Fonepay CEO Diwas Kumar Reappointed to Lead Cross-Border Growth and IPO

20th April 2026, Kathmandu

The landscape of digital finance in Nepal has undergone a seismic shift over the last half-decade, moving from a cash-heavy economy to one where a smartphone is a primary wallet.

Fonepay CEO Diwas Kumar Reappointed

At the heart of this transformation sits Fonepay Payment Service Ltd., and at the helm of Fonepay stands Diwas Kumar Sapkota.

In a move that signals stability, continuity, and aggressive future growth, Fonepay has officially announced the reappointment of Diwas Kumar Sapkota as its Chief Executive Officer (CEO) for a second four-year term, effective April 16, 2026.

This reappointment is not merely a routine corporate renewal; it is a strategic endorsement of a vision that has already reshaped the daily lives of millions of Nepalese citizens and hundreds of thousands of businesses.

The Architect of Nepal’s Digital Payment Foundation

Diwas Kumar Sapkota’s journey with Fonepay is a classic story of “building from the ground up.” Long before he stepped into the CEO role in 2021, Sapkota was a founding member of the organization, serving as the Chief Technology Officer (CTO).

With over 20 years of experience in banking technology and electronic payment infrastructure, his technical fingerprints are all over the code and architecture that make Fonepay the powerhouse it is today.

His transition from CTO to CEO allowed Fonepay to bridge the gap between technical possibility and commercial execution. Under his leadership, Fonepay transitioned from being a promising fintech startup into a critical pillar of Nepal’s national financial infrastructure.

A Legacy of Firsts: Major Milestones (2021–2026)

To understand why the board of directors opted for continuity, one only needs to look at the staggering growth metrics achieved during Sapkota’s first tenure. His leadership was defined by a “vision backed by execution.”

1. The Birth of the Open Loop QR Ecosystem

Before Fonepay’s intervention, digital payments in Nepal were fragmented. Sapkota led the initiative to build Nepal’s first open-loop QR payment system.

This allowed for interoperability, meaning users of different banking apps could pay at any Fonepay merchant seamlessly. This single innovation is arguably the most significant contributor to the death of the “cash-only” mindset in urban and semi-urban Nepal.

2. Achieving Nationwide Penetration

While many tech companies remain confined to Kathmandu, Sapkota pushed for a truly national footprint. Today, Fonepay boasts a merchant network of over 2 million QR terminals spread across all 77 districts of Nepal.

From the high-altitude shops in Namche Bazaar to the plains of the Terai, Fonepay has made digital commerce a reality for every socio-economic class.

3. Unprecedented Transactional Scale

The numbers speak for themselves. Under Sapkota’s watch, Fonepay scaled its operations to handle:

2.5 Million+ Daily Transactions: A testament to the platform’s reliability and user trust.

NPR 15 Billion+ Daily Transaction Value: Reflecting the sheer volume of economic activity flowing through the Fonepay rails.

4. Pioneering Cross-Border Payments

One of the most complex challenges in fintech is cross-border interoperability. Sapkota successfully led the integration of Fonepay with international payment networks, including UPI (Unified Payments Interface) from India and payment systems from China.

This has not only boosted tourism but also simplified trade and payments for cross-border travelers, positioning Nepal as a progressive player in the regional fintech space.

Innovations Beyond the QR Code

Sapkota’s leadership has never been one-dimensional. Recognizing that a payment network must evolve into a financial ecosystem, he oversaw the launch of several “next-gen” products:

Virtual Credit Cards: In collaboration with banks, Fonepay launched virtual credit cards, issuing over 30,000 cards in less than two years, providing instant credit to the digital generation.

FoneTAG: A revolutionary offline payment solution that allows users to pay even without an active internet connection, solving a major pain point in areas with inconsistent connectivity.

Fonepay Direct: Simplifying person-to-person (P2P) fund transfers using just a mobile number, reducing the reliance on clunky bank account numbers.

The Road Ahead: IPO, Inclusion, and Global Reach

As Sapkota steps into his second term, the stakes are higher than ever. The next four years will likely be the most defining period in Fonepay’s history.

The Journey to Public Ownership (IPO)

The most anticipated milestone is the Initial Public Offering (IPO). Following shareholder approval in December 2025, the process is now in the implementation phase.

Sapkota will be responsible for navigating the regulatory requirements and market entry, making Fonepay one of the first major tech “unicorns” of Nepal to go public.

This move is expected to provide a benchmark for the entire Nepalese capital market, proving that tech ventures can be profitable, sustainable, and publicly accountable.

Three Strategic Pillars for 2026–2030

In his acceptance statement, Sapkota outlined a clear roadmap centered on three core areas:

Regional Interoperability: Further expanding the cross-border footprint to ensure that a Fonepay user can travel across South Asia and beyond without needing physical currency.

Product Ecosystem Expansion: Moving beyond payments into “Full-Stack Finance,” including digital insurance, micro-investments, and advanced lending products.

Deepening Financial Inclusion: Using data and technology to reach the “unbanked” population, ensuring that digital finance isn’t just a luxury for the city-dweller but a tool for the rural farmer.

Conclusion: A New Chapter for Nepal’s Digital Economy

The reappointment of Diwas Kumar Sapkota is a win for the Nepalese fintech ecosystem. It provides the stability needed to execute complex long-term projects like the IPO while maintaining the innovative spark that made Fonepay a household name.

As Sapkota himself noted, the digital payment journey in Nepal is just beginning. With a stronger vision and a proven track record, the next four years under his leadership promise to make Nepal’s digital economy bigger, faster, and more inclusive than ever before. For Fonepay, the message is clear: The best is yet to come.

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