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Nepal's Digital Financial Security Frontier: What urgent steps should banks and regulators take to protect against global cyber threats and customer data fraud?
Just a few years ago, a typical financial transaction in Nepal meant going to the bank, filling out paper forms, and waiting in line for hours. Today, millions of Nepalis pay their electricity bills, transfer money to family members, and shop at stores with a few taps on their smartphone screen. Rapid digitalization, fueled by rising internet penetration and the popularity of digital wallets such as in Sewa, Khalti and payment system Fonepay, has radically changed the country's financial landscape. By early 2025, the number of mobile banking and digital wallet users was in the tens of millions, and the volume of QR payments was breaking all records.
This digitalization has brought undeniable conveniences and increased financial inclusion. However, it has also opened a Pandora’s box of new, previously unimaginable threats. Nepal’s financial system finds itself on the front lines of a global cyber war, where the adversaries are invisible hacker groups, sophisticated fraudsters, and internal vulnerabilities.
How strong is the digital armor of Nepalese banks? Are regulators and financial institutions themselves prepared to fend off increasingly sophisticated attacks? This article analyzes the current state of cybersecurity in Nepal’s financial sector, identifies the main threats, and suggests urgent measures to protect the country’s new digital economy.
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By Alpha Business MediaJust a few years ago, a typical financial transaction in Nepal meant going to the bank, filling out paper forms, and waiting in line for hours. Today, millions of Nepalis pay their electricity bills, transfer money to family members, and shop at stores with a few taps on their smartphone screen. Rapid digitalization, fueled by rising internet penetration and the popularity of digital wallets such as in Sewa, Khalti and payment system Fonepay, has radically changed the country's financial landscape. By early 2025, the number of mobile banking and digital wallet users was in the tens of millions, and the volume of QR payments was breaking all records.
This digitalization has brought undeniable conveniences and increased financial inclusion. However, it has also opened a Pandora’s box of new, previously unimaginable threats. Nepal’s financial system finds itself on the front lines of a global cyber war, where the adversaries are invisible hacker groups, sophisticated fraudsters, and internal vulnerabilities.
How strong is the digital armor of Nepalese banks? Are regulators and financial institutions themselves prepared to fend off increasingly sophisticated attacks? This article analyzes the current state of cybersecurity in Nepal’s financial sector, identifies the main threats, and suggests urgent measures to protect the country’s new digital economy.