KATHMANDU, April 20: MoneyGram International, a cross-border P2P payments and money transfers firm, announced a partnership with F1soft Group’s subsidiary, eSewa Money Transfer Pvt Ltd on Tuesday.
The partnership is expected to enable MoneyGram customers around the globe to send money to their families and friends in Nepal directly into the beneficiary’s bank account or eSewa wallet.
The company has already launched an account deposit service and the eSewa wallet service is expected to be launched shortly, reads a press statement issued by the company.
With connectivity to more than 65 banks, including all major banks, the account deposit service can deliver funds to bank accounts held with most banks across Nepal. With over 4.2 million registered eSewa wallet users in Nepal, the upcoming service to eSewa wallet will be a huge milestone in Nepal inbound remittances,according to the press statement.
Nepal is one of the highest recipients of remittances in the world and is estimated to have received USD 8.25 billion In remittances in 2019, according to the World Bank.
Through this partnership, MoneyGram and eSewa Money Transfer are enabling their customers to easily transfer money from around the globe, especially where there are large numbers of Nepali immigrants, such as the United States, South Korea, Australia, countries across Europe and more. With simple receiver details required to send money, this service also ensures a hassle-free experience for senders and receivers.