Nepal Rastra Bank (NRB), via its Banking and Financial Institutions Regulation Department, has upgraded its reporting system with support from United Nations Capital Development Fund (UNCDF) and the Mobile Money for the Poor (MM4P) programme. They have created an e-mapping platform based on a geographic information system (GIS) that shows all existing financial points in Nepal and enables efficient compliance control, data analysis and policy formulation.
Recent findings of UNCDF projects show that mobile money is an easy alternative to cash to facilitate bulk payments in the coffee value chain. However, coffee farmers who are being paid digitally for their produce, still see a lot of value in the usage of cash. To pay for their daily groceries such as rice, cooking oil and charcoal for instance.
When you are told that “Money falls from the sky to pay tea farmers”, you go through a moment of disbelief and astonishment. When you witness it, you feel the adrenaline rush through your veins as security officers rapidly make sure the airdrop is a success.
A few months ago, I was in Uganda for the production of a new MM4P video with the country team. The plan was to film and interview tea workers who chose to test digital payments. Every two weeks these workers receive their payment directly on their phone instead of spending a half day queuing for their payment at the factory.
Electronic banking has led to a surge and uptake of digital finance worldwide. It has captured the attention of developing countries and least developed countries (LDCs) alike, where traditional banking—or no banking at all—is still prevalent. Transitioning these populations to digital channels requires shifting customer behaviour, which in turn necessitates building greater customer trust in the system.
Introduction of ATMs: An example to assess the role of trust in digital finance
Broken lives and severed ties: the tragic reality of Liberia, where forgetting the 2014 epidemy is impossible. “Ebola is real” reminds a sign in Monrovia’s airport.
Never have there been so many displaced people as now. People fleeing their homes in search of safety. Many displaced hope to find this safe haven in Uganda. The country currently hosts 1.2 million refugees, 72% of whom - mainly women and children - are from South-Sudan.
A three-day workshop conducted by Nepal Rastra Bank (NRB), the central bank of Nepal, convened participants from mainstream financial institutions, non-bank payment service providers, infrastructure actors and government ministries and regulators. The purpose of the workshop was to discuss the status of adoption of retail payments in the country, particularly digital payments, and the gaps that persist in the market that relate to customers, providers, infrastructure and policy.
In 2015, UNCDF MM4P partnered with Kyagalanyi Coffee Ltd (KCL), a leading coffee exporter in Uganda, to digitize the payments to its 7,000 farmers around Mount Elgon. As part of this effort UNCDF MM4P, in collaboration with CGAP, contracted PHB Development to analyse the attractiveness of digital payments versus cash for stakeholders in the coffee value chain.
A consultative workshop held at Summit Hotel brought together stakeholders to discuss a proposed Social Security e-Payments Strategy in Nepal. The workshop served as a platform for stakeholders to share their input on the proposed strategy and implementation plan, before it is finalized and tabled for approval by the Government of Nepal.
The Sierra Leone FinTech Challange 2017 in partnership with the SL FinTech association is organizing a Market Enagement Session with a critical use-case for fragile markets- Conditional & Unconditional Cash Transers.
The event is scheduled on:
JULY 6, 2017
2:00 PM- 3:30 PM
ACDI/VOCA OFFICE at HILL STATION, OFF