More than 70 percent of Nepali households are unbanked, but with new, innovative services launched with support from USAID’s Nepal Economic Agriculture and Trade (NEAT) project, mobile financial services could be available nationwide within five years.
Nepal is renowned for its diverse terrain, from lowland jungles to the world’s highest mountain peak. Unfortunately, in many areas of this still developing nation, infrastructure is poor. Many households, especially in hill and mountain regions, lack access to financial services, and thus walk hours if not days to reach a bank branch. As a result, over 70 percent of Nepalis are disconnected from the formal financial sector. For banks, thriving in rural areas with limited infrastructure has proven difficult and costly. As a result, they are centralized in and around cities, leaving the majority of Nepalis without easy access to finance.
Photo Credit: USAID NEAT
Last updated: August 20, 2014