For Finer Things in Life
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www.fridayweekly.com.np SUBSCRIBER COPY ISSUE 24 | RS. 20 July 8 -14, 2010 | cfiff9 @$–#), @)^& ������AND MORE ���������������������������������� EVENTS & ENTERTAINMENT WEEKLY | EVERY THURSDAY 5 7 12 16 197 20 PAGE3 PEOPLE HALFWAY FEATURE TIME OFF CONSUME Talk of The Town Spotlight Tattoos Killing Us Softly Wine Serendipity Sounds of Bose Can they talk or can they He is the man behind the It has long been a taboo It’s like a parasite that Get the know-how on Fr!day takes a closer look talk? Here are some memo- ads that has the town talking. and has been frowned upon. never leaves us and has this elegant drink and the at the Bose Companion 3 rable remarks made by Harshwardhan Shahani talks Brace yourself as we take no signs of stopping. chemistry that makes it Multimedia speakers and people around K-Town. Wai-Wai and more. you inside this artistic world. Beware of the horns! taste twice as good. we say - splurge on! www.fridayweekly.com.np SUBSCRIBER COPY ISSUE 24 | RS. 20 July 8 -14, 2010 | cfiff9 @$–#), @)^& ������AND MORE ���������������������������������� EVENTS & ENTERTAINMENT WEEKLY | EVERY THURSDAY 5 7 12 16 197 20 PAGE3 PEOPLE HALFWAY FEATURE TIME OFF CONSUME Talk of The Town Spotlight Tattoos Killing Us Softly Wine Serendipity Sounds of Bose Can they talk or can they He is the man behind the It has long been a taboo It’s like a parasite that Get the know-how on Fr!day takes a closer look talk? Here are some memo- ads that has the town talking. and has been frowned upon. never leaves us and has this elegant drink and the at the Bose Companion 3 rable remarks made by Harshwardhan Shahani talks Brace yourself as we take no signs of stopping. chemistry that makes it Multimedia speakers and people around K-Town. Wai-Wai and more. you inside this artistic world. Beware of the horns! taste twice as good. we say - splurge on! Weapon of Mass Empowerment — Niladri s. Parial “NEPALIS SAY NO TO CASH. No CrEDiT CarDs EiTHEr” “BaNks susPEND EXPANSION PLANS. NO NEW BRANCHES IN REMOTE arEas” “HumaN ATMs ON THE risE” efore you thought head- terms of roads, wire-based ser- line news couldn’t get vices, slow or non-existing post- more sensational, think al service, and override all elec- Bagain, because as wildly tricity-based services, allowing unrealistic as it may seem now, for fast and convenient means given suitable infrastructural and for transfer of information. technological support, this could With mobile banking, cus- be the next big thing in Nepal. If tomer requirement is just re- the success of M-Pesa (Kenya) duced to a mobile phone sup- and Smart (Philippines) are any porting SMS service. Customers indication, mobile banking will can access their banks and it’s revolutionize the way people use range of services on their way money in this country. People to work, while vacationing on a could pay for products and ser- beach or when they are waiting vices and carry out bank transac- for their order to come through tions with their mobiles. at a restaurant. Nepal has witnessed expo- But before Fr!day predicted nential growth in the telecom- doomsday for the humble wal- munications sector. With three let and asked people to do away established mobile network with ‘plastic cards’ of all makes, operators (MNO) having a sub- we thought of having a tête- scriber base of 6million plus, à-tête with a visionary banker mobile phones have emerged as who has been at the helm of an a tool to break barriers of low organization credited with ush- infrastructure development in ering in this trend in Nepal. turn to page 2 for more of it! ECS Media 5 Rupee Cine Bankers’ Night Write Way what’s on Fundraiser Spey Livet and Participate in the You can help Party Nepal 11th edition of make a difference brings you a gath- Quixote Cove to cinema in ering of bankers Bookshop’s Nepal. Be a part for a fun night. Tavern Tales and things to do of this unique With music from interact with fundraiser and help raise money for Attila Manju and shots of Spey Livet, writer Samrat Upadhayay and his stu- cinemaic betterment. you would not want to miss this. dents on the art of creative writing. this week 9 July (Friday), 6:30 pm 9 July (Friday), 8: 00 pm 10 July (Saturday), 5:00 pm 4 cover Issue 24 June 8 - 14, 2010 Fr!day Given the geographic limitation and absence of infrastructural branchless banking addresses On NRB publishing guidelines the needs of three - all but the for mobile banking. ones who simply don’t see a Well, they have already and as it support for the banking channel to proliferate beyond urban need. You’ll never convince a turns out, it was too early, and guy to bank who doesn’t want in the end not actually cover- centres, mobile banking has given new hopes to financial to just because now there is mo- ing mobile banking operations bile banking. – it was only for an element of liberalization and reaching financial services to remote villages in Thus, yes, based on the banking services that was deliv- above, I do see mobile banking ered using methods of mobility every corner of the country. ushering in an era of branchless (physical movement of cash and banking in Nepal. vehicles) to deliver banking ser- vices. This is not what mobile On compatible mobile banking is about! technology and poor perception NRB really does not have to about mobile telephony in react to everything – it is the re- Nepal. sponsibility of the FIs under its Public perception plays an im- regulatory purview that need to portant role in the acceptance of act prudently and adopt mecha- any new service. The quality and nisms and means that are of high reliability of mobile telephony standards and meet the necessary has improved over the years and national and international norms the competition is also playing for electronic transactions. an important role in ensuring The Central Bank of Kenya this. The only way to address is- (CBK), where we have the very sues of poor public perception is successful mobile banking plat- through end user education and form called M-Pesa, has been de- mass mobilizations. Advocating bating the issue of guidelines for financial literacy will also have mBanking, but to date it has not to be done as it is one thing to formulated any. That does not have financial access, but man- mean that it has not been closely aging finances (however limited linked to its overall development. that maybe) is a totally differ- To the contrary CBK was closely ent aspect. User education and involved with the M-Pesa devel- awareness campaigns with joint opment team right from the trial participation between technol- and testing phases, which was con- ogy providers, mobile operators ducted through grants by DFID. and banks will also help in alle- There is a famous quote that viating some of these concerns. is applicable here: “regulation The government and the donor before innovation kills innova- agencies can and will have to play tion”. Thus, whenever one talks a very important role – and actu- of a perimeter (as a guideline ally this is an area that all parties in many ways it is), the obvious can actually come together for a question is - is it to keep people “win-win” scenario. in or to keep people out? That is a very restrictive view to take On addressing public concerns regarding security. when we have a much larger op- It is safe. We can say this confi- portunity to bring in the majori- dently. Since our rollout of mo- ty of the nation into the domain A Friday morning meeting with efficient and cost effective way Thus, when it is fully integrated, bile banking services in October and realm of financial services. Suman Joshi, the engaging CEO of of reaching them. anybody with a mobile phone 2009 we have had no incidents On the banking sector having Laxmi Bank, tells me it’s possible. will be a potential customer! This where customer transactions woken up to this opportunity On being inspired from the opens up new avenues for growth have been hacked into or com- and on competition. On the mobile banking success of M-Pesa and Smart and revenue for the banking in- promised at any given point in As I have said before, the possi- phenomenon. in Kenya and Philippines dustry overall – and significantly, time. This service works with bilities are endless. I would like I strongly feel that this is one of respectively. nd this will actually make the “bank- 2FA (2 Factor Authentication) to say here that there needs to the best things happening to Ne- The business model is essentially ing pie” larger. security robustness. This means be a perfect marriage between pal. It truly is a weapon of mass the same. We are not trying to that, 1) Transactions can only be mobile network operators and empowerment for our sizeable ru- do anything radically different in On mobile banking ushering in made through one’s mobile num- institutions providing such ser- ral population. It spells freedom. Nepal. I have travelled to Africa an era of branchless banking ber, which is unique. 2) The sys- vices. We as a bank are open to Freedom from having to trek for and have seen first-hand how mo- in Nepal. tem automatically generates a collaborations and partnerships days together to get to the nearest bile banking has transformed the There are three key factors that PIN that is sent to one’s mobile with other banks, financial insti- bank.