eSewa Money Transfer, a remittance company in Nepal, has announced that it will no longer offer domestic remittance transactions. The decision, which went into effect on January 1, was made in response to regulatory measures put in place by Nepal Rastra Bank, the country’s central bank.
“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,” said Ajesh Koirala, CEO of eSewa Money Transfer.
In a statement to News Agency Nepal, Koirala said that the board of eSewa Money Transfer has made the decision to completely focus on bringing foreign currency into Nepal through inward remittances from abroad. This decision is in accordance with clause (ञ) of Regulation ७ of Remittance Bylaws, 2067, which states that the sender is only allowed to make an inward remittance from abroad.
He added that the decision to discontinue domestic remittance transaction service was also made in support of the Nepal government and Nepal Rastra Bank’s efforts to promote digital payments.
“The company’s decision to close its domestic remittance services was made in an effort to increase inward remittances from abroad, which can positively impact the economy of the nation,” said Koirala.
Koirala emphasized that eSewa is fully compliant with the directive of Nepal Rastra Bank and is committed to effectively implementing the provision that remittance companies can only receive foreign currency in remittances from abroad.
The decision to discontinue domestic remittance services is a major shift for eSewa Money Transfer, which has traditionally focused on providing both domestic and international remittance services. However, the company is confident that this change will allow it to better serve its customers and contribute to the development of Nepal’s economy through increased inward remittances.
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