IME Leading the Charge in Formalizing Nepal’s Remittance, Dhakal Says

August 14, 2024, 11:11:15 AM |

KATHMANDU: Chairman of IME Limited Chandra Prasad Dhakal said that IME had been at the forefront of efforts to formalize Nepal’s remittance sector, significantly shifting the majority of remittance flows from informal to formal channels.

Speaking at the inauguration of integrated operations following the merger of IME Remit and GME Remit, Dhakal emphasized IME’s pivotal role in the transformation of the industry.

“IME Remits has been leading the charge in formalizing Nepal’s remittance sector,” Dhakal stated.

“When we started, only about 20% of remittances were formal. Today, nearly 80% of remittances are channeled through formal means, and IME has been a key driver of this change.”

Dhakal recounted the early days of IME, which began in 2001 as a small money exchange counter and has since grown to become the largest player in Nepal’s remittance market.

He highlighted the company’s efforts to provide a secure, reliable medium for Nepali migrant workers to send money home, addressing the risks associated with informal channels.

The chairman also noted that IME Group now commands approximately 50% of the remittance market in Nepal and has expanded its operations into various sectors, including banking, tourism, and infrastructure development.

Looking ahead, Dhakal hinted at an upcoming public offering to further broaden public ownership of the company.
Dhakal expressed his gratitude to the Government of Nepal, Nepal Rastra Bank, and other stakeholders for their continuous support in helping IME achieve its goals.

He reaffirmed IME’s commitment to enhancing the convenience, security, and accessibility of remittance services, ensuring that the company remains a cornerstone of Nepal’s economic growth.