Digital Financial Services Driving Economic Growth and Inclusion in Nepal

A report by the International Finance Corporation (IFC) and Nepal Rastra Bank (NRB) reveals that digital financial services are significantly transforming Nepal's financial landscape, promoting financial inclusion and fostering economic growth. Key projects like the "Access to Financial Services" and "Digital Financial Services in Nepal" initiatives, supported by international governments, have been instrumental in expanding digital payment platforms and improving financial access, especially in underserved areas.

The report highlights major advancements, such as the National Payment System Development Strategy (NPSDS) and a 125% increase in digital payments from FY 2019/20 to FY 2021/22. Key opportunities for future growth include investing in digital infrastructure, enhancing financial literacy, and improving cybersecurity. These developments aim to ensure wider access to digital financial services and strengthen Nepal’s economy.