Nepal joins Better Than Cash Alliance

- POST REPORT, Kathmandu

Apr 17, 2015-

Nepal has joined Better Than Cash Alliance, an organization partnering with governments, the development community and the private sector to empower people by shifting from cash to electronic payments, the Finance Ministry said.

The Bill & Melinda Gates Foundation, Citi, Ford Foundation, MasterCard, Omidyar Network, USAID and Visa Inc are the funders and the UN Capital Development Fund serves as the secretariat.

The Finance Ministry said in a press release that the government joined the Alliance as it aims to modernize its economy through digital payment. “By joining the alliance, the government’s new platforms, policies and programmes will foster inclusive growth, transparency and women’s economic empowerment,” the ministry said.

“Nepal recognizes the value of accelerating the use of safe, sound digital payment platforms. We are confident that the opportunities that digital payments provide will help us to make financial systems more transparent, cost effective and inclusive to the people of Nepal,” said Madhusudan Pokharel, joint secretary of the Finance Ministry.

According to the ministry, Nepal is planning to build a new system to digitize tax collection and social security allowances as part of its commitment to digitizing payments.

Additionally, a targeted women’s economic empowerment initiative will help increase the financial independence of women by enhancing access to economic resources such as digital financial services.  

“In its efforts to encourage the digitization of its economy, the government can leverage the alliance’s policy and technical expertise on a number of digital payment initiatives that will increase government accountability and transparency,” said the ministry.

“We welcome Nepal into the Alliance and commend them for their determination to grow the economy and empower women,” said Dr Ruth Goodwin-Groen, managing director of the Alliance. Nepal joins 34 members of the Alliance that range from governments, development partners and UN agencies to private companies.

Published: 18-04-2015 08:53

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