4th June 2025, Kathmandu
Progressive Finance Limited and Nepal Clearing House Limited (NCHL) agreed to principal membership of NPS-National Card Switch & Domestic Card Scheme (NEPALPAY Card).
Progressive Finance NEPALPAY Card
The agreement was signed and exchanged between Mr. Anil Shrestha, Chief Executive Officer of Progressive Finance Limited, and Mr. Neelesh Man Singh Pradhan, Chief Executive Officer of NCHL.
NCHL recently announced the readiness of infrastructure for NPS-NCS and requested BFIs to initiate integrating their switch for issuing and acquiring Nepal’s domestic card scheme NEPALPAY Card, corresponding to which BFIs are getting onboarded within NPS-NCS and NEPALPAY. Post commercial rollout of NEPALPAY infrastructure, Progressive Finance will be able to issue and acquire such a card for its customers.
NPS-NCS is being established as a central payment infrastructure for routing and settlement of domestic card transactions to ensure interoperability in routing and settlement of domestic card transactions, reduce the cost and dependency on international card schemes, implement data localization for domestic transactions, and support innovation in the digital ecosystem with domestic card schemes.
NCHL has been providing multiple national payment systems for its members, including 54+ BFIs, the majority of the PSOs & PSPs, and 100+ indirect & technical members. The implementation of NPS-NCS and NEPALPAY is expected to drive Nepal’s card ecosystem to the next level. Progressive Finance, as one of the leading finance companies, is providing its modern banking and financial services through 23 branches and 4 extension counters.
About Progressive Finance
Progressive Finance Limited, a Public Limited Company, was registered on 14th Ashwin, 2051 BS under the Company Act, 2021 BS. The company holds a C-class license from Nepal Rastra Bank, granted under the 2062 Act. Based in Kathmandu’s central area—Pako, Newroad—Progressive Finance began operations on 14th Falgun, 2052 BS. Originally named Merchant Finance Limited, the company changed its name to Progressive Finance Limited in 2067 BS, following approval from its Annual General Meeting, Nepal Rastra Bank, and the Company Registrar’s office.
The company publicly issued 120,000 shares on 28th Shrawan, 2064 BS, and later issued 5,901,000 shares at a ratio of 1:2.81. By 15th Baishakh, 2076 BS, Progressive Finance had collected a total capital of NPR 800.1 million.
Progressive Finance Limited has built a strong reputation by offering competitive interest rates and meeting customer needs. It provides convenient financial solutions with various schemes and ensures secure lifetime savings with attractive returns.
For more: Progressive Finance NEPALPAY Card