December 16, 2022

Breaking the Stereotype of Cash Remittances

E-Sewa Money Transfer
Remittance inflow in Nepal is slowly improving – thanks to the significant increase in the number of Nepali workers receiving approval for foreign employment. The remittance inflow has increased by 2.2% in USD and Nepalese migrants across the globe sent home $8.33 billion during 2021/022 which is around  23.23% of Nepal’s total GDP. This clearly underscores the importance of inward remittance for the country’s economy.

Although remittance is an important source of economic growth, researchers have concluded that many remitters still use informal channels to send money. It is necessary to bring an abrupt change to use the formal channel with more efficient plans and policies that can both lower the cost of sending remittances from formal channel and provide senders and beneficiaries of remittance the ease and convenience to transact.

We have observed steep growth in the adoption of digital channels in sending and receiving money globally in the recent times especially after the onset of COVID. Along with the booming use of digital channels, the traditional methods of receiving cash remittance are getting replaced by digital offerings with its advantages in terms of the following 3 dimensions: availability, accessibility, and affordability. 83.07% of the total population have smartphones which means they can send and receive money with few taps on their mobile phones from the comfort of their homes or workplace. Around $1 billion money (international remittance) gets transacted via smartphones every day throughout the world.

Esewa Money Transfer, a ‘digital first’ remittance company in Nepal operating under the stewardship of a Nepal’s largest fintech conglomerate, F1Soft Group has introduced a global campaign entitled “Mero Digital Desh” which means “My Digital Nation”.  This is more of an initiative through which the company aims to promote the uptake of digital mode of money transfers for sending and receiving money among the Nepali diaspora and breaking the stereotype of cash-based remittances.

The initiative began on 23rd September 2022 and will end on 20th March 2023, running exactly 6 months. Nepalese working in any countries across the world sending money directly in to their beneficiary’s bank accounts or eSewa wallet through ESewa Money Transfer’s channel are eligible to participate in the campaign. Cash remittance transactions loaded directly on the eSewa wallet are also eligible to become the winners of the campaign. One customer every month for six months during the campaign period shall get a surprise gift and one lucky customer from throughout the campaign period shall get a beautiful house inside Kathmandu valley. The campaign is one of the biggest campaigns ever in the financial services industry of Nepal. ESewa Money Transfer has roped in legendary Nepali cine megastar Rajesh Hamal as the brand ambassador and Swastima Khadka, another leading female star as the brand face. Nepalese working and residing in any nook and corner of the world are encouraged to be part of the campaign and contribute from their part for the economic growth of the country as formal remittances strengthens the foreign exchange reserves in the country.

To learn more about the campaign “Mero Digital Desh”, please visit the official website