Niraj Parajuli, Group CFO at Panchakanya Group
I began my professional career in India while studying for my Chartered Accountancy qualification, a period that spanned from 2002 to 2005. After finishing my studies, I returned to Nepal and worked at a CA firm for several years. My first corporate role came in 2010, when I joined Ace Development Bank Limited. In the years between 2005 and 2010, career options for finance professionals in Nepal were primarily restricted to audit firms, banks and financial institutions, and NGOs/INGOs. Opportunities within large corporate houses were comparatively scarce. Consequently, the overall job market was narrow and less diversified at that time.
My first job in India laid the foundation every finance professional needs; discipline, attention to detail, and respect for deadlines. Exposure to different industries provided a practical understanding of how financial systems function, how to read balance sheets, identify control gaps and evaluate how businesses manage cash and costs.
After returning to Nepal and working in CA firms, I became more familiar with local accounting practices, taxation and compliance requirements. It was a good learning ground to see how things work in our environment, where systems were less automated and relied more on personal judgement. Those early years significantly shaped my professional attitude, instilling the importance of being thorough, ethical, and practical in problem-solving. This experience formed a solid foundation, ensuring a smooth transition into my corporate career.
Leadership
Against the initial backdrop, my first job helped shape me for future leadership roles. In those early years, I learned what it means to take ownership, be accountable and stay disciplined. Working with different clients and teams taught me how to deal with people from varied backgrounds, communicate clearly and handle pressure while meeting deadlines.
At that stage, I may not have recognised it as leadership, but those experiences were crucial in helping me build confidence and professionalism. Getting the opportunity to interact with senior leaders in different organisations and observe how they approached problems and made decisions was a great learning experience. The habit of staying detail oriented, meeting deadlines and maintaining integrity even in difficult situations started from that phase. Looking back, those early lessons became the base for how I approach leadership and responsibility today.
Initially, I did have the thought of starting my own CA firm after gaining a few years of experience in the corporate sector. That was the reason I joined Ace Development Bank; to build exposure and networks before eventually venturing out on my own. But as time passed, I started enjoying the corporate environment more. I realised that a career in the corporate sector can be equally rewarding, both professionally and financially. More importantly I saw how much value a CA can bring to corporate governance, financial discipline, strategy and process improvement. At that time, very few CAs in Nepal pursued long-term corporate careers, and that gap itself became a motivation for me to stay. Over time, the idea of starting my own firm gradually faded. I came to appreciate that both paths, CA practice and corporate leadership offer meaningful and respected careers for a CA. My personal inclination, however, leaned toward the corporate side.
My professional career started in India, where I worked in a CA firm during my CA study. That period gave me strong technical grounding and exposure to diverse industries. After returning to Nepal, I continued with a few audit firms, which further deepened my understanding of business processes and financial systems across different sectors.
In 2010 I joined Ace Development Bank as head internal control and compliance. That role was a turning point, as it gave me the opportunity to work closely with the CEO and the Board and to be the part of the committees where I learned how strategic financial decisions shape an institution. I, simultaneously, also served as Managing Director of its subsidiary, Ace Capital Limited for a short time, before joining the Nimbus group, which gave me early leadership exposure.
After a few years of experience in the banking sector, I moved to the manufacturing sector, joining Nimbus as COO of its holding company. Later, I was deputed as CEO of their new warehousing project where I had the opportunity to establish the business from its very foundation.
Journey with Panchakanya
Eventually, I joined Panchakanya as Group CFO. The opportunity to oversee multiple verticals; manufacturing, trading, hydropower and more, was exciting. With my previous cross-sector experience, I felt ready for the challenge. Each stage of my career added a layer of learning and together they shaped how I approach my role today.
I believe people perform best when they understand the larger purpose behind their work and feel trusted to make decisions within that framework. At Panchakanya, I try to create an environment where finance is not seen as a controlling department but as a partner that supports every function. My leadership approach is built on trust, clarity and collaboration.
To maintain financial discipline, I focus on building awareness instead of enforcing control. When people see the link between financial prudence and business success, discipline follows naturally. I encourage data driven decisions, timely reporting and cost consciousness at all levels. Instead of micromanaging, I prefer to set clear expectations, provide the right tools and guide my team through discussions and examples.
Managing risks in extremely volatile environment
In Nepal, risk management for manufacturing companies has to be very context specific. Frequent government changes, shifting policies and volatility in bank interest rates make long-term planning difficult. On top of that, industries are often protected by duty structures, so even a small change in import duty can affect competitiveness and sustainability. Despite being self-sufficient in many products, imports are still not discouraged, which adds another layer of uncertainty in Nepal.
In this environment, our approach at Panchakanya is to stay alert, flexible and data driven. We closely monitor policy trends and maintain discussion with all stakeholders to anticipate changes early. Financially, we try to manage our borrowings in a balanced way. At the same time, we regularly review our cost structure; looking at raw materials, logistics and operating expenses, to see where we can improve efficiency. This helps us stay competitive and maintain healthy margins even when external factors, like rising interest rates or policy changes, put pressure on profitability.
With a long experience in the Nepali corporate sector, my focus has been on strengthening financial management while supporting business growth. I have led initiatives to improve financial reporting accuracy, implement better budgeting and forecasting processes, and optimise working capital management. One key contribution was leading my team to implement a new ERP system, which enhanced automation, digitisation and efficiency across finance and operations. I have also worked on strengthening internal controls and compliance, ensuring all financial decisions are aligned with governance standards. These efforts have contributed to more informed decision making, operational efficiency, and sustainable growth across the organisations I have worked with.
Streamlining manufacturing sector is must for country’s economic development
From my experience in the corporate sector, Nepal’s manufacturing industry has strong potential but faces several structural challenges. On the positive side, we have a growing domestic market, competitive labour costs and increasing local investments in sectors like cement, steel, plastics, FMCG and consumer goods. There is also gradual improvement in infrastructure and energy supply, which has supported capacity expansion.
However, the challenges are significant. Frequent changes in government policies, inconsistent tax and duty structures, and volatile interest rates make financial planning difficult. A major issue is the lack of reliable industrial statistics, which has led to overinvestment in certain sectors. In many industries, installed capacities are already double or triple the actual demand, resulting in overcrowding, price war, and compromise in product quality. Weak regulatory monitoring of the government has made it difficult to enforce the quality standards. Additionally, there is no strong legal framework to support recovery of outstanding dues and the government’s inconsistency in settling payments to construction contractors often disrupts the fund cycle across the economy. Most industries still depend on imported raw materials, logistics remain inefficient and administrative mechanisms are weak, creating uncertainty for long-term investors
From a financial management perspective, the high cost of borrowings, policy unpredictability and the frequent liquidity shortages in the banking sector, leading to limited lendable funds, are key barriers to sustainable goals. Greater policy stability, stronger regulatory oversight, reliable industrial data and support for automation and export diversification could help the sector move toward more balanced and sustainable development.
Role of CFOs in strengthening corporate governance
Especially in the context of Nepal, where regulatory systems and enforcement are still evolving, a CFO has a critical role in strengthening corporate governance and promoting ethical business practices. The CFO is not only the custodian of financial discipline but also a key driver of transparency and accountability across the organisation.
First, the CFO should ensure that financial reporting and disclosures are accurate, timely, and complaint with laws and accounting standards/NFRS. This builds trust among the shareholders, lenders, and regulators. Second, strong internal controls and risk management frameworks must be in place to prevent misuse of funds or manipulation of figures, which are still common concerns in our market.
Third the CFO should take the lead in building the culture of integrity, where ethical conduct, compliance and fair business practices are non-negotiable. In Nepal, where the business environment is frequently tested by inconsistencies in regulation, recurrent liquidity pressure, and rapid policy shifts, the CFO’s role is to ensure decisions are made transparently and in the long-term interest of the company, rather than for short-term gain.
Lastly, by digitising processes, improving data visibility, and maintaining independence in financial judgement, the CFO can greatly strengthen governance. When financial systems are robust and decisions are supported by transparent data, it automatically reinforces ethical and accountable practices within the organisation.
Career advice to young professionals
I would suggest fresh graduates to look at Nepal’s corporate sector with an open and long-term mindset. While many are choosing to migrate abroad, there are growing opportunities within the country as more organisations are becoming more professional and seeking capable young people in key roles.
The corporate sector today needs fresh thinking, digital skills and financial discipline; areas where young graduates can make a strong impact early in their careers.
Nepal’s market is not without risks; policy instability, liquidity challenges and uneven business practices still exist, but these also create space for professionals who can bring structure, transparency, and new ideas. Rather than chasing short-term comfort, I would encourage graduates to invest time in understanding how businesses actually work, how finance supports decision-making and how ethics and governance shape long-term success.
If they can combine technical skills with adaptability and integrity the corporate sector in Nepal offers tremendous scope for growth and leadership in the coming years.
Tomorrow’s CFOs will need to be far more strategic rather than just being number-crunchers. As AI, automation and data analytics reshape the finance function, much of the routine reporting and transactional work will be handled by technology. The CFO’s real value lies in interpreting data, guiding business strategy, and integrating financial insight with operational decisions.
To maintain relevance, future CFOs must embrace technology and cultivate digital literacy, including an understanding of how to leverage AI for predictive analysis, cost optimisation, and risk management. They should also take the lead in implementing automation within the finance function to enhance efficiency and decrease reliance on manpower. Cost control will depend less on manual insight and more on how effectively we digitise and use real time date for decisions.
Even in Nepal, where the pace of adoption may be slower, this transformation is already underway. CFOs who position themselves as strategic leaders, combining financial expertise with technological understanding, will stay relevant and add greater value.
