Nabil launches Nabil foneloan - QR Merchant for first time in Nepal

KATHMANDU, AUGUST 17 : Nabil Bank has launched a new 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 of digital loans instantly through Nabil SmartBank without any hassle of paperwork and collateral.

The bank launched this lending facility in collaboration with UNCDF to facilitate the small and medium enterprises (SMEs) run by youth and women entrepreneurs and encourage them to use digital  banking.“This is 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 the unbanked population and mark a milestone in increasing digital financial inclusion. According to the bank, the QR Merchants must be registered as a 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 transactions through QR and at least one transaction per week in the last 4 consecutive weeks to be eligible for Nabil foneloan.

The eligible QR Merchant will receive notification of the 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 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.