Laxmi Bank Launches Smart FoneLoan powered by F1Soft

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Feb 15, 2021


Laxmi Bank has launched Smart FoneLoan an innovative digital Lending-as-a-Service (LaaS) partnership with F1Soft International.  Under this digital lending service qualifying customers can avail of a loan of up to a maximum of NPR 200,000/- (NPR Two Hundred Thousand) through the Mobile Money app. The loan decision and amount is determined by the system based on decision analytics of the customer account history.

In the first phase; this service is being offered to customers who are maintaining a payroll or savings account with the Bank. In the future, the bank plans to extend the service to other segments of customers as well.

The best thing about this service is that it is a pre-approved, digitally processed, collateral-free loan and is available to qualifying Laxmi Bank Mobile Money users in a virtual credit card mode. The loan can be availed for up to a maximum tenure of 30 days and is instantly credited to the account upon application without the need to execute paper-based security documentation. 

Laxmi Bank was established in 2002. Today, through its 126 branches across 48 districts, 4 hospital service counters, 6 extension counters, 156 ATMs, 2,500 remittance agents, and 61 branchless banking agents, the Bank serves a wide range of customers. Despite a relatively short history, Laxmi Bank has emerged as a major player across all business lines - retail, midmarket, corporate, infrastructure, and treasury. The Bank is widely recognized as one of the best-managed banks in Nepal with high standards of corporate governance culture, risk-management systems and strong technology.

Laxmi Bank’s microfinance subsidiary – Laxmi LaghubittaBittiya Sanstha Ltd, a category D financial institution licensed by Nepal Rastra Bank is in operation since 2012 and has a network of 72 branches with loans of over NPR 4 billion.

Similarly, Laxmi Bank’s investment banking subsidiary – Laxmi Capital Market Ltd, licensed by the Securities Board of Nepali’s offering various merchant and investment banking services since February 2009. Laxmi Capital also manages Laxmi Equity Fund and Laxmi Unnati Kosh, the two Mutual Funds sponsored by Laxmi Bank, both of which are listed and traded at the Nepal Stock Exchange.

The Bank closed the previous financial year 2019/20 with a balance sheet size of NPR 129 billion that includes deposits and risk assets of NPR 100.07 billion and NPR 89.89 billion respectively. All key financial indicators of the Bank are well within prudential and regulatory norms.