14 August 2024, Kathmandu
IME has officially merged with GME Remit, marking a new chapter in its business operations with the launch of integrated trading services.
IME and GME Remit Merge
The merger was inaugurated by Bam Bahadur Mishra, Deputy Governor of Nepal Rastra Bank, during a ceremony held on Wednesday.
Following the merger, IME’s paid-up capital has surged past one billion rupees, underscoring its expanded market presence and financial strength. Deputy Governor Mishra highlighted the significance of IME’s contribution to the formal economy and its role in enhancing the accessibility and technology of remittance services.
Established 15 years ago as the first licensed remittance company by Nepal Rastra Bank, IME has grown significantly since its inception. Chandra Prasad Dhakal, President of IME Group, reflected on the company’s journey from its modest beginnings to its current stature. Dhakal shared that IME was founded to provide a reliable remittance solution while he was living in Japan, and has now become synonymous with efficient money transfers.
IME’s evolution from handling $2 million per month to over $100 million reflects its successful growth trajectory. The company now commands a substantial share of the remittance market, with about 50% of Nepal’s remittances coming through banks and financial institutions. Dhakal also noted that when IME started, only 20% of remittances were processed through formal channels, a figure that has now risen to around 80%.
Looking ahead, Dhakal announced plans to make IME publicly listed and to enhance its remittance services through continued innovation and digital advancements. With the merger of IME and GME Remit, the company aims to offer even more sophisticated and convenient remittance solutions.
The launch of integrated trading services marks a significant milestone for IME, setting the stage for future developments and an anticipated IPO.
