The cooperative was added to the payment system of Nepal Clearing House
The cooperative sector is also connected to Nepal Clearing House (NCHL). An agreement has been signed between NCHL and Nepal Savings and Credit Central Cooperative Association (Nefskoon) to facilitate the digitization of cooperative payment transactions.
An agreement was reached between the two parties at the ongoing CEO workshop at Solti Hotel in Kathmandu. The agreement was signed by Nilesh Man Singh Pradhan, Chief Executive Officer of Nepal Clearing House (NCHL) and Prakash Prasad Pokharel, Chief Executive Officer of Nepal Savings and Loan Central Cooperative Association (Nefskoon).
With the agreement, the members of the organization using Meera ERP software developed by Nefskoon will be able to transfer funds to banks and financial institutions, transfer funds from banks and financial institutions to cooperatives, pay insurance premiums, make various government payments, phone recharge, pay water, electricity and other utilities.
NCHL CEO Pradhan said that he is happy to enter the cooperative sector through Nefskoon. He said that NCHL cannot be connected with every organization and after connecting with Nefskoon, all savings and credit cooperatives can take the service. Pokharel, CEO of Nefskoon, said that the agreement will prove a milestone in the digitization of savings and credit cooperatives.
At the CEO workshop, Pradhan also presented a working paper on ‘Possibilities and Challenges of Sacos in Financial Technology’. Presenting the working paper, Pradhan said that cooperative organizations should be able to give new products without following old technologies. He said that cooperatives should also use the technology of disbursing loans online.
Images mentioned above related to are either copyright property of ICT-Samachar or respective image owners.