Wednesday, February 1, 2023
HomeDigital PaymentEsewa Money Transfer quits domestic remittance service

Esewa Money Transfer quits domestic remittance service

Esewa Money Transfer has stopped its domestic remittance transaction service from Poush 17, 2079. The company reasoned that its primary motive is to bring foreign currency into Nepal (inward remit) while shutting down its domestic service.

Esewa Money Transfer Chief Executive Officer (CEO) Ajesh Koirala has confirmed the news. He said, “We have stopped domestic remittance service effective from today (January 1, 2023). We have already informed Nepal Rastra Bank (NRB) regarding it. The bank has also welcomed our decision to discontinue the service.”

Remittance Regulation 067 In Clause (Ny) of Regulation 7 states that there is a provision that the sender can only receive foreign currency as remittance (domestic remittance) from abroad. However, the companies have also been providing internal remittance services using licenses from various banks. Also read: eSewa Money Transfer and Prabhu Management Deal for Remit Service

Previously, NRB has directed remittance companies to comply with the provision of bringing remittances only from abroad. It is our responsibility to follow the directive. One of the companies has had to start. We became the first company to discontinue the internal remittance service. Don’t miss: NRB Sets New Limit for Domestic Remittance, Rs.25,000 Per Day

For the decision to quit its internal remittance service, the company’s board of directors of the company decided to completely close after Poush 16, 2079.

The company provides digital remittance services.

NRB has been very strict regarding domestic remittance services lately.

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