‘Ncell has not made any decision to operate a payment service provider’
Ncell, a leading private sector mobile service provider, has said it has not made any decision to operate as a payment service provider (mobile wallet).
The Ministry of Finance had published the economic survey of the last fiscal year stating that it has given permission to operate payment service providers through Ncell’s subsidiary.
Commenting on the media reports on the issue, Ncell said that it was not true that it had received a license from Nepal Rastra Bank to operate a payment service provider by setting up a subsidiary company.
Ncell had been trying to set up a payment company since 2016 to provide payment services and explore possibilities. But due to other business priorities, no decision has been taken so far, Ncell said.
Ncell had wanted to operate a payment service provider six years ago. He had demanded no objection from the Telecommunication Authority of Nepal (TAN) on July 9, 2073 to amend his management letter and update the company registrar’s office asking him to work as a payment service provider.
Due to lack of clarity in the business regulation of payment service providers, Ncell could not get the no objection demanded for a long time.
The regulation was clarified after the signing of the MoU between NEA and Nepal Rastra Bank on April 20, 2008.
After that, on 2 June 2076, NEA had given approval to Ncell to set up a subsidiary company and run a payment service provider business.
However, the approval stipulated that Ncell’s subsidiary company would be allowed to operate as a payment service provider only after obtaining a license from Nepal Rastra Bank.