Kathmandu-Progressive Finance Limited and Nepal Clearing House Limited (NCHL) entered into an agreement for principal membership of NPS-National Card Switch & Domestic Card Scheme (NEPALPAY Card). The agreement was signed and exchanged between Mr. Anil Shrestha, Chief Executive Officer ofProgressive 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 of the Nepal’s own 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 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 digital ecosystem with domestic card scheme. NCHL has been providing multiple national payment systems for its member including 54+ BFIs, 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 in 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. For more details, visit www.nchl.com.np and/or www.pfltd.com.np.