{
 "jurisdiction_id": "NP",
 "jurisdiction": "Nepal",
 "url": "https://payments.gi/jurisdictions/nepal/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 76,
  "source_register": 106
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/nepal/#w1a-licensing-authorisation-market-access",
   "standing_position": "Nepal Rastra Bank (NRB) regulates payment service providers and payment institutions under the Integrated Directive on Payment Systems, 2082 (as amended). The current cycle brought a substantive amendment tightening authorisation-adjacent conduct: mandatory national ID verification for e-wallet onboarding, retroactive beneficial-ownership/background screening of existing shareholders, directors and senior management, and encouragement of AI/ML-based fraud risk management.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "primary statute",
     "source": "https://www.nrb.org.np/contents/uploads/2025/09/Frameowrk-for-Identifying-Systemically-Important-Payment-Systems_01-09-2025-1.pdf",
     "source_url": "https://www.nrb.org.np/contents/uploads/2025/09/Frameowrk-for-Identifying-Systemically-Important-Payment-Systems_01-09-2025-1.pdf",
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "licensing policy",
     "source": "https://pradhanlaw.com/publications/licensing-policy-for-institutions-that-perform-payment-related-work-2079-2023-ad",
     "source_url": "https://corporatenp.com/post/fintech-psp-registration-nepal",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "licensing policy",
     "source": "https://corporatenp.com/post/fintech-psp-registration-nepal",
     "source_url": "https://corporatenp.com/post/fintech-psp-registration-nepal",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "supervisory report",
     "source": "https://www.nrb.org.np/contents/uploads/2025/02/2024-Report_BOK-KPP.pdf",
     "source_url": "https://corporatenp.com/post/fintech-psp-registration-nepal",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "draft amendment (pending/horizon)",
     "source": "https://ekantipur.com/business/2026/03/01/en/draft-amendment-to-the-nepal-rastra-bank-act-proposal-to-include-payment-system-operators-and-service-providers-in-financial-institutions-41-52.html",
     "source_url": "https://corporatenp.com/post/fintech-psp-registration-nepal",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "licensing procedure",
     "source": "https://www.lawimperial.com/registration-of-payment-service-provider/",
     "source_url": "https://corporatenp.com/post/fintech-psp-registration-nepal",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "supervisory directive",
     "source": "https://www.nrb.org.np/contents/uploads/2025/01/Payment-Oversight-Report-2023-24.pdf",
     "source_url": "https://corporatenp.com/post/fintech-psp-registration-nepal",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/nepal/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "NRB tightened conduct rules for government-account cheque payments, mandating financial-payment-system or account-payee-cheque settlement and use of cheque writers/protectors, under an amendment to the Government Transaction Directive, 2076.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "safeguarding mechanism",
     "source": "https://www.lawimperial.com/registration-of-payment-service-provider/",
     "source_url": "https://www.lawimperial.com/registration-of-payment-service-provider/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "conduct circular",
     "source": "https://techlekh.com/digital-payment-providers-interoperability-nepal/",
     "source_url": "https://www.lawimperial.com/registration-of-payment-service-provider/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "unified directive",
     "source": "https://ictframe.com/nrbs-notice-on-eps/",
     "source_url": "https://www.lawimperial.com/registration-of-payment-service-provider/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "conduct/consumer protection procedure",
     "source": "https://jkeconomicassociation.com/consumer-protection-in-the-digital-marketplace-legal-frameworks-courts-and-enforcement-practices/",
     "source_url": "https://www.lawimperial.com/registration-of-payment-service-provider/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "structural regulation",
     "source": "https://www.fiscalnepal.com/2025/03/20/19895/digital-wallet-leaders-ime-pay-and-khalti-merge-to-rival-esewa-begin-dda/",
     "source_url": "https://www.lawimperial.com/registration-of-payment-service-provider/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/nepal/#w2-stablecoins-digital-money",
   "standing_position": "Nepal maintains a comprehensive, judicially-upheld ban on all private cryptocurrency and stablecoin activity, grounded in the Foreign Exchange (Regulation) Act 1962/2019 and NRB Act 2058 Sections 4, 5(d) and 113. NRB is separately exploring a CBDC but has no live retail pilot as of mid-2026; a CBDC would not legalise private crypto.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "statutory ban",
     "source": "https://lawfirmnepal.com.np/publications/cryptocurrency-in-nepal",
     "source_url": "https://lawfirmnepal.com.np/publications/cryptocurrency-in-nepal",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "statutory ban",
     "source": "https://notarynepal.com/blog/legal-provisions-on-cryptocurrency-in-nepal",
     "source_url": "https://sic.gov.lb/en/newsletter/nepal-central-bank-plans-cbdc-within-two-years-crypto-and-stablecoin-still-excluded-says",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "consolidated regulatory notice",
     "source": "https://lawbhandari.com/publication/crypto-currency-law-in-nepal-prosecution-of-crypto-cases",
     "source_url": "https://sic.gov.lb/en/newsletter/nepal-central-bank-plans-cbdc-within-two-years-crypto-and-stablecoin-still-excluded-says",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "CBDC exploration (pending/horizon)",
     "source": "https://sic.gov.lb/en/newsletter/nepal-central-bank-plans-cbdc-within-two-years-crypto-and-stablecoin-still-excluded-says",
     "source_url": "https://sic.gov.lb/en/newsletter/nepal-central-bank-plans-cbdc-within-two-years-crypto-and-stablecoin-still-excluded-says",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "enforcement/penalty regime",
     "source": "https://notarynepal.com/blog/punishment-for-cryptocurrency-in-nepal",
     "source_url": "https://sic.gov.lb/en/newsletter/nepal-central-bank-plans-cbdc-within-two-years-crypto-and-stablecoin-still-excluded-says",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/nepal/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "NRB's operational-resilience regime centres on the Cyber Resilience Guidelines (2023), applied to all licensed PSPs/PSOs and BFIs, and a new Framework for Identifying Systemically Important Payment Systems (SIPS, issued 1 September 2025) that operationalises PFMI alignment under the Payment and Settlement Act, 2019. Requirements include disaster-recovery sites, mandatory biennial system audits, and (from 2025/26) AI-specific governance guidelines.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "cyber resilience guidelines",
     "source": "https://n1r4j.medium.com/key-highlights-of-nepal-rastra-banks-new-cyber-resilience-guidelines-4e50aefc3fd3",
     "source_url": "https://n1r4j.medium.com/key-highlights-of-nepal-rastra-banks-new-cyber-resilience-guidelines-4e50aefc3fd3",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "SIPS framework",
     "source": "https://kathmandupost.com/money/2025/09/03/nepal-rastra-bank-rolls-out-framework-to-identify-systemically-important-payment-systems",
     "source_url": "https://n1r4j.medium.com/key-highlights-of-nepal-rastra-banks-new-cyber-resilience-guidelines-4e50aefc3fd3",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "supervisory enforcement",
     "source": "https://www.fiscalnepal.com/2024/02/19/15663/central-bank-strengthens-cyber-resilience-guidelines-amid-rising-cybercrime-concerns/",
     "source_url": "https://n1r4j.medium.com/key-highlights-of-nepal-rastra-banks-new-cyber-resilience-guidelines-4e50aefc3fd3",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "AI/operational resilience guidelines",
     "source": "https://www.nrb.org.np/contents/uploads/2025/12/AI-Guidelines.pdf",
     "source_url": "https://n1r4j.medium.com/key-highlights-of-nepal-rastra-banks-new-cyber-resilience-guidelines-4e50aefc3fd3",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "supervisory practice",
     "source": "https://www.nrb.org.np/contents/uploads/2025/02/2024-Report_BOK-KPP.pdf",
     "source_url": "https://n1r4j.medium.com/key-highlights-of-nepal-rastra-banks-new-cyber-resilience-guidelines-4e50aefc3fd3",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/nepal/#w4-scheme-network-compliance",
   "standing_position": "Nepal runs a multi-scheme, closed-loop payments landscape (Fonepay, SCT, Nepal Payment Solutions, NEPS/NCHL, plus international VISA/Mastercard/UnionPay as licensed PSOs) that NRB is consolidating via the National Payment Switch (NPS) and mandatory NepalQR (EMVCo-based) standardisation, with a domestic NEPALPAY card scheme gaining international acceptance through Discover Financial Services.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "scheme technical standard",
     "source": "https://www.nrb.org.np/psd/nepalqr-standardization-framework-and-guidelines/",
     "source_url": "https://www.nrb.org.np/psd/nepalqr-standardization-framework-and-guidelines/",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "national switch infrastructure",
     "source": "https://www.nrb.org.np/contents/uploads/2025/10/National-Payment-Switch-NPS-and-the-National-Payment-Ecosystem-Master-Reference-Document-2025.pdf",
     "source_url": "https://www.nrb.org.np/contents/uploads/2025/10/National-Payment-Switch-NPS-and-the-National-Payment-Ecosystem-Master-Reference-Document-2025.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "scheme operating rules",
     "source": "https://nchl.com.np/wp-content/uploads/2023/02/1.pdf",
     "source_url": "https://www.nrb.org.np/contents/uploads/2025/10/National-Payment-Switch-NPS-and-the-National-Payment-Ecosystem-Master-Reference-Document-2025.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "unified directive",
     "source": "https://estartupnepal.com/article/electronic-payment-system-in-nepal",
     "source_url": "https://www.nrb.org.np/contents/uploads/2025/10/National-Payment-Switch-NPS-and-the-National-Payment-Ecosystem-Master-Reference-Document-2025.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "interoperability circular",
     "source": "https://techlekh.com/digital-payment-providers-interoperability-nepal/",
     "source_url": "https://www.nrb.org.np/contents/uploads/2025/10/National-Payment-Switch-NPS-and-the-National-Payment-Ecosystem-Master-Reference-Document-2025.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/nepal/#w5-payment-corridor-dynamics",
   "standing_position": "Remittances (~a quarter of GDP) dominate Nepal's cross-border payment dynamics, concentrated in Gulf/GCC, India and Malaysia corridors. A landmark structural shift occurred in June 2026 with the live launch of a direct UPI(India)-NPI(Nepal) real-time linkage via NCHL and NPCI International (go-live 6 June 2026), alongside an earlier Fonepay-NIPL UPI merchant-QR acceptance deal.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "corridor data",
     "source": "https://www.daayitwa.org/storage/archives/1704262558.pdf",
     "source_url": "https://techobserver.in/news/egov/india-nepal-upi-npi-cross-border-payments-launch-325089/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "corridor cost data",
     "source": "https://migrantmoney.uncdf.org/wp-content/uploads/2023/02/Nepal-Country-Assessments.pdf",
     "source_url": "https://www.daayitwa.org/storage/archives/1704262558.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "cross-border rail linkage",
     "source": "https://www.medianama.com/2026/06/223-india-nepal-upi-payments-live/",
     "source_url": "https://www.daayitwa.org/storage/archives/1704262558.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "cross-border merchant QR acceptance",
     "source": "https://fonepay.com/blogs/upi-in-nepal",
     "source_url": "https://www.daayitwa.org/storage/archives/1704262558.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "corridor authorisation regime",
     "source": "https://www.companydartanepal.com/remittance-company-registration-in-nepal/",
     "source_url": "https://www.daayitwa.org/storage/archives/1704262558.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/nepal/#w6-industry-structure-commercial-dynamics",
   "standing_position": "Nepal's fintech market is led by eSewa (~70% market share), with Khalti and IME Pay merging in 2025 to form IME Khalti in a bid to challenge that dominance, while Fonepay remains the dominant PSO/QR network backbone. Consolidation among BFIs (e.g., NCHL's acquisition of NEPS) and a regulatory shift permitting wallet-provider mergers are reshaping industry concentration.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "market structure",
     "source": "https://www.fiscalnepal.com/2025/03/20/19895/digital-wallet-leaders-ime-pay-and-khalti-merge-to-rival-esewa-begin-dda/",
     "source_url": "https://www.fiscalnepal.com/2025/03/20/19895/digital-wallet-leaders-ime-pay-and-khalti-merge-to-rival-esewa-begin-dda/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "market structure",
     "source": "https://www.simpaisa.com/blogs/nepals-digital-payment-boom-2025-market-landscape-and-the-road-ahead/",
     "source_url": "https://www.fiscalnepal.com/2025/03/20/19895/digital-wallet-leaders-ime-pay-and-khalti-merge-to-rival-esewa-begin-dda/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "market infrastructure consolidation",
     "source": "https://www.nrb.org.np/contents/uploads/2025/01/Payment-Oversight-Report-2023-24.pdf",
     "source_url": "https://www.fiscalnepal.com/2025/03/20/19895/digital-wallet-leaders-ime-pay-and-khalti-merge-to-rival-esewa-begin-dda/",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "market composition",
     "source": "https://tracxn.com/d/explore/fintech-startups-in-nepal/__qo4iDQXalIFuCA3IWeUyRKA1wbtlrLoEqyealiLmpzA",
     "source_url": "https://www.fiscalnepal.com/2025/03/20/19895/digital-wallet-leaders-ime-pay-and-khalti-merge-to-rival-esewa-begin-dda/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "market composition",
     "source": "https://english.onlinekhabar.com/fintech-innovations-transforming-nepals-banking-landscape.html",
     "source_url": "https://www.fiscalnepal.com/2025/03/20/19895/digital-wallet-leaders-ime-pay-and-khalti-merge-to-rival-esewa-begin-dda/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/nepal/#w7-legal-litigation",
   "standing_position": "Payments-related litigation in Nepal centres on the 2022 Supreme Court dismissal of a PIL challenging NRB's crypto ban, active NRB enforcement actions (licence dismissals, account freezes) against non-compliant PSPs, and an emerging legal-ambiguity dispute over the draft NRB Act amendment that would reclassify PSPs/PSOs as \"financial institutions\" (with knock-on tax-rate implications).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "landmark ruling",
     "source": "https://notarynepal.com/blog/legal-provisions-on-cryptocurrency-in-nepal",
     "source_url": "https://notarynepal.com/blog/legal-provisions-on-cryptocurrency-in-nepal",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "enforcement action",
     "source": "https://www.nrb.org.np/contents/uploads/2025/01/Payment-Oversight-Report-2023-24.pdf",
     "source_url": "https://www.nrb.org.np/contents/uploads/2025/01/Payment-Oversight-Report-2023-24.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "regulatory/legislative dispute",
     "source": "https://ekantipur.com/business/2026/03/01/en/draft-amendment-to-the-nepal-rastra-bank-act-proposal-to-include-payment-system-operators-and-service-providers-in-financial-institutions-41-52.html",
     "source_url": "https://www.nrb.org.np/contents/uploads/2025/01/Payment-Oversight-Report-2023-24.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "judicial institution / jurisprudence",
     "source": "https://jkeconomicassociation.com/consumer-protection-in-the-digital-marketplace-legal-frameworks-courts-and-enforcement-practices/",
     "source_url": "https://www.nrb.org.np/contents/uploads/2025/01/Payment-Oversight-Report-2023-24.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "enforcement/prosecution record",
     "source": "https://nepaldivorce.com/blog/anti-money-laundering-law-in-nepal",
     "source_url": "https://www.nrb.org.np/contents/uploads/2025/01/Payment-Oversight-Report-2023-24.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/nepal/#w8-merchant-acquiring-risk",
   "standing_position": "Merchant acquiring runs through NRB-licensed PSPs/PSOs under the NepalQR framework, with acquirers responsible for merchant enrolment, ID assignment and settlement; a 2026 E-commerce Act mandates use of NRB-licensed payment gateways, and a zero-additional-fee rule on domestic card/QR/wallet transactions structurally shapes acquiring economics for the roughly 1.2 million QR-accepting merchants.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "acquiring/merchant onboarding rule",
     "source": "https://www.nrb.org.np/psd/consultative-review-document-for-qr-code-guidelines-and-framework-and-qr-code-specifications/",
     "source_url": "https://www.karsansar.com/e-commerce-act-2081-nepal-guide/",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "merchant/e-commerce regulation",
     "source": "https://www.karsansar.com/e-commerce-act-2081-nepal-guide/",
     "source_url": "https://www.karsansar.com/e-commerce-act-2081-nepal-guide/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "merchant discount rate (MDR) rule",
     "source": "https://nchl.com.np/wp-content/uploads/2023/02/1.pdf",
     "source_url": "https://www.karsansar.com/e-commerce-act-2081-nepal-guide/",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "merchant fee rule",
     "source": "https://ictframe.com/nrbs-notice-on-eps/",
     "source_url": "https://www.karsansar.com/e-commerce-act-2081-nepal-guide/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "merchant ecosystem scale",
     "source": "https://corporatenp.com/post/fintech-psp-registration-nepal",
     "source_url": "https://www.karsansar.com/e-commerce-act-2081-nepal-guide/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/nepal/#w9-product-innovation-market-development",
   "standing_position": "Nepal's domestic retail-payments infrastructure runs on NRB's RTGS system alongside private fast-payment operators (fonepay, Nepal Payment Solution's InstaFund) and NCHL clearing. A new NRB directive restricting cash transactions of NPR500,000+ to banking-channel settlement is actively pushing volume toward these digital/account-based rails, and manual cheque clearing is now confined to a narrow high-value band (NPR300m+).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "regulatory sandbox",
     "source": "https://english.onlinekhabar.com/fintech-innovations-transforming-nepals-banking-landscape.html",
     "source_url": "https://fonepay.com/blogs/upi-in-nepal",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "financial inclusion product",
     "source": "https://estartupnepal.com/article/electronic-payment-system-in-nepal",
     "source_url": "https://fonepay.com/blogs/upi-in-nepal",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "strategy document",
     "source": "https://www.nrb.org.np/psd/retail-payment-strategy-2019/",
     "source_url": "https://fonepay.com/blogs/upi-in-nepal",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "cross-border product launch",
     "source": "https://techobserver.in/news/egov/india-nepal-upi-npi-cross-border-payments-launch-325089/",
     "source_url": "https://fonepay.com/blogs/upi-in-nepal",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "CBDC exploration (pending/horizon)",
     "source": "https://sic.gov.lb/en/newsletter/nepal-central-bank-plans-cbdc-within-two-years-crypto-and-stablecoin-still-excluded-says",
     "source_url": "https://fonepay.com/blogs/upi-in-nepal",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/nepal/#w10-consumer-protection-app-fraud",
   "standing_position": "Consumer protection rests on the general Consumer Protection Act, 2075 (2018) - enforced via a new Consumer Court (established March 2025) - layered with NRB's sector-specific Financial Consumer Protection and Grievance Management Procedure, 2020 and an NRB grievance portal (Gunaso). No dedicated mandatory APP-fraud reimbursement scheme (akin to the UK PSR model) was identified; cyber-enabled fraud (CEF) response instead runs through Nepal Police's Cyber Bureau and FIU-Nepal's STR/SAR analysis.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "consumer protection statute",
     "source": "https://commonlaw.com.np/publications/consumer-protection-law-in-nepal",
     "source_url": "https://www.nrb.org.np/contents/uploads/2024/11/FIU-Nepal-Strategic-Analysis-Report-2024.pdf.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "financial consumer protection regime",
     "source": "https://jkeconomicassociation.com/consumer-protection-in-the-digital-marketplace-legal-frameworks-courts-and-enforcement-practices/",
     "source_url": "https://www.nrb.org.np/contents/uploads/2024/11/FIU-Nepal-Strategic-Analysis-Report-2024.pdf.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "fraud typology / enforcement report",
     "source": "https://www.nrb.org.np/contents/uploads/2024/11/FIU-Nepal-Strategic-Analysis-Report-2024.pdf.pdf",
     "source_url": "https://www.nrb.org.np/contents/uploads/2024/11/FIU-Nepal-Strategic-Analysis-Report-2024.pdf.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "gap analysis",
     "source": "https://www.nepallawyer.com/blog/social-media-scams-and-online-shopping-scams-in-nepal-lack-of-legislation-on-scams-in-nepal",
     "source_url": "https://www.nrb.org.np/contents/uploads/2024/11/FIU-Nepal-Strategic-Analysis-Report-2024.pdf.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "grievance channel",
     "source": "https://gunaso.nrb.org.np/complain",
     "source_url": "https://www.nrb.org.np/contents/uploads/2024/11/FIU-Nepal-Strategic-Analysis-Report-2024.pdf.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/nepal/#w11-aml-cft-financial-crime",
   "standing_position": "sentinel.position: Nepal was placed on the FATF grey list on 21 February 2025 following an APG mutual evaluation identifying strategic AML/CFT deficiencies. Nepal remains on the grey list as of the June 2026 FATF plenary update, with a 6-point action plan outstanding.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "sentinel.targeted_sanctions",
     "source": "https://www.nrb.org.np/departments/mlpsd/",
     "source_url": "https://www.nrb.org.np/contents/uploads/2025/10/STR.SAR-Guidelines-Updated-July-2025.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": "Nepal's AML/CFT regime rests on the Asset (Money) Laundering Prevention Act (ALPA, amended 2011-2019), the 2013 Proceeds and Instruments of Crime Act, and DMLI as sole ML/TF investigative authority under NRB supervision. FATF grey-listed since February 2025; EU and UK both list Nepal as a high-risk third country. Major vulnerabilities persist in hundi/MVTS, cooperatives, casinos, real estate, beneficial ownership verification, and virtual-asset enforcement despite a formal VASP prohibition.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — Nepal",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Enforcement: Department of Money Laundering Investigation (DMLI) — Former Finance Minister and UML vice-chair (five-time finance minister)",
     "instrument_type": "enforcement_action",
     "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-005)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Sanctions: OFSI listing",
     "instrument_type": "sanctions_change",
     "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Enforcement: Department of Money Laundering Investigation (DMLI) / Nepal Police Central Investigation Bureau — Deepak Bhatta, chair of Infinity Holdings",
     "instrument_type": "enforcement_action",
     "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-001)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Enforcement: Department of Money Laundering Investigation (DMLI) — Deepak Khadka, former Energy Minister",
     "instrument_type": "enforcement_action",
     "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Gap: political-constraint",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: regulatory-failure",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: legal-gap",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/nepal/#w12-correspondent-banking-settlement-access",
   "standing_position": "Nepali law prohibits foreign bank branch operation, so all cross-border settlement runs through correspondent banking arrangements maintained by Nepal's ~20 commercial banks (several of which are foreign joint-venture banks) with major international banks via SWIFT. The February 2025 FATF grey-listing has intensified de-risking pressure, with heightened due-diligence and documentation requirements on correspondent and trade-finance relationships flagged as an immediate risk.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "correspondent banking structure",
     "source": "https://www.trade.gov/country-commercial-guides/nepal-trade-financing",
     "source_url": "https://risk.lexisnexis.com/insights-resources/article/aml-terror-financing-risks-as-nepal-reenters-fatf-grey-list",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "de-risking pressure",
     "source": "https://risk.lexisnexis.com/insights-resources/article/aml-terror-financing-risks-as-nepal-reenters-fatf-grey-list",
     "source_url": "https://risk.lexisnexis.com/insights-resources/article/aml-terror-financing-risks-as-nepal-reenters-fatf-grey-list",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "correspondent banking research/risk study",
     "source": "https://www.nepjol.info/index.php/JAAR/article/view/90349",
     "source_url": "https://risk.lexisnexis.com/insights-resources/article/aml-terror-financing-risks-as-nepal-reenters-fatf-grey-list",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "de-risking cross-country evidence",
     "source": "https://www.cgdev.org/sites/default/files/policy-responses-de-risking.pdf",
     "source_url": "https://risk.lexisnexis.com/insights-resources/article/aml-terror-financing-risks-as-nepal-reenters-fatf-grey-list",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "correspondent bank register",
     "source": "https://www.privacyshield.gov/ps/article?id=Nepal-US-Banks",
     "source_url": "https://risk.lexisnexis.com/insights-resources/article/aml-terror-financing-risks-as-nepal-reenters-fatf-grey-list",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/nepal/#w13-commercial-intelligence-fintech",
   "standing_position": "The trailing-12-month window (July 2025-July 2026) is dominated by the live cross-border UPI(India)-NPI(Nepal) rail launch (June 2026) via NIPL/NCHL and Fonepay, continuing consolidation momentum from the 2025 IME Pay-Khalti wallet merger, and Nepal's continued FATF grey-list status through the June 2026 plenary - all with significant knock-on commercial implications for payments-sector investment and market structure.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://techobserver.in/news/egov/india-nepal-upi-npi-cross-border-payments-launch-325089/",
     "source_url": "https://techobserver.in/news/egov/india-nepal-upi-npi-cross-border-payments-launch-325089/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://www.medianama.com/2026/06/223-india-nepal-upi-payments-live/",
     "source_url": "https://techobserver.in/news/egov/india-nepal-upi-npi-cross-border-payments-launch-325089/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://www.newkerala.com/news/a/nepal-remains-fatf-grey-list-as-global-watchdog-462.htm",
     "source_url": "https://techobserver.in/news/egov/india-nepal-upi-npi-cross-border-payments-launch-325089/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://ekantipur.com/business/2026/03/01/en/draft-amendment-to-the-nepal-rastra-bank-act-proposal-to-include-payment-system-operators-and-service-providers-in-financial-institutions-41-52.html",
     "source_url": "https://techobserver.in/news/egov/india-nepal-upi-npi-cross-border-payments-launch-325089/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://thefintechtimes.com/how-fintech-is-growing-in-nepal-in-2026/",
     "source_url": "https://techobserver.in/news/egov/india-nepal-upi-npi-cross-border-payments-launch-325089/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  }
 ]
}