Banking News – Nepal Rastra Bank (NRB) has made the National Identity Card (National ID) mandatory for opening electronic wallets (e-wallets) in Nepal.

In a new circular, the central bank directed Payment Service Providers (PSPs) to verify the National Identity Card details of Nepali citizens against the official electronic records before allowing them to open a digital wallet.

NRB has also instructed PSPs to obtain a self-declaration from all wallet users, through mobile applications or other appropriate channels, confirming whether they possess a National Identity Card. This process must be completed by the end of Ashwin 2083 BS (mid-October 2026).

For Nepali citizens who already hold a National Identity Card, wallet providers must ensure that the National ID number is updated in their customer records by the same deadline.

For users who have not yet obtained a National Identity Card, PSPs have been directed to send monthly notifications via mobile applications or other suitable channels, reminding them to obtain the card and complete their Know Your Customer (KYC) information.

The central bank has, however, provided certain exceptions. Nepali citizens residing abroad may open an electronic wallet online using other required identification documents if they do not yet have a National Identity Card or National ID number. Such users must update their National ID details within 35 days of returning to Nepal.

Similarly, persons who are unable to care for themselves, individuals with disabilities, and other vulnerable citizens may open and use digital wallets by submitting other required identification documents even if they do not possess a National Identity Card or National ID number, according to the NRB circular.