KUMARI BANK – MOBILE CASH

Using mobile phones for financial transactions for inclusion of Nepal

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Kathmandu, NEPAL
NP Nepal
Web http://www.kumaribank.com/
Maturity

In development

About the project Edit

This service epitomizes the “mobile wallet” concept, which allows users to store cash balances in their mobile phones. Users are able to deposit and withdraw cash from their mobile phones and use the stored cash value to remit to anyone anytime anywhere, with the push of a few buttons. Kumari Bank has also added various utility bill payment services through this service, enabling people to make payments from the comfort of their homes rather than stand in line for hours. All transactions are secured through a Personal Identification Number (PIN) code. In addition, Kumari Bank has also set-up limit on transaction amounts and has also installed mechanism to monitor transactions to prevent money laundering activities.

In what ways is this project unique and creative? Edit

The concept of using mobile phones for financial transactions is very apt and effective for the country like Nepal and the project uses the Short Messaging System (SMS) based payment mechanism through mobile phones very effectively.

What is the social value of this project? Edit

The delivery of financial services is executed in a fast, secure and low cost manner to the unbanked population, both rural and urban. The project has the potential of reaching every unbanked mobile user of the country, thus greatly helping the cause of financial inclusion in the country of Nepal.

What is the potential of this project to expand and develop? Edit

Winner 2011, E Business & Enterprise category, Manthan Award 201 Digital Inclusion for Development , South Asia
The Jury noted that significant roll out of the project has taken place since its launching in 2010 and at present, the service is available through all of Kumari Bank’s 29 branches and 189 authorized agent locations nationwide. It was further observed that the service is being used by 11,000 users with more than 5,000 users with no conventional bank account with the bank. The Jury felt that with increasing proliferation of mobile connectivity.

What was the triggering factor of this project? Edit

The project Kumari Bank has been launched in 2010 with a service called “Kumari Mobile Cash”, which uses mobile phones to provide access to financial services.

What is the business model of this project? Edit

Kumari Bank Limited, came into existence as the fifteenth commercial bank of Nepal by starting its banking operations from Chaitra 21, 2057 B.S (April 03, 2001) with an objective of providing competitive and modern banking services in the Nepalese financial market. The bank has paid up capital of Rs. 1,485,000,000 of which 70% is contributed from promoters and remaining from public.


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