Digital Payment

Nabil launched Nabil foneloan – QR Merchant for the first time in Nepal

Nabil Bank has launched digital lending facility to QR merchants under its new scheme called Nabil foneloan – QR Merchant for the first time in Nepal. Any QR Merchants registered under sole proprietorship can avail digital loans instantly through Nabil SmartBank without any hassle of paperwork and collateral.

Nabil Bank launch this lending facility in collaboration with UNCDF to facilitate small and medium enterprises (SMEs) run by youth and women entrepreneurs and encourage them to use digital banking.

“This is totally a new digital loan service where we aim to motivate women and youth led small and medium enterprises to use digital banking and avail this facility to expand their businesses,” said Gyanendra Prasad Dhungana, Chief Executive Officer, Nabil Bank. Stating that this digital loan facility is hassle free, he said, “Eligible merchants can process the loan without visiting the bank and collateral.” He further said that this product aims to reach to the unbanked population and mark a milestone in increasing digital financial inclusion.

According to the bank, the QR Merchants must be registered as sole proprietorship with Nabil Bank, subscribed to Nabil SmartBank, at least have five QR transactions to be conducted during the previous months having at least Rs. 10,000 of transaction through QR and at least have one transaction per week in last 4 consecutive weeks to be eligible for Nabil foneloan. The eligible QR Merchant will receive notification of eligible loan amount through Nabil SmartBank and proceed further through the mobile app.

In the launching phase, Nabil has limited the Rs. 100,000 for a month’s period whereas the bank is planning to extend the amount and duration in near future. With the introduction of this lending facility, the bank has taken yet another step in championing digital services to customers across the country. The Bank believes this product will be a milestone in digital banking in the Nepalese banking industry, and will encourage small businesses to transact digitally.

Earlier Nabil Bank had also launched Nabil foneloan, a short-term pre-approved digital lending facility, that can be availed by salaried individuals through Nabil SmartBank.

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