Remittance (Representative Image)
KATHMANDU: Proving the World Bank (WB) projection of the decline of remittance wrong, Nepal has seen an increase in the remittance transactions and the number of such transaction users.
Taking part in the ‘Digital Remittance: The Cost of Moving Money’ session of Phone Pay Digital Economy Conclave 2020, various stakeholders of remittance transactions came up with the conclusion that COVID-19 has helped in enhancing the range of digital remittance of late.
“We were worried that the remittance would decrease as COVID-19 crisis was sure to bring more Nepalis abroad back home,” Suman Pokharel, Executive Director of IME Group said in the program, “However, despite many Nepalis returning home due to their preference for digital and legal channel for remittance, the remittance transaction has increased.”
He pointed out that remittance has increased not only in Nepal but in the whole South Asia.
Pokharel appreciated Nepal Rastra Bank for its initiations to regulate the remittance sector so as to make it more systematic and organized.
He pointed out in the need to improve internet service to make digital transactions more efficient and customer friendly.
Similarly, Nirvan Chaudhary, the Managing Director of Chaudhary Group also remarked that due to the advancement in the technology also digital remittance has increased remarkably despite the adverse situation created by the coronavirus pandemic.
He reiterated that in the need to literate the customers and said, “ Most of our customers are migrant labors. We should inform them of the advantages of digital remittance.”
He added that the market might take five years more to adopt digital remittance here.