The leading telecom service provider company of the country, Ncell is planning to launch mobile finance service soon thereby expanding sphere of its services provided in the telecommunications sector. Recently, Nepal Rastra Bank (NRB) introduced a separate policy to allow operation of mobile financial services. “We would like to take part in the development of mobile financial services through the policy that Nepal Rastra Bank introduced,” said Simon Perkins, managing director of Ncell.
According to the policy, mobile service providers can operate mobile payment services for the financial transaction. “The services we want to offer to customers are to be able to do financial fund transfer both within Nepal and internationally, pay bills from their mobile phones and other financial services when on the move,” said Perkins.
Due to increase in mobile users, demand for the financial transactions that can be conducted through mobile is also high. Currently, around 14 million people are using mobile services of Ncell.
According to the policy of Nepal Rastra Bank, telecom companies have to open subsidiary company and seek permission from NRB if they want to operate such kind of mobile financial services. According to an official of NRB, this kind of mobile financial service can be very helpful in rural areas as like the concept of branchless banking where banking service is not unavailable.
Mobile financial service includes services like payment through mobile, giving and taking loans, withdrawing money, funds transfer among many other financial transactions. Banking service is still not available in many parts of the mountain, hills and inner parts of Tarai of the country.
According to statistics of NRB as of mid- May, there are around 16 million saving accounts in banks and financial institutions across the country and among them only 1.5 million are benefitting from mobile banking service. Likewise, customers using internet banking service is around half a million.
Addressing a program on official unveiling of new brand logo of Ncell, CEO South Asia of Axiata Group Dr. Hans Wijayasuriya expressed excitement over the opportunity to invest in Nepal at the time when digital revolution is taking place.
He said ‘Axiata is a long term investor and a strong friend of Asia to assist in development.” Axiata is one of the leading telecom company in Asia and it has its investment in 10 countries across Asia including Nepal. Axiata is the sole investor in Reynolds Holdings, which holds 80% shares of Ncell.
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