Kathmandu, July 29: Fonepay, Nepal’s leading payment gateway, has signed an Memorandum of Understanding (MoU) with the Social Security Fund (SSF) to allow Nepali migrant workers abroad to make their SSF contributions digitally through mobile banking apps connected to the Fonepay Network.
This partnership aims to simplify the contribution process, promote formal remittance channels, and strengthen the financial inclusion of migrant workers.
The agreement was signed by Fonepay Chief Operating Officer (COO) Paras Kunwar and SSF Executive Director Kabiraj Adhikari. On the occasion, they both emphasized the collaboration’s role in enhancing accessibility and ensuring social protection for Nepali workers.
According to Fonepay, the contribution service is now live via the Fonepay Bills platform, integrated into all mobile banking apps of Nepalese banks and financial institutions.
Social Security Fund
The Social Security Fund (SSF) was established following the issuance of the Social Security (Management Fund and Operation) Regulations, 2067 BS. Since its inception, the Fund has been responsible for managing the Social Security Tax. The objectives of the Fund, as outlined in the preamble of the Act, are to ensure the right to contribution-based social security for workers and to provide social security to contributors. The programs of the Fund are targeted toward enrolling all workers in social security schemes to reduce their economic and social risks, give concrete form to the concept of universal social security, and ensure the constitutional right to contribution-based social security.
According to the latest report, nearly 2,405,483 contributers have joined in the SSF scheme from 21,086 employer and individually. It has a total contribution of Rs. 87,383,864,056 and total claim payment amount stood as Rs. 15,922,599,553. #nepal #ssf #fonepay
