MNepal, a Nepalese firm, reportedly has launched a mobile financial services platform offering the following products: mobile banking, mobile wallet functions, remittances and payments. MNepal also offers technical assistance to facilitate banks in launching and customizing their products on the platform. MNepal is using the Fundamo platform from VISA, a US-based financial services corporation, to implement its mobile financial system.
MNepal was incorporated in 2011 by Nepal Investment Bank Limited, Mercantil, CAS Trading House (CAS), FocusOne Mobile Solution, Himalayan Infrastructure Fund (HIF) and SmartChoice Technologies (SCT). Information on the number of subscribers served by MNepal is not available. For the year 2012, VISA reported total assets of USD 40 billion.
By Brendan Millan, Research Associate
About MNepal
MNepal is a Nepalese mobile financial services provider. The company was incorporated in 2011 by Nepal Investment Bank Limited, Mercantil, CAS Trading House (CAS), FocusOne Mobile Solution, Himalayan Infrastructure Fund (HIF) and SmartChoice Technologies (SCT). Information on the number of subscribers served by MNepal is not available.
About VISA
Founded in 1958, VISA is a US-based financial services corporation. For the year 2012, VISA reported total assets of USD 40 billion.
Sources and Additional Resources:
[1] The Himalayan Times: “MNepal to Start Mobile Financial Services”, http://www.thehimalayantimes.com/fullNews.php?headline=MNepal+to+start+mobile+financial+services&NewsID=365824&utm_source=buffer&buffer_share=31dd3
MicroCapital.org story, January 3, 2013, “Confederation of Nepalese Industries to Establish $1m Social Business Fund”, https://www.microcapital.org/microcapital-brief-confederation-of-nepalese-industries-to-establish-1m-social-business-fund/
MicroCapital.org story, April 5, 2012, “Nepal Rastra Bank (NRB) to Increase Number of Bank Branches in Remote Areas”, https://www.microcapital.org/microcapital-brief-nepal-rastra-bank-nrb-to-increase-number-of-bank-branches-in-remote-areas/
MicroCapital.org story, February 12, 2009, “ ‘MySME News’, Backed by the European Commission’s Asian Invest Programme, Brings Business Information to Microfinance Borrowers in India and Nepal”, https://www.microcapital.org/microcapital-story-%E2%80%98mysme-news%E2%80%99-backed-by-the-european-commission%E2%80%99s-asian-invest-programme-brings-business-information-to-microfinance-borrowers-in-india-and-nepal/
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