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Pandemic Leads Nepalese Credit Union to go Mobile

This post is provided by the Nepal Federation of Savings & Credit Cooperative Unions. Ltd.(NEFSCUN), a direct member of World Council of Credit Unions

Panchakanya Savings and Credit Co-operative Ltd. (SACCO), headquartered in Kathmandu, Nepal, launched mobile banking in July with a smartphone app that gives members access to various financial services. 

Panchakanya SACCO Chief Manager Thakur Nath Acharya said an emphasis was placed on providing technology-friendly financial services to meet the needs of its members during the COVID-19 pandemic.

Members of the credit union can now use the app to deposit money into their accounts, make payments, and make inter-bank transactions in 26 commercial banks, 16 development banks and 8 finance companies. 

Panchakanya SACCO has also made it easy for their members to download the app and register with their mobile phone number. It also allows members to access:

  • savings account and loan account statements.
  • check requests.
  • fund transfers.

The app will soon allow members to also make mobile TV, internet, electricity, water and phone payments directly from their mobile device.

Panchakanya SACCO already provides its 1,700 members with ATM services. With the introduction of the smartphone app, the credit union now provides all the services of a modern banking system.