Nepal joins ‘Better Than Cash Alliance’
Nepal joined Better Than Cash Alliance, according to Finance Ministry.
The Alliance is an organisation partnering with governments, development community and private sector to empower people by shifting from cash to electronic payments.
The Bill & Melinda Gates Foundation, Citi, Ford Foundation, MasterCard, Omidyar Network, USAID and Visa Inc have funded the Alliance and the UN Capital Development Fund serves as the secretariat.
The government joined the Alliance as it aims to modernise economy through digital payment, a press note from the ministry read, adding that the government’s new platforms, policies and programmes will foster inclusive growth, transparency and women’s economic empowerment by joining the alliance. “Nepal recognises 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,” joint secretary of the ministry Madhusudan Pokharel said, adding that the country is planning to build a new system to digitise tax collection and social security allowances as part of its commitment to digitising payments.
Likewise, a targeted women’s economic empowerment initiative will also help increase the financial independence of women by enhancing access to economic resources such as digital financial services.
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, in its efforts to encourage the digitisation of the economy.
“We welcome Nepal into the Alliance and commend them for their determination to grow the economy and empower women,” said managing director of the Alliance Dr Ruth Goodwin-Groen.
Nepal joins 34 members of the Alliance that range from governments, development partners and UN agencies to private companies.