Kathmandu: In a significant development in the remittance industry, IME and GME Remit have officially merged and commenced unified operations under the name IME Limited. The merger took effect from today, August 14, 2024 (30th Shrawan 2080).

The formal announcement was made during an official ceremony held in Kathmandu on Wednesday. Speaking at the event, Chairman of IME Group, Chandra Prasad Dhakal, expressed confidence that the merger would enhance service delivery, making it more convenient and secure for customers. He also mentioned that the company plans to go public with an Initial Public Offering (IPO) in the near future.

Chairman Dhakal highlighted the growth in formal remittance channels since the inception of IME. He noted that while only 20% of remittances were channeled through formal means at the start, this figure has now reached 80%.

He also pointed out that around 50% of the remittance market share in Nepal is held by banks and financial institutions. Dhakal asserted that IME Group has been at the forefront in implementing government and regulatory policies effectively.

In recent times, with the increase in remittance volumes and advancements in digital technology, remittances can now be directly transferred to wallets or bank accounts through digital platforms. Dhakal emphasized that it is time to reconsider the jurisdiction of remittance companies in light of these developments.

At the event, Deputy Governor of Nepal Rastra Bank, Bam Bahadur Mishra, stressed the need to curb illegal “hundi” transactions and promote legal channels for remittance inflows. He assured that Nepal Rastra Bank has made policy provisions to facilitate the easy and legal transfer of remittances.