On March 26, 2021, eSewa Pvt. Ltd. and Info Developers Pvt. Ltd. signed an official agreement to promote, improve and boost the digital payment ecosystem in Nepal. The partnership became official as the representatives from both companies signed and exchanged agreement certificates. Chief Executive Officer of Info Developers, Mr. Umesh Raghubanshi, and CEO of eSewa, Mr. Biswas Dhakal signed the partnership agreement at the beginning of the program. The signing ceremony was held in Hotel Yak and Yeti.
About the companies
E-Sewa is a mobile wallet that allows you to make online and offline payments to merchants, transfer funds to banks, and much more. Not only you can make utilities and bill payments but also book airline and even tickets through their app. It is one of the major payment service providers in the context of Nepal.
Info Developers is an IT company providing software services using lead edge technologies. Last year, Info Developers launched an application called ‘mDabali’ which allows interbank fund transfer service from cooperatives and microfinance to banks. With this, they became the first company to introduce cooperative and microfinance ATM services through Core Banking System. Now, they are trying to improve their service by partnering with eSewa.
This partnership agreement is another milestone for the digital payment ecosystem of Nepal. Especially, it is considered to be beneficial for co-operatives and microfinance companies. With this partnership, both eSewa and Info Developers wish to uplift the co-operatives and microfinance companies by digitalizing their services and transactions. After this partnership, we can expect a revolution in cashless service at the basic level as money transfer services will be available from your cooperatives or microfinance companies’ accounts to banks.
CEO of Info Developers, Mr. Umesh Raghubanshi said that “No any company can remain separated from technology in this digital age. It is high time to revolutionize the cashless economy by taking digital payments to the grass-roots level. For that, we need to introduce co-operatives and microfinance to the core banking system.”
Currently, there is the presence of some form of co-operative company in every nook and cranny of the country. Chief Strategy Officer from eSewa, Mr. Roshan Lamichhane further clarified that there are currently 34,512 co-operatives, 65 lakhs customers, 3 kharba deposit,s and 2.73 kharba loan in the co-operative sector. Furthermore, he believes that if all the co-operatives can be engaged in digital payment, it would help to promote a cashless economy at the community level.
Existing problems in Digital Payment Ecosystem
- Connectivity to mainstream banking
- Interoperability amongst existing networks
- Affordable and sustainable tech solutions
- Lack of connection of grass-roots level merchants to the central banking system
Benefits of digital corporate transaction
- Real-time bank transfer between two parties
- Bulk upload of money in a matter of few seconds
- 2-factor authentication to check the confirmation from both parties
- Real-time load disbursement
- No need to issue a cheque and visit the bank physically to deposit the cheque
- Maker Checker
Benefits for users and cooperative members
- Scan and Pay service at the selected merchants and companies
- Utilities and bill payment including electricity, water, etc.
- Booking online tickets for events and airlines
- Easy bank and co-operative transfer for the desired sum of money
Benefits for Cooperatives from partnership
- QR merchant acquisition for easy payment to registered merchants
- Growth in the deposit of cooperative as it will become easier to deposit money for its members
- Settlement in cooperative
- Growth in revenue
- Connected to the ecosystem and core banking system (CBS)
- Branding and Visibility