MoneyGram International Inc, a global leader in cross-border P2P payments and money transfers, has announced a partnership with F1Soft Group’s subsidiary, eSewa Money Transfer, one of Nepal's fast-emerging ‘digital first’ remittance companies. The partnership will enable MoneyGram customers around the globe to send money to family and friends in Nepal directly into the beneficiary’s bank account or eSewa wallet. While the account deposit service has been launched, the service to eSewa wallet is expected to be launched shortly.
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 inbound remittances. Nepal is one of the highest recipients of remittances in the world and is estimated to have received $8.25 billion in remittances in 2019 as per the World Bank.
“We're excited about how this partnership builds on our network expansion and further accelerates digital growth as we expand our customer-centric capabilities,” said Naved Ashraf, Head of India and South Asia at MoneyGram. “eSewa is known throughout Nepal as a pioneer in digitising financial services, and we’re proud to partner with them and provide millions of non-resident Nepalis convenient options to send money and their beneficiaries to receive money.”
Through this partnership, MoneyGram and eSewa Money Transfer are enabling customers to easily transfer money from around the globe, especially where there are large numbers of Nepali migrants, 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 remitters and receivers.
“We are very excited about our new collaboration with MoneyGram,” said Biswas Dhakal, President of F1Soft Group, the parent company of eSewa Money Transfer. “Teaming up with MoneyGram will help us strengthen our position as the most reliable and competitive choice for international money transfers to Nepal and enable us to reach a wider group of Nepali migrants spread across the globe. MoneyGram is a prodigious partner, and this partnership exemplifies our commitment towards digitising cross-border remittance.”
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