Where is Financial Inclusion Going?
Developing countries and emerging markets around the world are taking up the call to use access to financial services as a tool to implement the UN Sustainable Development Goals (SDGs) set for 2030. Nepal is no exception. The government of Nepal plans to use financial inclusion (FI) as a way to ensure higher, sustainable and equitable growth, helping the country to graduate from least-developed country (LDC) status by 2022, and to achieve the SDGs and become a middle-income country by 2030. Read more
Driving the Agenda of Financial Inclusion in Nepal
The recently launched Making Financial Access Possible (MAP) is a nationally representative diagnostic study undertaken by the Nepal Rastra Bank with support from UNCDF and UNDP. The study provides an overall picture of the financial inclusion situation in Nepal. The related FinScope survey (2015) – a demand side study that feeds the MAP findings – provides an overview of how people source their income and how they manage their financial lives. Read more
Regulatory Perspective of Financial Inclusion in Nepal
In the year 2015, Nepal had a per capita income of USD 762, making it one of the poorest countries in the world. The national average poverty line is at 25.2%, attributed to the fact that poverty is higher in rural areas; with more than 81% of the country’s population living there. The geographical dispersion of the societies, lack of infrastructural development in the field of health, education, road and communication, the lack of economic opportunity, dependency of 66% of population on agriculture for livelihood and low awareness about the financial system in rural areas pose additional challenges for enhancing financial inclusion in Nepal. Read more
In Conversation with Judith Karl
Nepal Rastra Bank together with UNCDF recently launched the financial inclusion roadmap for Nepal as part of the Making Access Possible (MAP) initiative. This study was conducted with the objective of escalating financial access in rural areas, to ultimately reduce poverty and increase the standard of living. MAP aims at encouraging the use of financial services among the poorer sections of Nepali society as financial inclusion is proven to create greater opportunities for income generating activities. During the launch, Sujeev Shakya, Chairperson of Nepal Economic Forum sat with Judith Karl, Executive Secretary of UNCDF to discuss some of the biggest road blocks to Nepal’s financial inclusion scenario. Read more
Financial Inclusion Scenario in Nepal
There has been increased emphasis on the improvement of Access to Finance (A2F) in the global scenario with countries adopting measures to improve the level of access for individuals and businesses alike Read more
Macroeconomic Vision for 2030
Although a bit late, the government is finally gearing up to formulate a long-term vision for economic development. The tentative targets for now are to graduate from the Least Developed Country (LDC) status by 2022 and to attain the slew of Sustainable Development Goals by 2030. However, a bold and time-bound economic development vision for the country should go beyond these goalposts that were contextualized on the basis of global targets. Nepal should aim to become a vibrant lower-middle income economy within the next two decades. Read more