign which is steadily taking its pace has been the conceptual work of Prabhu Management with significant support from CAN Federation showing a drive to help spread awareness on this issue.
Keshav Raj Acharya shared his view on how to develop a Digital Financial Services Strategy in Nepal. He focused on the need for financial inclusion in Nepal is indisputable. Beyond the potential of being able to uplift the financially underserved poor from poverty, a whole financial system will contribute towards greater social and economic stability. The advancement in information and communications technologies in this digital age also offers new opportunities for Nepal to enhance financial inclusion. However, this calls for commercial awareness and literacy to a more significant degree. Consumers have to be fully informed of the costs and risks of financial products that are offered, he added.
According to the WEX i.e. World Economic Forum report, almost 40 percent of the total GDP is contributed through M-Pesa in Africa. This shows a considerable improvement in banking access, along with a contribution to the national economy.
Using digital currency in the form of m-payments, e-payments, etc. not only help uplift communities from poverty but also reduces government expenses on currency manufacturing. Likewise, it minimizes illegal currency use. The government can monitor the nature of currency expenses, which in turn will reduce the illicit trade of currency in buying arms and drugs. Since all transactions are kept, the government can efficiently track expenses and collect taxes.
According to Keshav Raj Acharya from Prabhu Management, the concept will raise awareness in cash management, savings and expenses, financial planning and investment among the students, teachers, professionals, and their parents as well.
Digital Finance is a very delicate issue, and the threats in cyberspace are real. Focusing on this reality, Mr. Chiranjibi Adhikari started the session with some data on cybersecurity in the context of both Nepal as well as other countries where internet access has become one of the main-streams. During this, he urged the present audience to take this threat seriously and started equipping oneself with the necessary methods to stay secure. He gave some useful tips to safeguard ourselves on the Internet and secure our PCs from cyber-attacks.
During the program, Mr. Alok Chaurasiya from the president at CAN Federation Birgunj, Vice President at CAN Federation Birgunj, Province 2 secretary, CAN Federation Central Committee Members Shyamkal Shrestha, Dipendra Singh and Bhoopal Shrestha and Prabhu Management representative Reena Shrestha were present. President at CAN Federation Siraha chair the program.
Prabhu Management has been conducting various financial literacy programs in sectors including science and technology, health, literature, and arts under its corporate social responsibility (CSR).