Citizens with access to banking services in Nepal have surpassed 67% while the total bank accounts have also gone beyond 30 million. Learn more.
The percentage of Nepalese with banking services has reached above 67 percent. NRB’s latest report on banking service reach also showed over 30 million bank accounts in total.
The federal bank, NRB‘s report pertaining to the banking penetration in Nepal showed that 67.34 percent of citizens have access to banking services. Meanwhile, the figure stood 60.9 percent at the end of 075/76 fiscal year, Onlinekhabar has reported.
The report highlighted females being more active in financial matters. Out of the total deposit accounts, only 67.7% are active. In which women account for more banking activities.
The report shows that 65.2% and 72.3% of deposit accounts of both males and females remain active respectively. This shows women leading their B/FIs activities by over 7%.
Similarly, the number of total bank accounts has spiked in the country. The report showed the bank accounts reaching 3 crores, 18 lakhs, and 86 thousand by Jestha 2078.
About Mobile And Internet Banking
Users of Mobile banking have significantly improved over the last few months, especially after COVID-19. However, the distribution is not uniform due to various factors. In terms of provinces, Province no.2 has the least number of mobile banking users. Only 27.01% of bank account holders avail themselves of mobile banking in the highly crowded state.
Meanwhile, Karnali Province has the least number of users who utilize internet banking services with 0.52%. We can attribute this unflattering number to the lack of banking literacy, lack of communications service, and information, etc.
As the banking service reaches a record high, more Nepalese become familiar with banks and their merits in people’s economic aspects. More banking activities will translate to more capital in the market and hence further economic growth.
How often do you use mobile banking and internet banking? How much do they impact your banking services? Let us know in the comments below.