eServGlobal and MNepal to Offer Mobile Financial Service Solution in Nepal
eServGlobal and MNepal will offer a shared technology platform which can be accessed by all banks and financial institutions in the country to extend mobile financial services to their users.
The service will operate as a common brand mobile financial service allowing multiple banks and financial institutions to join as members.
"MNepal is an exciting company focused on finding new and dynamic ways to extend valuable services to the people of Nepal," said chief executive and managing director of eServGlobal Paolo Montessori.
It focuses on innovation presents many synergies with eServGlobal, he said, adding that the project represents an opportunity to bring some coherence to the mobile finance market in Nepal. "Offering a neutral, agnostic and interoperable mobile money platform which can be accessed by all, will open the possibilities of mobile money to the whole country."
"I am confident that this project will not only be successful in the Nepali market but will serve as an example which will be replicated by mobile money solutions across other regions," he added.
"We believe that, together with eServGlobal, we can build a financial ecosystem which will meet the needs of users across our nation, both today and for years to come," said board director of MNepal Mangesh Lal Shrestha.
"We have partnered with eServGlobal due to their strong foothold in the industry and proven records and vision, which aligns with MNepal's vision, he said, adding that the company hopes to scale in an examplary manner within the evolving mobile money and commerce ecosystem for inclusive, accessible and state of the art platforms.
The service will offer a comprehensive suite of mobile money services to users as well as extending to provide mobile-centric microfinance services like loans, savings and insurance complemented by loyalty and segmentation features.
There is a promising market for mobile financial services in Nepal as out of the total 26.5 population, only 25 per cent over the age of 15 hold an account at a formal financial institution, while around 70 per cent of the population have a mobile phone, according to the World Bank data.