Eko, a mobile-based Financial technology company, today announced the launch of Indo-Nepal remittance services in partnership with Nepal's Prabhu Money Group.
"This is Eko's first international tie-up for remittance services. Through this product launch, Eko agents are able to initiate remittances to Nepal. The service will benefit 50 Lakh Nepali migrants living across India," the company said.
The service enables Indian and Nepali citizens livingin India to send money to Nepal, and therecipient can avail the cash "instantly," it said in a release.
Citizens of both the countries can use the service in the form of cash-to-cash, cash-to-bank account, cash-to-co- operative bank account and through top-upremittance cards.
A remitter can do transactions of Rs 50,000 per day and is allowed up to 12 transactions in a year. A fee of Rs 150 is charged for remitting up to Rs 30,000 and Rs 200 for remitting up to Rs 50,000, the release said.
Eko India Financial Services Private Limited Co-Founder and CEO Abhishek Sinha said Indo-Nepal remittance business is estimated to grow to Rs 30,000 crore per annum and "we look forward to capture the opportunity.."
Kusum Lama, Chief Executive Officer, Prabhu Money Transfer Private Limited said "This will make our Indo-Nepalremittance service a lot more accessible and customer-friendlycompared to at bank branches."
Eko processes over Rs 200 crore a month in domestic remittances and aims to grow this business to Rs 1,000 crore by March with the help of the wallet and Indo-Nepalremittance product.
