Moru Digital Wallet is set to launch an Initial Public Offering (IPO) as it seeks to reinforce resources to lift its position in Nepal’s mobile payment market.
The company will utilize the funds to upscale its services and innovation while also allowing the public to have ownership of it. Moru is the first wallet in Nepal to introduce inter-wallet fund transfers.
The move is confirmed by the company’s chairman Rishiram Adhikari. Recently, he said that the company is in preparation to turn Moru Digital Wallet into a public limited enterprise. He also shared that it’s seeking approval from Nepal Rastra Bank (NRB) and the Securities Board of Nepal (SEBON) for its IPO.
To put into perspective, Moru is one of the recently launched digital wallets in Nepal. So, it likely plays in the competition at the margin where the field is dominated by eSewa, Khalti, IME Pay, Hamro Pay, etc.
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Moru Digital Wallet IPO raises possibilities for higher market competition
However, despite its fresh profile, the service has soundly caught the attention of users thanks to some of its unique set of features. For e.g., it allows users to send money to another wallet account (wallet-to-wallet). It has also added other innovative features such as a payment ledger and chat that amplify user experience for the better. The company is also planning to launch a digital loan service. All these raise good prospects for its planned IPO.
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Moru expects that its plan to float an IPO to the public will unleash new potentials in the fintech market and establish itself as a key player. Others like eSewa are said to be doing their own homework for their IPO but Moru shall be less fazed by it as its unique user experience and plans could afford it its own space.