The company is promoted by Nepal Investment Bank, Smart Choice Technologies, Focus One Payment Solution, Himalayan Infrastructure Fund and prominent business personalities in the field of finance and technology.
MNepal plans to facilitate banks and financial institutions provide a range of flexible financial products to their customer base. MNepal has always believed in choosing a proven technology platform and as such conducted a thorough study of the top international platform vendors. MNepal always believes in choosing the best partnership, a proven technology and innovation in its offerings and hence collaborated with France based company eServGlobal, a mobile money platform vendor, which has more than 65 clients throughout the globe.
Due to its innovative approach in mobiles financial services and financial inclusion, IFC (International Finance Corporation) a World Bank Group has chosen to help MNepal and has extended cooperation in enabling MNepal reach the unbanked masses in Nepal. MNepal shall be providing the banks and financial institutions consulting services in the area of agent network management, risk management, product designing and pricing so that they could reap the benefit efficiently and effectively.
Joining the MNepal network would eliminate the need to maintain and manage any expensive hardware and software as MNepal provides a fully managed service experience enabling banks to focus on the business and operational roll out. Any bank and financial institution which has a standalone mobile banking system or ‘brand’ at present can only provide a limited service to existing customers but once MNepal opens the door via its connection to the two switches NPN and SCT, it will enable banks to cater to unbanked customers through its mobile wallet and provide an opportunity to convert them to their customer base as well as cross sell other products.
The beauty of MNepal would be the interoperability it offers to the member banks and financial institutions. Any bank customer can transact on any other bank/agent which is part of this network. This feature shall distinctly provide a better opportunity for the customers to transact in a much wider network from their own mobile device and or through the agent network throughout Nepal. This we consider as a boon to the Nepalese customers which they have been deprived as of now.
Having the world class expensive platform deployed for only one individual bank would not be cost effective as well as it will not provide the wider interoperability which MNepal Offers. MNepal proposes to offer the most cost effective solution which is even cheaper than locally made systems. The member banks and financial institutions are assured of world class platform, compliance with international standard, provides interoperability, provides consulting services, provides opportunity to grow the business geometrically yet off loading the operational cost of managing expensive hardware and software.