Mobile financial tech company eServGlobal (News - Alert) and banking consortium MNepal Limited have partnered up to collaborate on a new shared financial service for Nepal.
Both companies will offer a shared technology platform for all Nepalese banks and financial institutions to access, which can be used to extend mobile services to their customers. The services will be offered under the one mobile financial service brand and open to multiple banks and financial services to join.
“MNepal are an exciting company focussed [sic] on finding new and dynamic ways to extend valuable services to the people of Nepal,” said CEO and managing director of eServGlobal Paolo Montessori. “Their focus on innovation presents many synergies with eServGlobal. This projects represents [sic] 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.”
Nepal has a population of about 30 million people and the new partnership between eServGlobal and MNepal has quoted figures from the World Bank which states that only 25 percent of Nepal’s population over the age of 15 has a bank account but around 70 percent own a cellphone. The duo feel that this makes Nepal ripe ground for expanding mobile banking and finance.
The new platform will also extend mobile-centric microfinance services like loans, savings, and insurance.
Mangesh Lal Shrestha, Board Director at MNepal echoed Montessori’s remarks, “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.”
Montessori added, “I am confident that this project will not only be successful in the Nepalese market but will serve as an example which will be replicated by mobile money solutions across other regions.”
Edited by Cassandra Tucker
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