eSewa Money Transfer terminates domestic remittance services
Nepal remittance company, eSewa Money Transfer finally decided to terminate domestic remittance services. It was implemented on the 1st of January 2023 in order to put off regulatory measures (Control Orders issued by the Government) which are placed by Nepal Rastra Bank (the country’s central bank).
eSewa Money Transfer terminates domestic remittance services
According to Ajesh Koirala (CEO of eSewa Money Transfer),” Due to regulatory authorities tightening domestic remittance transactions and the need to promote digital payment systems, eSewa Money Transfer has decided to completely close its domestic remittance business,”
In response to the remark made by New Agency Nepal, Koirala stated that the board of eSewa Money Transfer has decided to solely concentrate on remitting money into Nepal from overseas. Clause (ञ) of Regulation ७ of Remittance Bylaws, 2067, which says that the recipient of a remittance may only receive foreign currency as a remittance from abroad, is followed by this ruling.
Adding to that he said, the services were permanently closed with the support of the Nepal government and Nepal Rastra Bank’s efforts to promote digital payments.
So in order to increase inward remittances from abroad the eSewa Money Transfer canceled the domestic remittance service said, Koirala.
The CEO also said that they are entirely in accordance with Nepal Rastra Bank’s direction and dedicated to efficiently putting into action the restriction that remittance companies can only accept foreign money in remittances from abroad.
A significant change for eSewa Money Transfer, which had previously concentrated on offering both domestic and international transfer services, is the decision to end domestic remittance services. However, the business is convinced that this adjustment will enable it to better serve its clients and support the growth of Nepal’s economy by boosting inbound remittances.
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