The number of mobile banking users in Nepal has reached 29.4 million as of mid-March, according to the newly released Economic Survey for the current fiscal year.
The report, presented to the House of Representatives by Finance Minister Swarnim Wagle, highlights a massive transformation in Nepal’s financial landscape, driven by high smartphone adoption and expanding network coverage. In contrast, internet banking users stood at a more modest 2.374 million during the same review period, underscoring a strong consumer preference for mobile-first apps.
Key Digital Milestones
A quick look at the major indicators from the government’s latest economic report:
Infrastructure and Governance Shifts
The survey notes that this explosive growth in digital wallets and QR payments has successfully moved cashless transactions from an urban luxury into rural markets. To keep pace with this momentum, digital infrastructure is expanding, with 4G services now accessible to nearly 90% of the population and digital television reaching 82% of households.
The digital push is also altering public service delivery. The report details that 135 land revenue offices across Nepal have fully integrated online operations, with 114 of those offices allowing citizens to complete land transaction documentation entirely online from any location.
The Security Hurdle: While experts celebrate this leap in financial inclusion, analysts warn that the underlying security infrastructure needs to mature just as fast. The rise in volume has parallelly triggered an increase in digital fraud, identity theft, and unauthorized access, making cybersecurity the next critical front for Nepal’s banking regulators.