23 Feb 2021, Kathmandu
Al Ahalia Exchange, a UAE-based company providing remittance services, and IME Limited, Nepal’s leading remittance service provider with its digital payment service provider, IME Pay have reached an agreement for a P2P money transfer service. After the understanding, Nepali citizens who remit through IME can send the amount directly to the recipient’s IME Pay Wallet. After this agreement, Al Ahalia Exchange will be the first exchange to send money directly to Nepal from UAE through IME Pay wallet.
This understanding is another important step for both companies in digital transformation. This has provided an opportunity for its clients in the UAE to connect to digital platforms. This opportunity has provided a new facility for the service recipients to receive remittances sent from Al Ahalia Exchange UAE directly to IME Pay wallet in Nepal.
Mr.Kamal Subba, Acting General Manager of Al Ahalia Exchange, said that he was happy to reach an agreement with IME Digital Solution Ltd. and IME Limited to receive the remittance in IME Pay Wallet from millions of Nepali citizens scattered across the UAE for employment or business. Acting General Manager Subba added remittance can be sent directly to the recipient’s IME Pay registered mobile number. Mr.Hem Raj Dhakal, Chairman of IME Digital Solution Ltd., a leading company of the IME Pay brand, said that it was very important for the recipients to be able to securely receive money in their wallets during the Corona Virus (Covid-19) pandemic. Stating that UAE is the main source of remittance to Nepal, Chairman Dhakal expressed confidence that UAE’s contribution to remittance to Nepal would increase with the expansion of this service.
Nepal is considered to be the largest market in South Asia in remittance, which receives more than eight trillion remittances annually. Given that Nepal’s remittance market has been a top priority for the current exchange, the agreement is believed to add more convenience to the beneficiary. In order to encourage this service, IME Digital provides up to Rs. 60 as a bonus to the recipient in the IME Pay Wallet for the remittance sent through Ahalia Exchange UAE.
IME, as a brand also referred to as a synonym for remittance services, has been considered by Nepalese all over the world as a reliable company. IME is the first and leading network remittance company in the market, which has been providing continuous remittance service for the last two decades. Chairman Hem Raj Dhakal, IME Digital Solutions Ltd. said that IME has made necessary arrangements for beneficiaries to receive the remittance money in their own mobile wallet or through various means keeping in mind the safety precautions arising from the outbreak of Coronavirus (Covid-19). When the Corona pandemic situation returns to normal, the money can be obtained from IME’s agent outlets, Dhakal added.
About Al Ahalia Exchange:
Al Ahalia Exchange UAE is a leading exchange house licensed by the UAE Central Bank. Al Ahalia Exchange UAE has been providing uninterrupted remittance services in various countries. The service has been available from its branch networks for 365 days of the year.
Since its inception, over the 20 years of its service, covering about 12,000 sub-agents in 77 districts, including 225 IME centers and branches of banks and financial institutions, the company has been committed to making the remittance service accessible to every Nepalese. It has been successfully distributing the hard-earned money of Nepali workers working abroad in the hands of relatives in different geographies in a fast, quick, reliable, and safe manner.
With a network of about 35,000 agent outlets, IME Pay is a digital financial service provider under the IME Group. IME Digital has obtained permission to provide mobile wallet service through a telecommunication network as per Nepal Rastra Bank Payment and Sale Regulation-2072 BS. IME Digital is the first payment service provider in the country to receive such permission.
IME Digital, under the brand name ‘IME Pay,’ will provide a mobile wallet service and with the help of it, the recipients will be able to perform various payment transactions through their IME Pay wallet or via the help of agents. It has been providing services ranging from normal money transfer between individuals to various online and retail stores payment through QR, mobile recharge, utility bill payment, financial payment, and payment of various household and office bills. IME Digital aims to contribute to Nepal’s financial inclusion by providing access to financial services to all the general public, including the ones who are deprived of banking facilities and have low access to banking services. Interest on wallet balance, reward points, and cashback facility on various transactions is also available in IME Pay wallet. Another important feature of the IME Pay wallet is that you can make different types of bill payments and send money to any bank account.