The Bhutan National Digital Identity or the Bhutan NDI app, has surpassed 200,000 users since its launch in October 2023. This is a nine-fold increase from last year’s figure. Additionally, the digital wallet is introducing new services, including the ability to open bank accounts remotely.
One of the standout new features of the Bhutan NDI app is the ability to create new bank accounts remotely. This new service is expected to especially benefit people in rural areas, where opening a bank account can be challenging.
Currently, the NDI team has collaborated with three banks to offer this service.
“We have taken remote onboarding of customers for banks online. So BDBL, BOB and BNB customers can now open their bank accounts remotely. They won’t have to visit the banks for that. This will have an impact on financial inclusion. We really hope that this is going to improve financial inclusion in the country,” said Pallavi Sharma, Lead, Marketing and Communications, Bhutan NDI.
Additionally, the NDI team is working with the Royal Monetary Authority to update guidelines for financial institutions to meet regulatory requirements. These updates aim to help banks comply with anti-money laundering, counter-terrorism financing, and other global and local regulations.
Once these updated guidelines are provided to banks, it will allow them to facilitate remote account opening and also deliver other products such as loan disbursement remotely.
Another active feature, allows users to link their mobile number to their digital wallet. Bhutan NDI has collaborated with both the telecom companies in the country for this service. It is particularly useful for complying with regulatory mandates and ensuring security.
“I may have like three or four, or it could be that I am using someone else’s one, right? So, by updating my mobile number as a very verifiable credential on my wallet, what it ensures is that the number that I am sharing with business service providers through the Bhutan NDI wallet is firstly updated, and it is the number that I am using,” said Pallavi Sharma, Lead, Marketing and Communications, Bhutan NDI.
This is aimed at reducing risks that arise from sharing OTPs and other issues. With this feature, verifications will be restricted to the app instead of sending OTPs to phones. This in turn is expected to lower fraud, such as money scams and misuse.
As of last month, 219, 506 users have registered on the Bhutan NDI app, compared to a little over 24,000 a year ago.
280,7570 users tried to register, but not all were successful.
The Bhutan NDI team also attributes the increase to the mandatory registration of all civil servants on the app. Moreover, registrations for the Gyalsung National Service were also facilitated through the Bhutan NDI app.
Devika Pradhan
Edited by Kipchu
