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Need Of Digitalization In Nepali Banking System To Grow Tourism

Monetary transaction is a significant factor for the tourism sector, there is a vital need for digitalization banking in Nepal. However, Rastriya Banijya Bank, the last resort bank of Nepal has formulated a policy which compels every commercial bank and financial institutes to open their branches across the 753 local levels.

But due to undeveloped infrastructure, banks and finacial institutes were unable to open their franchises across the country. And due to this every tourist somewhere finds difficulties in payment while traveling in the rural areas of Nepal. Therefore, there is a need for a bank digitalization so that, country’s economy could collect more revenues from tourism sectors.

Also Read: Nepal bank note | The world’s most beautiful currencies

So far, the Nepal government is not concern about establishing an international payment gateway system, which makes tourist a bit hard to travel around our country. Tourist always pays more because they have to contact the third party for payment, and the third party requires some commission for work done, therefore this traditional system of Monetary transactions are really hampering our tourism sector.

Besides tourist, Nepal got a literacy rate of 67% and sadly, 60% of it’s people are still living without a banking facility and without any Bank account. Moreover, it means that financial inclusion about 40% and it is challenging for the regulators and market players to promote digital banking. There is a need for digitalization in the banking sector because people and tourist need to access financial services headquarters in the remote region as well.

Also Read: World Bank Provides $100 million to Improve Electricity Sector Of Nepal & To Boost COVID-19 Recovery

However, still the majority of Nepalese people still thought  digititalization  banking system as a complicated procedure, so there is a need of  awareness  programs  across the country. For instance, even  financial transactions through mobile banking, makes most people hesitate to use them. Therefore, at last we must say that we need to adopt an international system to grow our economy and the country which has great potential in tourism sectors needs to upgrade their banking system, to meet international level and by doing so perhaps it will unlock the massive flow of tourist across the Country.

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Written by Vineet

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