Kathmandu, Nepal, December 6, 2012—IFC,
a member of the World Bank Group, is supporting Nepal to develop an efficient
national payment system to regulate all electronic payment mechanisms in
the country, helping integrate small businesses and consumers in the economy.
Developed in collaboration with the World Bank, the project includes building
efficient payment mechanisms like mobile money and evolving a comprehensive
legal and regulatory framework for the payment system. The South Asia Enterprise
Development Facility, managed by IFC, in partnership with the UK government
and the Norwegian Agency for Development Cooperation, is supporting the
“A safe, reliable and efficient national payment system will expand access
and support economic growth, boosting growth of small and medium enterprises,”
said Madhu Kumar Marasini, Joint Secretary and Chief of Foreign Aid Coordination
Division in Nepal’s Ministry of Finance.
Strengthening the legal and regulatory framework will facilitate introduction
and adoption of innovative payment products in both urban and rural markets.
Promoting electronic payment services will result in greater transparency
and make it easier for the under-served to carry out transactions. Nepal
Rastra Bank, the country’s central bank, will implement the roll-out.
“Reforms in the payment system will help attract private investment and
bring efficient services to those excluded from the formal banking system,”
said Fred Zake, IFC Senior Operations Officer in Nepal.
IFC, in collaboration with the World Bank, pursues an integrated approach
to develop retail payment systems, utilizing technology to expand reach
of financial services. The World Bank works with public authorities across
the world to support comprehensive payment reforms and collaborates with
standard-setting bodies to develop and enforce standards for payment systems.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, mobilizing
capital in international financial markets, and providing advisory services
to businesses and governments. In FY12, our investments reached an all-time
high of more than $20 billion, leveraging the power of the private sector
to create jobs, spark innovation, and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.