Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) has found serious weaknesses in both cyber security and corporate governance of wallet companies.
According to the report made public by the Nepal Rastra Bank, some companies have not conducted security checks, antivirus renewals and log-in session management is weak. Some wallet companies have even been found to be running the company without appointing a Chief Executive Officer (CEO). In such a situation, the problem of who will take responsibility has arisen, according to the NRB.
Similarly, giving excessive authority to the compliance officer, misusing the settlement account with customer’s money and not making the internal control system effective have affected the credibility of the digital payment system, according to the NRB.
Meanwhile, the Nepal Rastra Bank (NRB) has taken action against more than a dozen wallet and payment service companies for violating the rules. Nepal Rastra Bank (NRB) has revoked the license of Paywell Nepal Pvt. Ltd. and Sajig Pay Payment Services on Asar 5, 2082.
Similarly, Prabhu Technology, Khalti Pvt. Ltd., I-Cash and Fintech Pvt. Ltd. have been warned on different dates.TAG_OPEN_a_14 During the inspection conducted by the Rastra Bank, it is understood that the most common deficiency was seen in e-Sewa.
