Banking Service sans Bank Account via E-Service Zone

Leading Digital payment Service of Nepal, ‘Phone Pay’ has launched a service named ‘E-Service Zone’. “To spread the e-service facility to various regions of Nepal, this program has been launched,” said the Chief Managing Director, Asgar Ali. Ali said in the launching programme organised recently in Kathmandu, that the e-service zone will make the financial transaction system simpler. According to the company, one who doesn’t have bank account can also use the service. 

“One doesn’t need to be the member of a bank to use the e-service facility,” said Biswash Dhakal, Chairman of F1Soft. He said, “Anyone around the country can become the member of the service through our agents.” In past, one needed to be the bank member to use the service. 

Dhakal said that the service will help to make digital financial transaction system a success in Nepal. As an initial step, the company has appointed three super agents in Kathmandu and 100 agents all over Nepal. According to Ali, company has a plan to appoint one thousand agents all over Nepal within next two months. Agents will receive Rs 20 per person for subscribing customers of the service. Similarly, the same agent member will also get the ‘top-up recharge’ facility. 

“If the service fosters, nobody has to carry cash in their pocket,” said Dhakal. Consumers can enjoy facilities like money transaction, utility bill payment, mobile phone recharge, air ticket purchase, school fee payment etc through the e-service.

Standard Chartered Mobile Banking at Everest

Mountaineers Horacio Galanti and Horacio Cunietti have commenced a unique Himalayan expedition to summit Everest to mark the 60th anniversary of its first ascent. The expedition will also push the boundaries of mobile technology in extreme environments and help in the recovery of debris left behind on the world’s highest peak. While on their expedition, the duo are expected to subject Standard Chartered’s Breeze mobile banking apps to the rigors of some of the most challenging environments known by attempting to trade stocks and transfer funds during their journey. Standard Chartered has been digitising its banking services to deliver innovations which address the needs of its globally connected, socially networked customers who are on the go.

Academicians on the BFI’s Board

The central bank has allowed Professors and Readers of government owned universities to hold a position on board of financial institution. Issuing a circular, Nepal Rastra Bank (NRB) has stated that there is no prohibition on appointing professors and readers as a director in the governing board of any financial institution. 

Earlier, in February, the central bank had forbidden former government officials of any level and former full-time employees of public enterprises, government run schools or educational institutions from being appointed as board members of banks and financial institutions, unless they represented government agency in those boards. According to Nepal Rastra Bank those professionals who have obtained at least a master’s degree in management, banking, finance, money, economics, commerce, trade, administration, commercial law or who have an accounting or commercial law or a chartered accountancy degree and have at least five years of experience at the executive level in the banking and finance field can be considered to be appointed as professional directors.