I have been into banking industry for over six years now. Few months ago, I got transferred to Baglung, slightly remote place than Pokhara. Despite being placed at the headquarter of the district, many customers come from surrounding villages for various banking needs. This experience has been quite different from my previous posting.
Our Compliance Department (now AML/CFT) provided us a long list of savings accounts to update their KYC (Know Your Customer). Almost a third of them were joint accounts which remains a common practice as many couples prefer opening joint accounts over individuals ones even though there isn’t any separate exemption or benefit. Therefore, I asked these couples to also open separate single accounts primarily to increase our target and also encourage them to operate independently; I was left surprised by their reactions.
In a typical Nepali household, men are primary breadwinners; often working abroad whilst women manage the household. And what spreads like a wildfire in Nepali media; especially tiktok and youtube, highlight couples involved in infidelity, adultery or elopement. There are numerous instances where mismanagement of shared funds leads to arguments and, in some cases, divorce.
So, one day I asked a lady to open a separate single account. Her husband who had accompanied her immediately declined the proposal, reacting with visible frustration. He questioned significance and implication of this action. He represents a common concern among men; fear of misappropriation of their hard earned money and also reflects the deeply rooted patriarchal norms in many households.
While these concerns are understandable, they highlight broader patterns in the Nepalese household Economy. Even today, women are often denied access to basic financial services or limited in asset ownership. For example, land ownership is mostly transferred to a female member's name only to avail reduced taxation benefits rather than as recognition of ownership. Similarly, DMAT accounts are also mostly operated by male family members. As per Nepal Economic Forum, women hold fewer bank accounts (687/1000 vs men’s 1314/1000 ) highlighting ongoing inequality in the sector.
While discussions around women empowerment and shared financial responsibilities are increasingly common, it’s equally important to first address the system and culture that doesn’t allow women in semi-urban and rural areas to have financial access and liberty to manage finances for their own good. Many women earn modest income through weaving, knitting, preparing local liquor for communal activities, or running small shops and enterprises. Integrating these women into formal financial channels could help them prosper, reducing dependence on family members or external intermediaries. Various research also show that women’s income is used towards meeting her household needs, child’s education, healthcare and nutrition. So women having access to financial systems and decision making, is not just good for themselves, but supports overall family and society.
Opening a joint account can symbolize shared effort towards prosperity, but sometimes having the option to manage finances individually can be empowering and fulfilling.
