Nepal Bankers’ Association (NBA), in collaboration with International Finance Corporation (IFC) and supported by the Ministry of Economy and Finance, Government of South Korea, successfully concluded the Digital Financial Services (DFS) Program in Biratnagar, Surkhet and Dhangadhi. The program titled “Knowing your Digital Payment Services for Digital Empowerment,” aimed to enhance the digital financial literacy of banking officials and promote the adoption of digital financial services across the country.
Over the course of the program, more than 150 banking officials from various commercial banks participated in training sessions held in different provinces. The program focused on building a deeper understanding of digital financial services, empowering banking professionals to better serve their customers and foster financial inclusion through digital means.
The program covered key topics such as digital payment products, digital payment systems, cross-border transactions, and the growing challenges related to cyber fraud. Participants were introduced to the latest developments in digital financial services, including the use of artificial intelligence (AI) in banking, with a special focus on Gen AI and its potential to enhance operational efficiency and security within banking industry. The sessions also explored the practical insights, emphasizing the significance of various digital channels and recent regulatory changes aimed at simplifying KYC procedures for small vendors, thereby enhancing the acceptance of electronic payments.
The session further discussed on Payment Service Providers (PSPs) and Payment System Operators (PSOs), as well as the regulatory frameworks governing them. Key discussions focused on reducing the operational costs, boost digital payments, and promote financial inclusion through digitalization. The program also underscored the importance of developing robust security measures and increasing awareness among customers regarding the digitalization of financial services.
In each province, the program emphasized the role of banking professionals in educating customers about digital financial services. By equipping bank staff with the necessary knowledge and tools, the program sought to create a more digitally inclusive financial ecosystem in Nepal. Participants were encouraged to share their learnings with their teams, ensuring that the benefits of the training extend beyond the individual attendees.
The program marks a significant milestone in Nepal’s journey towards digital financial empowerment. With the completion of this initiative, NBA and IFC have attempted to make some contribution towards enhancing the country’s digital financial infrastructure and promoting a more secure and inclusive digital financial environment, ultimately contributing to the country’s economic growth and development.
