In the Nepal Financial Inclusion Refresh report, UNCDF reviewed the implementation of the previous 2016 Making Access Possible (MAP) diagnostic recommendations and the 2017–2022 Nepal Financial Inclusion Action Plan, considered key market changes and identified financial inclusion interventions that can grow the economy and benefit society in Nepal.

Background

In 2014, UNCDF assisted the Government of Nepal with the preparation of a Financial Inclusion Roadmap and Action Plan, which set out the vision of access to affordable finance for all by 2030, with increased access to formal financial services.

This vision called for the 2016 MAP diagnostic report for Nepal that considered the country context, demand and supply for financial services, and the regulation of these services. The report highlighted the need for interventions in accordance with those opportunities that best meet the national objectives for growth and improved livelihoods. Such interventions were then documented in the form of the 2017– 2022 Nepal Financial Inclusion Action Plan, which provided the structure for defining, prioritising, coordinating, measuring and tracking the interventions.

The report identified practical recommendations for overcoming barriers to greater financial inclusion, including:

1. unlocking constrained credit and savings market,
2. improving the payment system,
3. bolstering risk-mitigation capabilities,
4. enhancing and leveraging locally based financial service providers,
5. enhancing financial inclusion support in national governance and
6. strengthening consumer empowerment, protection and education.