Fonepay Reappoints Mr. Diwas Kumar’s as CEO for Four More Years

Kathmandu, Nepal – April 20, 2026 – Fonepay Payment Service Limited (Fonepay) has announced the reappointment of its Chief Executive Officer Mr. Diwas Kumar for an additional term of four years, reinforcing leadership continuity. Mr. Diwas Kumar, who has been at the helm of Fonepay since 2021, brings over 20 years of expertise spanning banking technology, electronic payment infrastructure, and fintech leadership to the role. He joined Fonepay as a part of the founding team crafting the technology foundations for the company in the role of Chief Technology Officer.

Since assuming the role of Chief Executive Officer in 2021 — Mr. Kumar has led Fonepay through its most consequential period of growth. Under his stewardship, Fonepay has evolved from a nascent payment system operator into Nepal’s trusted digital payment infrastructure.

The milestones achieved during his five-year tenure as CEO speak directly to the scale of transformation he has driven:

• Led Nepal’s first open loop QR payment ecosystem, connecting all banking and financial institutions under a single payment network within the first year of operation.
• Under his leadership, Fonepay has become part of Nepal's daily financial life — serving every Nepali connected to the banking system and creating growth opportunities for millions of businesses nationwide through its widely adopted suite of products: Fonepay QR, Fonepay Direct, Fonepay Bills, FoneTAG, and Fonepay Credit Cards.
• Achieved exponential growth in digital transactions, with daily transaction volume exceeding 2.5 million and daily transaction value surpassing NPR 15 billion.
• Spearheaded Nepal’s cross-border digital payment revolution through integration with Indian and Chinese payment networks.
• Launched the Fonepay Virtual Credit Card in partnership with various banks and financial institutions and issuing 30,000+ cards across Nepal in the spam of 1.5 years.
• Grew Fonepay’s merchant network to over 2 million QR terminals across all 77 districts of Nepal.

Speaking on the renewal, Diwas Kumar, CEO, Fonepay stated: “I am deeply honored by the trust and confidence the Board has placed in me. This renewed mandate is not just a personal milestone — it is a reaffirmation of our collective belief that Nepal’s digital payments journey has only just begun. In the years ahead, my focus will be on taking Fonepay beyond being a payment network and building it into a full-stack financial platform that serves every Nepali. I am grateful to the Board, our banking partners, our regulator Nepal Rastra Bank, and every member of the Fonepay team for making this possible”

In his renewed mandate, Mr. Kumar has articulated a forward-looking agenda centered on three strategic pillars: regional and cross border payment interoperability, product ecosystem expansion, and driving deeper financial inclusion across Nepal’s underserved geographies. In addition, he shall oversee taking Fonepay public, which is already in the process of execution after the approval of its shareholders last December.

ABOUT FONEPAY PAYMENT SERVICE LIMITED

Fonepay Payment Service Limited is Nepal’s leading Payment System Operator (PSO) licensed by Nepal Rastra Bank. A flagship venture of F1Soft Group, Fonepay operates the country’s foremost QR-based payment infrastructure, connecting banking and financial institutions, digital wallets, merchants, and consumers under a single, unified network. Fonepay currently commands a 96% market share in P2M QR transactions and processes more than 2 million transactions, valuing more than NPR 20 billion in daily transactions. Fonepay’s cross-border payment partnerships span India (UPI via NPCI International), Union Pay International, China, and global networks via Alipay+.

Fonepay is in the process going public via Initial Public Offering (IPO), which was approved by the Company’s AGM in December 2025. The IPO is scheduled to be concluded within 2026.