For the first time in the history of financial cooperatives in Nepal, VYCCU Savings and Credit Cooperative Limited has launched an electronic payment technology, Point of Sale (POS) machine.
Minister of Agriculture and Land Management of Gandaki Province, Mahendra Dhwaj GC unveiled the machine here today.
With the inauguration of the POS machine, payment can be made using the ATM card of any bank and financial institution, said Madhav Prasad Paudel, Chief Officer of VYCCU Savings and Cooperatives.
At a function held at Amrapuri to mark the 33rd anniversary of the cooperatives, a POS machine was handed over to KISSAN Mart run by Vijayashree Consumer Cooperatives.
The POS machine is based on wireless WiFi technology. The POS machine will be gradually expanded to other commercial and professional establishments.
A member of VYCCU cooperatives, Minister of Agriculture and Land Management Mr GC said the institution was able to achieve this milestone due to competent leadership, clear goals and good governance.
VYCCU Chairperson Om Prasad Sapkota said that VYCCU will now work in the field of social transformation as per business plan of the organization.
At the program, the outgoing Chairperson Keshav Prasad Sapkota, former Chairperson Indraraj Jyoti Paudel, Narayan Sapkota, coordinator of the Audit Supervision Committee Kamal Subedi expressed their views about the cooperatives while extending best wishes for the future.
The program was attended by people's representatives, representatives of Vijay family member organizations, founders of VYCCU, executive committee, sub-committee officials, share holders and the general public.
Founded in the year 2048, VYCCU has been providing financial and non-financial services to about 130,000 members of Chitwan and Nawalparasi through its 24 service centers. There are currently 111,290 members of the organization with 49.98 percent female members.
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