NIBL opens 6th branchless banking outlet

KATHMANDU:

Nepal Investment Bank Limited today opened its sixth branchless banking outlet at Tokha, Chandeshwori village development committee, Kathmandu. Branchless banking service has emerged as an effective tool to provide retail banking services in rural and suburban areas and incorporates cash deposit and withdrawal, fund transfers, bill payments and topping up of mobile phone accounts through POS terminals.

“Branchless banking aids in encapsulating the local population into the financial mainstream by extending the banking outreach and by creating ease of access to the unbanked and under-banked segment of the population,” says a statement issued by the bank today. The bank has said social security allowances extended by the government to senior citizens, single women and physically disabled will also be distributed through this channel.

The bank has said its branchless banking services is secure as it incorporates two-pronged authentication, including use of debit card and finger print authentication on POS terminal. “At the same time the service is provided by business correspondents selected by the bank after an extensive agent due diligence exercise,” says the statement. The bank has a customer base of over 500,000 and it extends banking services through 44 branch offices and 72 ATMs.

Source: THT