2nd March 2021, Kathmandu
Even in microfinance, the payment was made from a QR code
Neighboring MFI has launched a program to help its customers to repay loans, save and repay installments via the QR code. Governor of Nepal Rastra Bank Maha Prasad Adhikari opened the program by distributing a customer ID card with a QR code. This use of technology is new to the field of microfinance. Arrangements have been made for payment of installments and savings on the card.
On the occasion, Governor of Nepal Rastra Bank Maha Prasad Adhikari inaugurated a technology-friendly mobile bus service for financial literacy. The neighboring microfinance institution has confirmed that the bus will operate for financial literacy, as it will be easier to operate financial literacy from a mobile bus.
Since 2058 BS, the financial institution has provided microfinance services to more than 380,000 needy families through 137 branches and 60 digital point offices in 67 districts of Nepal by obtaining a ‘D’ class license from Nepal Rastra Bank.
You may like this: The Digital Transformation of Microfinance in Nepal
The financial institution has made arrangements for its customers to have an ID card with a QR code and to pay their installments and savings through an ID card.
In the program, Governor of Nepal Rastra Bank Maha Prasad Adhikari urged ordinary Nepalese people to enter digital banking by knowing what they did not ask each other. He stressed the need for all parts to operate through the QR code for digitization from village to village.
Rising the problem that some people find it difficult to run a digital environment, the governor said that it should not be difficult to step forward by telling each other what they do not know, knowing and learning from each other.
He said that digitization would minimize costs, speed up work, save time, do more work, make it easier and more transparent to do more and more.