(Source: The Kathmandu Post)
KATHMANDU, July 25 -- Kumari Bank has bagged the mBillionth Award
South Asia for its Kumari Mobile Cash product during the mBillionth
2011 South Asia International Summit 2011. The award was won in the
m-business and commerce/Banking category. The summit was held in New
Delhi, India on July 23. Out of a total of more than 200
applications from across Afghanistan, Bangladesh, Bhutan, India,
Maldives, Nepal, Pakistan and Sri Lanka, 21 were selected as winners
spread across 11 core categories, with Kumari Bank, the sole winner,
representing Nepal.
"The bank is extremely proud to have won this award for a product
that has less than a year of life under its belt," stated press
release of the bank. "Kumari Mobile Cash, in a very short time span,
has helped the bank break traditional barriers in providing access
to finance to the poor."
Kumari Bank CEO Radhesh Pant said that the summit, sponsored by
internationally acclaimed telecommunications giant Vodafone, was
deservedly an appropriate platform, not just for the bank to
showcase its innovation, but also for Nepal to show the world that
it also has the capability to be recognized as an incubator for
innovative minds.
Pant added that this award has served as an impetus for the bank
to scale even greater heights in the days to come.
Kumari Mobile Cash pioneered the "mobile wallet" concept in
Nepal, which allows users to store cash balances in their mobile
phones. Users are then able to deposit and withdraw cash from their
mobile phones, and use the stored cash value for various purposes
such as remittance, bill payments and airtime recharge, with the
push of a few buttons. Currently, customers can obtain this service
from any of Kumari Bank's 29 branches, or from its 189 authorized
agents dispersed across the country.
The service was launched by the bank a year ago in partnership
with Leapfrog Technology, a US firm based in Boston which maintains
a development centre in Nepal.
Published by HT Syndication with permission from EKantipur.com.
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