IME & GME begin unified operations starting Wednesday
IME Remittance, Nepal's first remittance company, has merged with GME Remittance, marking the beginning of their integrated business operations.
KATHMANDU: Two major remittance companies, IME and GME, commenced joint operations starting Wednesday.
IME Remittance, Nepal’s first remittance company, has merged with GME Remittance, marking the beginning of their integrated business operations.
The inauguration of this merger was officiated by Nepal Rastra Bank’s Deputy Governor, Bam Bahadur Mishra.
Post-merger, the unified entity will operate under the name IME Limited.
During the inauguration, IME Group Chair, Chandra Prasad Dhakal, highlighted that IME, with a paid-up capital of one crore initially, has now grown into a company valued at over one billion rupees.
Dhakal elaborated on IME Group’s extensive investments across various sectors including government projects, infrastructure, and commercial ventures.
IME has expanded beyond remittances into investment, production, and infrastructure development.
The group now has active companies in diverse fields such as banking and financial services, cable cars, hotels and resorts, hydropower, automobiles, insurance, education, health, tourism, and information technology.
He noted that when IME started, only about 20% of remittances were formal, whereas now approximately 80% come through formal channels. Dhakal described this merger as the first of its kind in Nepal’s remittance sector.
Deputy Governor Bam Bahadur Mishra remarked on the challenges of digitalizing remittance and banking services, assuring that the Nepal Rastra Bank continues to issue guidelines to prevent issues in remittance payments.
He emphasized the importance of robust security in remittance operations and urged a reduction in informal money transfers. Mishra also lauded the merger as a historic milestone.
Initially, IME aimed to handle $2 million in monthly remittances, but it has now surpassed $200 million. The merger was approved in the annual general meetings held in Jestha.
IME has become the first company to implement the central bank’s policy on remittance mergers.
Post-merger, the combined entity will have an annual turnover exceeding Rs 350 billion.
The capital of IME was Rs 900 million and GME’s was Rs 250 million, resulting in a combined paid-up capital of Rs 1.15 billion.
