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4th May 2021, Kathmandu

Nepal Federation of Savings and Credit Cooperative Union (NEFSCUN) has launched an inter-cooperative electronic payment service. On Sunday, the service was introduced in honor of Information Technology Day.

NEFSCUN Chairman Paritosh Paudyal announced that the payment service has been launched for the benefit of NEFSCUN-affiliated SACCOS.

The service has been named ‘Connect SACCOS’ by NEFSCUN.

According to Chairman Paudyal, the modification of payment components provided by NEFSCUN members and payment services between SACCOS members will now promote inter-cooperative payment business.

NEFSCUN will serve as a clearinghouse. You can use the network even if you are a member of a cooperative. The obligation to be present in the cooperative has ended.

Any member of the association may use this service to receive payments from all of the organizations that are associated with the association.

Mobile banking allows money to be exchanged between organizations and members. Members of the organization would be able to deposit and withdraw funds from any organization associated with the organization.

He said that the members of the organization can avail the facilities of depositing savings, withdrawing savings, and depositing. Making payments and transferring money through mobile banking at the comfort of their home.

It is also said to help in the ending of dual membership. Cooperatives from all over Nepal who are members of NEFSCUN will take part in the first round.

He also said that plans are being made to implement an ERP system in the coming days.