MNepal to launch mobile financial services

MNepal Pvt Ltd has formally launched a project to bring mobile financial services platform to Nepal.

The company will provide a shared and fully managed mobile financial services ecosystem that will enable member banks and financial institutions to launch mobile based customised services and products, according to chairperson of the company Sanjib Raj Bhandari.

"MNepal has selected the Fundamo platform powered by VISA International to implement its mobile financial services in Nepal," he said, adding that VISA is a globally recognised brand and a proven market leader in global mobile money installations.

It will provide a range of product categories like mobile banking, mobile-wallet, mobile commerce, mobile remittance and mobile payment, he added. "In addition to the managed platform, MNepal will also provide technical assistance to banks and financial institutions regarding mobile financial services."

"International Finance Corporation (IFC), the private sector arm of the World Bank Group has agreed to extend cooperation to MNepal in developing products, business model, agent framework and risk management," said chief executive of MNepal Prabin Raj Pokharel.

He mentioned that IFC's cooperation will equip MNepal with all the tools required to enter this new market with a high potential.

A cooperation agreement was signed between IFC and MNepal recently.

Powered by F1Soft International — one of the finalists of the 2012 Red Herring Top 100 Asia Award — FonePay earlier, introduced mobile payment switching that facilitates customers of any bank and even the unbanked customers to pay nationally at present and further expanding to international later.