Eko, a mobile-based fintech company, has expanded its Indo-Nepal remittance (money transfer) services in partnership with Prabhu Money Transfer in Nepal. Through these integrations, Eko enables it’s agents to remit money to a wider audience in Nepal. Eko’s first international tie-up for remittance services was with Nepal’s Prabhu Money Group in 2016. The service will benefit 30 lakh Nepali migrants living across India.
The service enables Indian and Nepali citizens living in India to send money to their dear ones in Nepal, and the recipient can avail the cash “instantly”. Citizens of both the countries can use the remittance service in the form of cash to cash, cash to bank account, cash to co-operative bank account and through top-up remittance cards. Eko has an India wide network of retail agent outlets that provide various financial services to customers. For using the Indo-Nepal service, users need to provide their KYC to an Eko retail agent. The remitter needs to provide his Indian or Nepali identity proof, while the recipient needs to show his identity proof in Nepal to receive the cash (in case of cash to cash transfer).
Abhishek Sinha, cofounder and chief executive officer, Eko India Financial Services Private Limited said, "This expansion is another big achievement for Eko. Millions of Nepali citizens move to India for better career opportunities and to earn their livelihood. Sending money to their families in Nepal has always been a major challenge for them. This service will help Indo–Nepal migrants remit money to their loved ones in a faster, easier and secure way, and will also add to the revenue opportunity for Eko agents and distribution partners. This is yet another milestone in our journey towards establishing international tie-ups for money remittance.”
“Indo-Nepal remittance business is estimated to grow to rupees 200 crore per annum and we look forward to capture the opportunity, with our expertise in remittance business, our India wide network of Eko retail agents and now a Nepal wide network of remittance disbursal agents, branches and ATMs through this partnership with Prabhu money Transfer”, Abhishek further added.
Till now, Eko platform has securely processed more than rupees 5,906 crore. With Eko, a remitter can do transactions of 50,000 rupees per day and is allowed up to 12 transactions in a year. A fee of 150 rupees is charged for remitting up to 30,000 rupees and 200 rupees for remitting up to 50,000.