International Finance Corporation (IFC), as part of the Access to Financial Services Nepal Project jointly implemented by Nepal Rastra Bank (NRB) and IFC, has carried out Nepal Household Survey on Access to Finance (IFC A2F 2021/22 survey). This report builds on the results of the survey and presents an update of the 2021 Nepal Financial Inclusion Making Access Possible (MAP) Refresh study by incorporating new data from inclusive growth-related development since the refresh study. IFC and the United Nations Capital Development Fund (UNCDF) have jointly produced the report for NRB with support from Beed Management Pvt. Ltd.
The 2021 MAP refresh study was carried out by UNCDF which reviewed the implementation of the 2016 MAP diagnostic study recommendations and the 2017-2022 Nepal Financial Inclusion Road Map and Action Plan. The latter considered key market changes and identified financial inclusion interventions for improvement that can bring positive growth of the economy and benefits to the society (UNCDF Nepal Financial Inclusion Country Report).
In order to meet the goals and objectives outlined in the National Financial Inclusion Roadmap for Nepal – “Access to affordable finance for all by 2030, with increased access to formal financial services” – and ensure broader development cooperation, the World Bank Group (WBG) and UNCDF MAP have collaborated to inform any realignment and update to the Financial Inclusion Roadmap, as well as amendment of the Nepal Financial Inclusion Action Plan in an effort to ensure that financial inclusion is able to enable poverty alleviation in order for Nepal to reach the Sustainable Development Goals (SDGs) targets. This co-owning of the process among the Bretton Woods Institutions together with the United Nations, development partners and national institutions will ensure the maximum impact on the SDGs through the implementation of the national financial roadmap as it ensures consistency in policy advocacy, programming and measurement of results in the financial inclusion arena.