Nabil Bank & Hamro Patro sign MoU for card-based remittance services

KATHMANDU: Nabil Bank Limited and Smart Ideas Pvt. Ltd. (Hamro Patro) have entered into an agreement for card-based remittance services.

In a program held on Monday, Nabil Bank’s Head of NBank, Pradeep Nepal, and Senior Engineering Manager of Smart Ideas, Suraj Gautam, signed a Memorandum of Understanding (MoU) on behalf of their respective companies.

As per the agreement, Nabil Bank’s card-based remittance platform, NRemit, will now be integrated into the Hamro Patro app.

Nepali users living abroad will be able to use the “Remittance” feature in the app to send money by providing the sender’s and receiver’s details, as well as the purpose of the remittance. The service will allow users to send remittances using their international Mastercard or Visa card.

According to the bank, users will be able to send a minimum of USD 100 and a maximum of USD 5,000 under this service. Recipients in Nepal will receive the remitted amount instantly into their bank accounts, regardless of the bank.

Nabil Bank has been providing the NRemit service via its NBank app since December 2022, but this is the first time the service has been extended through collaboration with a third party.

“This is a milestone for banking services, as it represents the first step towards open banking in the country,” said Adarsha Bajgai, Deputy General Manager of International Business and NBank at Nabil Bank.

Both institutions aim to simplify the remittance process in Nepal through this agreement, which is expected to significantly strengthen the banking sector in the country.

Nabil Bank has been offering NRemit services through its NBank app, while Smart Ideas Pvt. Ltd. operates the popular Hamro Patro app, which is widely used by Nepali people both in Nepal and abroad.