61 per cent citizens have bank account in Nepal: Economic Survey 2019/20

Since government has aimed enhancing people’s access to financial services, more and more households are accessing formal financial services such as bank accounts and money transfers. Till mid-April this year, 61 percent of the Nepalis citizens had their own bank account.

According to the economic survey of 2019/20 presented by Minister for Finance in today’s meeting of the federal parliament here today, it was shared that the number of branches of the Banks and Financial Institutions (BFIs) and micro finances across the country stood at 9,640.

Of the total 753 local units in the country, commercials banks have presence in 746 units while more and more cooperatives had also brought increasing number of people under the ambit of financial services.

Similarly, there were altogether 163 BFIs in the country among them 27 were commercial banks, 23 development banks, 22 finance companies, 89 micro finance institute and one infrastructure development bank.

Similarly, a total of 26 per cent of the total population of the country were in access of insurance scheme. This includes the number of Nepali migrant workers who flew abroad as of mid-March.