NRB allows microfinance companies to use online payment system; directs the companies to fulfill various conditions

Microfinance Companies have received permission from Rastra Bank to use online payment services. As per the monetary policy, Nepal Rastra Bank has authorized microfinance companies to use this service. However, all microfinance companies cannot make use of the service. NRB has also mentioned the terms that microfinance companies must fulfill to use this service. As per NRB, only those microfinance companies whose paid up capital has reached Rs.10 Crore and has at least 20 branches can make use of the online payment service.

Further it states that the microfinance company must have at least 20 thousand customers for loan and savings in total. Only those companies can use the service which have an established and reliable alert and communication system. It also states that the microfinance company is required to send SMS alert to the consumer after the transaction through online payment service is processed. The SMS should include the details about the balance of account and transaction amount of each transaction made through this service.