Regional cooperation must to achieve financial inclusion goals: Governor

KATHMANDU: Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has underlined the need for strengthening regional cooperation and coordination to achieve financial inclusion goals in South Asia.

Presenting Nepal’s status on financial inclusion during the 6th Leaders Roundtable meeting of the South Asia Region Financial Inclusion Initiative (SARFII) in Kathmandu on Thursday, Adhikari highlighted Nepal’s significant progress in financial access and electronic payments. He called for increased focus on financial service digitalization, customer protection, digital financial literacy, and expanding financial services to SMEs.

Central bank officials from South Asian nations, including Sri Lanka Central Bank Governor Dr. P. Nandalal Weerasinghe, Bangladesh Bank Deputy Governor Dr. Mohammad Habibur Rahman, Maldives Monetary Authority Deputy Governor Imad Ahmad, and State Bank of Pakistan Executive Director Syed Samar Hussain, attended the meeting, according to a statement issued by the Nepal Rastra Bank (NRB).

Bangladesh Finance Ministry Joint Secretary Kamrul Haque Maruf was also present on the occasion.

The meeting prioritized developing a framework for sustainable, inclusive, and innovative financial services for the next five years through SARFII’s regional cooperation. According to the statement, discussions included amendments to the SARFII Charter and the Terms of Reference for the Expert Group on Financial Inclusion Policy (EGFIP). The meeting also approved SARFII’s annual work plan for 2025.

During the first session, participants presented their countries’ financial inclusion status and shared perspectives on SARFII’s future role in promoting financial inclusion in South Asia.

SARFII was established in September 2022 at the 12th AFI Global Policy Forum. Nepal Rastra Bank has held SARFII’s chairmanship since September 2024.

Prior to the Leaders Roundtable, EGFIP and Payment Expert Group meetings were held on February 17. Additionally, a regional training on enhancing cyber resilience in digital payments and infrastructure was conducted from February 17-19.

The training saw 31 participants from Nepal, Bangladesh, Pakistan, Sri Lanka, and the Maldives, according to the statement.