Citizens Bank introduces digital ‘QR Merchant Loan’ to support small businesses

KATHMANDU: Citizens Bank International Limited has launched a new digital loan facility titled ‘Citizens QR Merchant Loan’ aimed at providing easy credit access to QR-based merchants associated with the bank.

The scheme has been introduced to help traders engaged in digital transactions address short-term capital needs without hassle.

According to the bank, the initiative marks a significant step in its digital banking journey, enabling small and medium entrepreneurs to obtain financing quickly and transparently based on their QR transaction history.

Under this fully digital loan process, eligible customers can apply for and obtain loan approval online without visiting any branch. Businesses must have been Citizens Bank QR merchants for at least six months to qualify. They may avail loans up to 25 percent of their average monthly QR transaction amount over the last six months.

The loan amount ranges from a minimum of Rs 50,000 to a maximum of Rs 5,00,000, with repayment to be made in monthly installments.

Speaking about the launch, Suman Mulepati, Chief Credit Officer and Assistant CEO, described the “QR Merchant Loan” as a milestone that connects customers and the bank through a simplified credit process.

Recently awarded the prestigious Bank of the Year 2024, Citizens Bank has been introducing several innovative digital services.

These include Nepal’s first virtual Citizens PhonePe Credit Card, a dedicated Freelancer Savings Account, and the first system allowing customers to apply for share purchases and obtain CRN numbers directly through mobile banking. The bank has also enabled cross-bank teller cash withdrawal through QR scanning.

Citizens Bank currently serves over 1.948 million customers through 200 branches, 169 ATMs, 3 extension counters and 74 branchless banking units across 61 districts.