Best bank: Global IME Bank
Global IME Bank’s merger with the Bank of Kathmandu last year proved to be a game changer, catapulting the combined entity to the top of Nepal’s banking sector. This merger is considered an effective step in consolidating the country’s financial resources and in recognition of this, it receives the awards for Nepal’s best bank.
In the fiscal year 2022/2023, ending July 2023, Global IME Bank successfully navigated the pandemic, the Russia-Ukraine war and the economic slowdown, achieving the highest profit among the country’s commercial banks. The current account savings account ratio improved from 34% in January to 36% in January 2023.
The bank has the highest core capital and total capital found among commercial banks in Nepal.
Its commitment to digital innovation is exemplified by its development of digital payment gateways, particularly the QR payment system. By onboarding more than 15,000 QR merchants last year, Global IME Bank has taken significant strides towards a cashless economy. With QR transactions accounting for 16.3% of the bank’s total transactions and 16.4% of the total digital transactions, the bank is at the forefront of Nepal’s digital transformation.
Best international bank: Standard Chartered
Standard Chartered registered a record net profit of NRs3.5 billion ($26.2 million) in Nepal last year, marking 53.6% year-on-year growth.
The lender’s flagship corporate banking platform, Straight2Bank was integrated with the country’s real-time gross settlement system, facilitating customer payments for ConnectIPS, tax and social security.
It also launched several initiatives in Nepal to support community development, focusing on education and female empowerment. It donated NRs10 million to provide eye-care services for the elderly, women, disabled people and children in remote areas. Additionally, it provided 390 hours of technical skills training to women from poor families, in 10 different vocations, helping them secure suitable jobs.
The bank also organized the International Conference on Financing for Nepal in collaboration with Investment Board Nepal.
Best digital bank: Nepal Investment Mega Bank
Nepal Investment Mega Bank upgraded its digital offering last year, resulting in a substantial increase in transactions.
The total number of users registered on the bank’s mobile banking platform, NIMB Smart, rose from 163,435 to 201,932 with merchant onboarding nearly tripling from 4,618 to 12,212.
The bank simplified the instant loan application process and introduced a buy-now-pay-later product. This product was integrated with merchants under the Digital Lending Scheme.
The bank also collaborated with key domestic entities including the Visa Facilitation Service of Nepal, the Department of Transport Management and several hospitals to drive digitalization.
Best bank for SMEs: Nabil Bank
Nabil Bank’s small and medium-sized enterprise portfolio grew by 8.28% to NRs99.5 billion ($745 million) last year, with over 2,000 SME customers added. An SME Friend Desk was established to address issues faced by customers in a wide range of areas.
An SME Highway within the bank’s loan origination system was also implemented to speed up the approval process for SMEs seeking loans. The volume of information required from customers has been reduced, which has facilitated quicker processing for eligible borrowers.
Nabil Bank has also partnered with the Swiss Agency for Development and Cooperation to improve its capacity to serve agricultural SMEs in the Koshi province.
Best bank for ESG: Global IME Bank
Global IME Bank has established a green and sustainable banking unit to advance responsible banking practices and develop initiatives. Given Nepal’s hydropower potential, the unit aims to focus on the country’s power export agreements with India and Bangladesh.
The bank has borrowed $56 million from the International Finance Corporation to support Nepal’s green transition. These funds have been dedicated to climate mitigation efforts across clean transportation, climate-smart agriculture and solar projects.
The lender also received a $25 million facility from the Global Climate Partnership Fund. This funding was directed towards financing energy efficiency projects and reducing greenhouse gas emissions in Nepal.
Best bank for corporate responsibility: Nabil Bank
Nabil Bank made more than NRs22 million ($165,000) in philanthropic contributions in 2023.
It has partnered with the non-profit organization Engineers Without Borders Nepal to establish a programme for students from low-income backgrounds to devise creative ideas for social problems.
Separately, the bank showcased various sustainable products developed by youth groups at international forums. Examples included smart glass for the visually impaired and artificial intelligence-based apps for personalized clothing and waste reduction.
The bank also launched a series of initiatives to support underprivileged students, including scholarships for orphans affected by mountain disasters and providing educational materials for visually impaired children.
Through its fellowship programme and certificate course, Nabil Bank’s social entrepreneurship initiative, Nabil SSE, equipped entrepreneurs with essential skills necessary to run their businesses. Forty-five successful enterprises and 272 jobs were created by the programme’s beneficiaries last year.
