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IME Limited, the number 1 remittance company in Nepal, recently unveiled its mega campaign that aims to simplify and enhance the financial experience of its customers. This campaign represents a bold move in the company’s ongoing commitment to improving financial services and making them more accessible to everyone.

Mega Campaign Details:

• One lucky winner has the chance to win NPR 1 crore rupees.
• Monthly Winner: Every month during the mega campaign, 1 winner can win NPR 1 lakh.
• Daily Winners: For two months during the major festivals of Dashain, Tihar, and Chhath, there will be 30 daily winners who can receive exciting gift hampers.
• The campaign’s primary goal is to promote the use of IME’s secure and reliable digital money transfer services.
• To participate in the campaign, customers only need to send money via IME Remit from abroad. The more they send, the higher their chances of winning.
• The mega campaign will run for 12 months, starting from Ashoj 2nd, 2080.

Terms And Conditions for the Mega Campaign:

• The offer is valid from Ashoj 2nd, 2080, to Bhadra 31st, 2081.
• Senders must be Nepali citizens.
• All payment methods sent through IME (Cash, Bank Deposit, and IMEPAY wallet) are eligible for this campaign.
• IME’s founders, employees within the IME Group, business partners, and anyone affiliated with IME are not eligible to participate.
• Customers are required to keep the original remittance voucher transmitted through any IME agent network secure during the campaign’s announcement period.
• The winning prize will be sent upon receiving the authorized nomination letter from the sender.
• Winners must claim their prizes within two months of the announcement. Failure to do so gives IME the right to cancel the prize.
• A 25% tax deduction will be made from the prizes in accordance with the Government of Nepal’s rules.

Terms And Conditions for the Festive Campaign:

• The offer is valid from the 14th of Ashoj, 2080, to the 14th of Mangshir, 2080.
• Applicable to Nepali citizens.

IME has always valued its customers, and its latest campaign “Send Remittance through IME and win NPR 1 crore”  is a testament to that commitment. With this promotion, IME is offering its customers a golden opportunity to not only send money to their loved ones but also stand a chance to win 1 Crore in cash.

In today’s interconnected world, sending money across borders has become a necessity for millions of people. Whether it’s supporting family members back home, paying for education, or assisting with medical expenses, remittances play a vital role in improving the lives of countless individuals. IME has revolutionized the way people send money and its digital wallet IME Pay has changed the way people receive money. With IME’s latest promotion, you have the chance to not only send remittances conveniently but also win a whopping NPR 1 Crore. 

The Power of Remittances

Remittances are more than just monetary transactions; they are lifelines for many families and communities around the world.  These funds often serve as a source of stability and economic growth for receiving countries, helping to reduce poverty and improve living conditions.

IME: A Trusted Partner in Remittances

IME is a leading player in the world of remittances. Established in 2001, IME has grown to become a trusted name in the industry, facilitating seamless money transfers to various destinations globally. Their commitment to customer satisfaction, competitive exchange rates, and reliable service has earned them a loyal customer base.

Now, IME is taking its services to the next level with an exciting promotion that offers customers a chance to win a staggering NPR 1 Crore.

The “Send Remittance and Win NPR 1 Crore” Campaign:

IME’s “Send Remittance and Win 1 Crore” campaign is not just an opportunity to send money; it’s a chance to change your life. By choosing IME for your remittance needs, you not only support your loved ones but also open the door to incredible rewards. With remittances playing such a crucial role in global finance and family well-being, IME’s promotion is a shining example of how the remittance industry can give back to its loyal customers. Don’t miss out on this life-changing opportunity; send your remittance through IME today!

Often termed as an e-wallet or mobile wallet, the digital wallet is a platform that allows users to store money, make payments, and carry out financial transactions in a manner that is easy and convenient. It is basically a prepaid account in which the users have to load money before carrying out any kind of transaction.

As digitization started taking over in the financial sector, the need to carry out transactions in a digital manner rather than a conventional manner increased significantly. Since digital wallets are easy, and convenient, they are in the trend of replacing the conventional method of payment.

The rise of digital wallet apps has changed the way people carry out financial transactions. Digital wallets are not only convenient to use but also safer than traditional or conventional type wallets. In order to avail the services, the users are required to download the specific apps created by banks or trusted third parties.

The trend of moving ahead towards a cashless economy has surged rapidly making Covid 19 or the pandemic situation one of the contributing factor for the same. Nationwide lockdown and travel restriction resulted in unexpected demand for contactless or cashless transaction which led to increased dependency on digital wallet. From going truly contactless with mobile payments to carrying out banking transaction everything has been made seamless with digital wallets. Whether it be paying electricity bills or mobile recharge, you name it and everything is just in your fingertips.

While listing out the contributing factors towards such an exponential surge in the digital wallet sector, availability of smartphones at a cheaper rate, growth of internet broadband, and easy access to banking services are few that cannot be disregarded.

The era of digital wallets started around 2009 in Nepal since then there has been a significant spike in the digital sector of the country. The Covid-19 pandemic and nationwide lockdown catapulted the trend forcing users to adopt digital mode of receiving and making payments. As per the data released by Nepal Rastra Bank (NRB), a transaction worth Rs.36.86 trillion was transacted digitally in the first 9 months of the fiscal year 2077-2078 which depicts an increment of 26.21% as compared to last FY. It is estimated that currently there are about 4 million digital wallet users in Nepal who have shifted from ATM/credit cards to e-banking and mobile banking to M-wallet.

Today, Nepal has a handful of digital wallets that have played an important role in accelerating digital payment activities in the country. One of the most preferred digital wallets in the country has to be IME pay, a product of IME Digital Solution, which has more than 100 banking partners and 2500+ agent network. The one and only digital wallet in the country that accepts all kinds of QR payments, IME Pay has three different apps suitable for different groups of users namely: IME Pay Customer app, IME Pay Merchant app, and IME Pay Agent App.

The digital literacy awareness campaigns by fintech companies, incentive-based strategies built to convert the unbanked population to banked and the initiation to acquire new users by private players have led to successful changes in the digital economy. Nepal’s economy is in the path of digitization and a healthy digital economy can help in empowering Nepalese across all income strata.

With a history of age-old relationships in trade and commerce, India and Nepal’s relationship is characterized by open borders and deep-rooted cultural similarity. Enjoying excellent bilateral ties, these two countries are not just dependent on one another politically, and socially but also economically.

The firm foundation of the bilateral relationship has to be the country’s commitment to the principles of peaceful existence, sovereignty, and economic dependency. People of both countries enjoy free movement across borders for different purposes of life: education, employment, religious enlightenment, travel, tours, and many more.

Article 7 of the Treaty which states that nationals of one country in the territories of the other will be granted the same privileges in the matter of residence, ownership of property, and participation in trade and commerce has fueled the migration tendency of the Nepalese population to India and vice-versa.

The tendency of Nepalese to move to India for work purposes dates back to the time when Nepalese were recruited as ‘Gurkhas’ in the British Indian army after the Anglo-Nepal war of 1814-15. Today, the majority of Nepalese population move to different states of India for employment purposes more so to uplift the living standard of their families back home.

Presently, it is estimated that nearly 3 million Nepalese diasporas are working in different sectors in different states of India which indeed is a huge number and these diasporas send a major portion of their earnings back home to their families in order to meet their livelihood needs and improve their quality of life.

When it comes to employment type, these Nepalese diasporas are engaged in wide sectors ranging from Indian government officers to factory workers, restaurant owners, coal mine workers, and so on. Despite the fact that a small percentage of Nepalese workers work in government, and private offices, a large percentage of the same work in hospitality, construction, and mining industries even if it means that those workers are below their skills and capabilities.

However, one of the many reasons for India being one of the largest remittance-generating countries for Nepal has to be the huge number of Nepalese migrants moving across the border making Indo-Nepal remittance a vital factor for the economic growth of the country. In terms of data, during the year 2019-2020, almost 14.2% of the total remittance amount was received solely from India i.e. Rs. 43.16 billion. Furthermore, it was estimated that only 70% of the remittance amount was received through formal channels enclosing the fact that 30% of the same was received through informal channels which indeed has been a major challenge for Nepal.

The diversion of remittance from informal channels to formal channels holds huge importance for a country like Nepal whose GDP is significantly affected by the amount of remittance that flows into the country. With the ongoing pandemic situation, the impact on the remittance sector is still unpredictable which has left us with assumptions about the global economy.

About IME India:

IME India Private Limited is focused on delivering a world-class customer experience through various services ranging from hassle-free and easy foreign currency exchange, domestic remittance, and Indo- Nepal remittance from India to Nepal.
The Indo-Nepal Remittance facility provided by IME India Private Limited ensures quick and easy transmission of funds from the Indian territory to the Nepal corridor. Nepalese citizens after providing basic documents like ID Proof I.e. Citizenship, Passport, or Adhaar Card can walk into any of our partner branches, fulfill KYC requirements, and send the required amount of money instantly without any hassle.

You can easily send money from India to Nepal through IME India spread across India.

Trusted by 150plus million consumers spread across the world, MoneyGram has been serving the community for more than 80 years. MoneyGram offers money transfer and other financial services around the globe for individuals and businesses to send and receive money internationally. It operates in over 200 countries and territories and has a network of agents and branches around the world.

How to Send Money from MoneyGram to Nepal?

MoneyGram allows customers to send money back to their friends, family, or businesses in different currencies throughout the world. Customers can send money to Nepal through Moneygram by following very easy and simple steps:

• Find a MoneyGram agent location:Customers can Visit the MoneyGram website or use their mobile app to find a nearby agent location that offers services to Nepal.
• Collect necessary information:
  1. Recipient’s details, including their full name as it appears on their identification document,
  2. Contact information, and
  3.  Pick-up City
• Visit the agent location:Visit the chosen MoneyGram agent location and fill out a send form. Provide the necessary information, including your name, address, and contact information.
• Provide the recipient’s details:Fill in the recipient’s information accurately on the form. Double-check the spelling of the name and other details to avoid any issues.
• Choose the payout option:Select the payout option for the recipient in Nepal. IME offers cash pickup, bank deposit and direct wallet deposit facility in Nepal.
• Payment:Make payment to the agent the amount of money you want to send, along with the transfer fee and any additional charges.
• Collect the receipt: After making the payment, the agent will provide you with a receipt that contains the reference number (also known as the tracking number or transfer control number). Keep this receipt safe, as you will need it for tracking the transfer and sharing the reference number with the recipient.
• Share the reference number with the recipient:Inform the recipient in Nepal about the transfer and provide them with the reference number. They will need it to pick up the money.IME has 35000 plus agent payout locations spread across Nepal which allows customers to receive their sent money in cash.

For countries like Nepal, overseas migration has become one of the leading sources for earning foreign currency and has played a crucial role in reducing the unemployment problem that has hindered the economic stability of the country.

The trend of Nepalese workers going for foreign employment has been increasing every year. Not just unskilled but also highly skilled, efficient, and trained manpower are moving out of the country in search of better opportunities, better pay, and better living standard.

Send Money from All over the world to Nepal:

One can send money from any part of The remittance facility has been one of the major boons for most families in developing nations.  These remittance facilities have helped most families to sustain their livelihood as well as improve their living standards. Most families in developing nations depend on the money sent by their family members back home in order to fulfill their basic and additional needs.

Not just families, but remittance facilities also play a very important in the economic growth and development of the country. Most of the developing countries depend on remittance in order to sustain economically and carry out their infrastructural development activities.

the world to Nepal through:

1. Agent’s Website or App

2. Money Transfer Agent location

3. Mobile Wallet

Most money transfer companies like RIA, MoneyGram, Unimoni Exchange, Al-Ansari Exchange, and many more allow senders to send money to Nepal directly from their websites. However, one can visit their physical location nearby and provide all the necessary details like the receiver’s name, location, mode of receiving the sent money, and so on to the agent counter and send the required amount back to their loved ones.

IME has 35,000 plus agent locations spread all over Nepal which allows customers to receive their money in a very easy and safe manner.

For the past 20 years, IME Limited is a forerunner thriving to serve the migrant workers involved in foreign employment by facilitating them to send back their hard-earned money to their families at home in the safest, most credible, and most secure way. No matter the hardship of the situation, IME has always made an effort to make remittance services affordable and accessible. We believe the reliable service we have been offering for the past 20 years is the sole reason for IME to stand where it is today. As a pioneer in formalizing the remittance channel, today, IME takes pride in bringing in remittance money from more than 100 countries.

A leading global provider of cross-border remittance, foreign exchange, and payment solutions, Unimoni Exchange offers a wide range of services to help individuals and businesses send and receive money across the world.

Unimoni enables individuals to send money to their loved ones from various countries and the same can be received by the receiver back at the destination country either in their respective bank account, cash or directly in their mobile wallet.

How to Send Money to Nepal from Unimoni Exchange:

1. Visit a Unimoni branch or agent in a location nearby. The information regarding the location can be found on  Unimoni’s website or one can contact their customer service.

2. Prepare necessary documents:

• Identification documents (such as a passport or national ID), proof of address, and any other documentation requested by Unimoni.

3. Provide recipient details:

• Recipient’s information, including their name, address, and contact details.
• Recipient’s bank account details or a cash pickup option if available.

4. Specify the transfer amount:

•  Inform the Unimoni representative about the amount you wish to send. They will provide you with the exchange rate and any applicable fees or charges.

5. Pay for Transfer:

• Unimoni accepts various payment methods such as cash, bank transfers, or card payments, depending on the location.

6. Obtain the receipt and reference number:

• Once the transaction is completed, ensure you receive a receipt with a reference number. This reference number is essential for tracking and verifying the status of your transfer.

7. Share the reference number with the recipient:

• Provide the reference number to the intended recipient, along with any other instructions they may need to receive the money. If the recipient is picking up cash, they will usually need to provide identification to collect the funds.

IME has 35,000 plus agent payout locations spread across Nepal which allows customers to receive their sent money in cash.

It is important to ensure every individual is provided with an opportunity to utilize their financial earnings not just for the purpose of saving it but also investing it in the right kind of investment tools.

Are you Financially Included?

It is important for every individual and community to examine whether they are financially included or not as it will have impact on their overall financial being. An individual or a community is considered to be financially included, if and only if they have proper access to financial services which enables them to save money, invest it in a profitable manner, send or receive money and also apply for lending facilities.

Digital Financial Inclusion:

With digitization taking over the banking and financial industry, the need to be digitally financially included has gained the utmost importance. The use of the latest tools and technologies in the financial sector indeed has made financial services much more accessible and convenient but at the same time, ensuring those services are accessible to every individual irrespective of their social or financial status holds utmost importance. Digital financial services include mobile money, online banking, electronic payments, and other fintech services which has the potential to reach even those excluded before digitization took over.

Financial Inclusion Initiatives Undertaken by Nepal:

Some of the financial inclusion initiatives undertaken by Nepal are listed below:

• Under The Strategic Plan (2012-2016) enhancing financial inclusion will be identified as a strategic priority.
• The Monitory policy of 2016/2017 focused on deepening financial inclusion through financial literacy and access to financial services.
• It has been made compulsory by the NRB for all financial institutions to make low-cost funds available to MFI which will facilitate access to financial services to underserved areas.

Major Highlights:

• According to data released by World Bank (2015), 25.3% of the adults in Nepal have an account at a financial institution.
• As per UNCDF (2015), 18% of Nepalese adults are excluded financially which means they have no access to financial services.
• 52% of the banked population are men whereas 48 %are women.
• 57% of adults claim to save money whereas 46% claim to borrow.
• The top five sources for taking loans are:

                1) Money lenders in the community (21 percent),

                2) Banks and MFI’s(10 percent),

                3) Co-Operatives (9 percent),

                4) Saving groups (8 percent),

                5) Family and Near/Dear ones (8 percent).

Despite the efforts undertaken by the fintech companies, government, and communities, the challenges like low financial literacy, inadequate infrastructural facilities, and lack of technological knowledge have significantly impacted achieving financial inclusion goals. For a country like Nepal, financial inclusion should not just be a choice but a necessity for the economic growth of the country.