Tuesday, September 3, 2013

Western Union, Nabil Bank, Fonepay jointly offer mobile money transfer service

The cost of remittance inflow is going to come down encouraging the migrant Nepali workers to send their hard earned money back home through banking channels. They neither have to visit the Western Union outlets to remit back home.
Western Union, in collaboration with Nabil Bank and Fonepay, today launched a mobile money transfer service for relatives of migrant workers in Nepal from over 200 countries cutting down the cost of sending remittance.
The receivers will collect remittance directly into mobile wallet through Fonepay – powered by F1 Soft.
“Over 20,000 registered eSewa wallet users can cash their money out from any of the 1,200 direct and subagent locations of Nabil Bank,” according to president of F1 Soft Biswas Dhakal.
Consumers subscribed to eSewa mobile wallet can receive remittance sent in minutes from Western Union around the globe using their mobile phone-cum-wallet.
The customers can use their mobile account balance for fund transfers, utility payments, airtime topups, and purchasing goods and services at eSewa accepted websites.
Nepal has not only some 71.46 per cent mobile penetration rate, but is also one of the largest remittance receiving countries among the Least Developed Countries (LDCs) but high cost of remitting has encouraged the migrant workers send their hard earned money back through various dubious channels, hurting the economy.
The country received $4.9 billion – that is almost equivalent to 23 per cent of the gross domestic product (GDP) – in remittance in 2012.
The new option for remitters jointly offered by the Western Union, Fonepay and Nabil Bank to receive international remittance 24/7 through eSewa mobile wallet is expected to boost the remittance inflow through banking channels.
“Western Union is happy to expand mobile services to Nepal,” said senior vice president, Pacific and Indochina of Western Union, Patricia Riingen, on the launching ceremony, here today.
“We aim to expand its mobile footprint as part of our multi-product, multi-channel strategy across world,” she added.

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