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The Remittances Business in Nepal :  It’s Status and Problems February 9,  2011
Remittance <ul><li>Transfer of money or goods by foreign migrants to their households or residents in the country of origi...
Remittance in Nepal <ul><ul><ul><li>Introduced with British  Ghurkhas  </li></ul></ul></ul><ul><ul><ul><li>Single largest ...
Remittance Process <ul><li>Linking financial institution (bank) in foreign </li></ul><ul><li>Nepalese worker   </li></ul><...
Remittances Business <ul><li>The act of transfer of money by banks or financial institutions, on behalf of their consumer,...
Remittances Business in Nepal <ul><li>Increasing attraction towards remittance business </li></ul><ul><li>Commercial Banks...
Status of Remittances Business in Nepal <ul><li>Competitive remittance market  </li></ul><ul><li>Well-developed remittance...
Problems in Remittances Business in Nepal <ul><li>Lack of awareness about remittance process </li></ul><ul><li>Lack of cit...
Conclusion Despite of some problems, remittance business is well developing in Nepal and is providing quality service of r...
Thank You for Your Patience !!!
Any Query???
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remittance business in Nepal: It's status and problems

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  1. 1. The Remittances Business in Nepal : It’s Status and Problems February 9, 2011
  2. 2. Remittance <ul><li>Transfer of money or goods by foreign migrants to their households or residents in the country of origin </li></ul><ul><li>Private funds of individuals in search of financial products and options </li></ul>Introduction
  3. 3. Remittance in Nepal <ul><ul><ul><li>Introduced with British Ghurkhas </li></ul></ul></ul><ul><ul><ul><li>Single largest source of income of foreign currency </li></ul></ul></ul><ul><li>Receive more than Rs 200 billion per year </li></ul><ul><li>Covers more than 50% of GDP </li></ul><ul><li>Growth rate 9% per year (in year 2010) </li></ul>
  4. 4. Remittance Process <ul><li>Linking financial institution (bank) in foreign </li></ul><ul><li>Nepalese worker </li></ul><ul><li>Deposit amount (code no) </li></ul><ul><li> </li></ul><ul><li>Nepal Commercial Bank/Financial Institution/ </li></ul><ul><li>Money Transfer </li></ul><ul><li>(code+ citizenship certificate photocopy) </li></ul><ul><li>Payment made </li></ul>
  5. 5. Remittances Business <ul><li>The act of transfer of money by banks or financial institutions, on behalf of their consumer, both domestic and foreign, from one place to another </li></ul><ul><li>Increase in number of workers in foreign countries realized the need of global remittance business </li></ul><ul><li>Development of technology made it possible in expansion of remittance business </li></ul>
  6. 6. Remittances Business in Nepal <ul><li>Increasing attraction towards remittance business </li></ul><ul><li>Commercial Banks / Finance Institutions / Money Transfer Operators are involved </li></ul><ul><li>About 52 remittance companies (IME, Western Union, Express Money, Prabhu, etc.) registered for remittance business in Nepal. </li></ul>
  7. 7. Status of Remittances Business in Nepal <ul><li>Competitive remittance market </li></ul><ul><li>Well-developed remittance infrastructures </li></ul><ul><li>Well established network with foreign banking institutions to receive and deliver remittance </li></ul><ul><li>Remittance companies spread almost all over the nation </li></ul><ul><li>Are able to deliver remittances reliably even in remote areas </li></ul>
  8. 8. Problems in Remittances Business in Nepal <ul><li>Lack of awareness about remittance process </li></ul><ul><li>Lack of citizenship created difficulty in getting payment </li></ul><ul><li>Lack of formal banking relation </li></ul><ul><li>Great challenge on rural remittances </li></ul><ul><ul><li>Infrastructure inadequacies(comm., PoS, roads, elec,etc) </li></ul></ul><ul><ul><li>Cash availability </li></ul></ul><ul><ul><li>Difficulties to comply with current regulatory framework </li></ul></ul>
  9. 9. Conclusion Despite of some problems, remittance business is well developing in Nepal and is providing quality service of remittance to it’s customer.
  10. 10. Thank You for Your Patience !!!
  11. 11. Any Query???

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