KATHMANDU: As the government aims to enhance people’s access to financial services, more and more households are accessing formal financial services such as bank accounts and money transfers in the country.
Till mid-April this year, around 61 percent of the Nepalis had their own bank account.
According to the economic survey of 2019/20, 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.
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