Nepal Rastra Bank (NRB) has issued the 15th amendment to its Integrated Payment Systems Directive, making it mandatory for all licensed payment service providers (PSPs) to verify user information against the government’s electronic National ID database.
The updated regulation requires payment service providers—including major digital wallets across the country—to authenticate customer details using the official National Identity Card system before opening new accounts or processing profile updates for Nepali citizens.
┌────────────────────────────────────────────────────────────────────────┐
│ NRB Digital Wallet Verification Rules │
├────────────────────────────────┬───────────────────────────────────────┤
│ Regulatory Action │ 15th Amendment to Payment Directive │
│ Target Platforms │ Digital Wallets & PSPs │
│ Verification Requirement │ Mandatory National ID Record Check │
│ Self-Declaration & Link Deadline│ October 17, 2026 (Ashwin end, 2083) │
│ Expats Return Timeline │ Update within 6 months of return │
└────────────────────────────────┴───────────────────────────────────────┘
Key Implementation Guidelines
To standardize digital Know-Your-Customer (KYC) procedures across the fintech ecosystem, NRB outlined specific compliance timelines and operational exemptions:
-
Self-Declaration & Account Update: PSPs must collect a formal self-declaration from existing wallet users via mobile apps or online portals regarding their National ID status by October 17, 2026. Users possessing a National ID must link their card or identification number by this deadline.
-
Unregistered Users: For users who have not yet obtained a National ID, wallet platforms are required to issue automated monthly notifications reminding them to register and update their profile once acquired.
-
Non-Resident Nepali Citizens: Citizens residing abroad may continue to open and operate digital wallets online using standard identity documentation. However, they must update their National ID details within six months of returning to Nepal.
-
Exemptions for Vulnerable Citizens: Incapacitated or helpless individuals unable to complete standard registration may open and operate wallets using alternative verified documentation.
The central bank emphasized that integrating digital wallets with the national database aims to enhance financial transparency, strengthen Anti-Money Laundering (AML) enforcement, and prevent fraudulent transaction networks operating within the digital payments sector.