15th February 2023, Kathmandu
Infinity Laghubitta Bittiya Sanstha Limited (ILBSL) has signed an agreement with Nepal Clearing House Ltd. (NCHL) for automating its various payment processes, including disbursements and collections through NCHL payment systems.
The agreement was signed by Mr. Prabin Kumar Lama, CEO of ILBSL, and Mr. Neelesh Man Singh Pradhan, CEO of NCHL.
With this, ILBSL has become one of the early adopters to automate its payments by directly integrating its systems with the National Payments Interface (NPI) of NCHL, enabling ILBSL to access various digital instruments available under the National Payment Switch.
It will fully support automating its collection transactions such as saving deposits, and EMI collections, and the disbursement transactions such as salary payments, vendor payments, loan disbursements, tax payments, SSF, CIT, etc. Such transactions will be processed directly between the bank accounts of ILBS and its beneficiary/ customers at any of the BFIs.
NPI is a consolidated interface for interconnection with multiple underlying payment systems of NCHL, which is now part of the National Payment Switch.
It has over 55 BFIs within the network and is being used by more than 80 non-bank institutions including PSPs/PSOs, insurance companies, remittances, merchant banks, Government, Semi-Govt institutions, large corporates, etc.
Infinity Laghubitta Bittiya Sanstha Limited (ILBSL) started its formal operation on 7th Magh, 2073.
It has been providing micro-finance services such as loans, deposits, and micro-insurance services to low-income families in Nepal.
ILBS follows a group lending model through a network of 90 branch offices and has covered 97,700 households over 47 districts of Nepal.