NCHL Completes 17 Years of Establishment

Kathmandu: Nepal Clearing House Ltd. (NCHL) celebrated its 17th Anniversary on 8th Poush, 2082 organizing a formal program in presence of Respected Deputy Governor Mr. Bam Bahadur Mishra as the Chief Guest, Executive Directors of Nepal Rastra Bank, Presidents of Nepal Bankers Association, Development Bankers Association of Nepal, Nepal Financial Institution Association, Ex-Chairman & Directors of NCHL, senior officials of NRB, officials from Finance Ministry & its Departments, Department of Immigration, CEOs & representatives from banks & financial institutions, payment service provider, payment system operators, international partners and other dignitaries. 

NCHL was incorporated on 8th Poush, 2065 under the leadership of NRB and BFIs to establish multiple national payments, clearing and settlement systems in Nepal. It started its journey with the introduction of NCHL-ECC as its 1st payment system for digitizing the manual cheque clearing in 2068 and later introduced multiple modern digital payment systems in line with the strategic direction of NRB. In the last 17 years of its operation, it has implemented and operated NCHL-ECC, NCHL-IPS, Retail Payment Switch, connectIPS, CORPORATEPAY, connectRTGS, National Payments Interface (NPI), NEPALPAY QR, NPIx, EFT Card Switch. It has recently gone commercial live with National Card Switch and Nepal’s own national card scheme, NEPALPAY Card, as part of the National Payment Switch (NPS).

The anniversary program focused on recognizing long serving employees who have completed over 10 years of service with the company this year including Mr. Chhabi Sapkota, Head- Payment System of NCHL. The company also felicitated two Ex-Chairman of the Board, Mr. Anil Keshari Shah and Mr. Ashok SBJ. Rana for their leadership and visionary role in establishing and rolling out NCHL. Mr. Shah was the founding Chairman of NCHL and Mr. Ashok SBJ Rana was the third Chairman of NCHL.

During the event, NCHL also introduced innovative digital products and solutions including Digital Mobile Banking Solution which was soft launched with Siddhartha Bank Ltd., CORPORATEPAY 2.0 which was rollout with Nabil Bank Ltd., Cards Central System that went live with Machhapuchchhre Bank Ltd. and Third Parties Net Settlement instrument which went live with Smart Choice Technologies Ltd.

Moreover, member banks and financial institutions, PSP and other indirect member, who have contributed immensely in the growth of digital payment systems during FY 2081/82, were recognized and awarded under various categories of Excellence in Digital Transactions. Special recognition awards were handed over to Rastriya Banijya Bank for digitizing Government transactions and the Department of Immigration, Home Affairs for its initiatives in enabling International card payment gateway for online payment of Electronic Travel Authorization (ETA/evisa.

NCHL is licensed as payment system operator by NRB. It has over 54 BFIs as its direct members and over 100 non-bank institutions as indirect or technical members within its network. The total transaction count during the fiscal year 2081/82 was 211 Million equivalents to NRs. 18.60 Trillion with growth of close to 67% in terms of transaction count and 19% in terms of transaction value.

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