Service to benefit 50 Lakh Indo Nepal Migrants.
Eko’s 1st Product for International Remittance Services.
Eko, a leading mobile-based fintech company, today announced having launched Indo-Nepal remittance (money transfer) 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 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).
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.
Speaking on the occasion, Mr. Abhishek Sinha, Co-founder and Chief Executive Officer, Eko India Financial Services Private Limited said, “This product launch 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 bettering lives through technology.”
“Indo-Nepal remittance business is estimated to grow to Rs 30,000 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 Group”, Abhishek further added.
Commenting on the partnership, Ms. Kusum Lama, Chief Executive Officer, Prabhu Money Transfer Private Limited said, “We are delighted to partner with Eko for international remittance service. Eko has been a pioneer in the remittance business in India since 2007, has excellent technology and an India-wide network of retail agents. This will make our Indo-Nepal remittance service a lot more accessible and customer-friendly compared to at bank branches. I am sure that this partnership with Eko will help us bring smiles on millions of faces. We look forward to working with Eko to provide unmatched solutions to our customers.”
Recently, Eko had also launched its Prepaid Wallet, authorized by the Reserve Bank of India. Eko processes over Rs 200 Crore a month in domestic remittances, and aims to grow this business to Rs 1000 Crore a month by March 2016 with the help of the Wallet and Indo-Nepal remittance product.
Till now, Eko platform has securely processed more than Rs 15,000 Crore over 34 million transactions, serving over 10 million customers.
About Eko India Financial Services Private Limited (Eko)
Founded in 2007, Eko is India’s leading fintech company, which provides mobile money services through its unique 2-factor authentication (2FA) technology and retail network. It is the only company globally that empowers customers to do secure financial transactions on their mobile phones, including basic feature phones, without installing any software on the phone or the SIM card if the customer so wishes. Eko platform has processed over Rs 15,000 Crore worth of transactions over 34 million transactions serving over 10 million customers, most of which are low / moderate income customers. In 2010, it was chosen amongst the ‘NASSCOM EMERGE 50 – The League of Ten for 2010’ list by NASSCOM, the Indian chamber of commerce, for “50 Emerging companies which are redefining the benchmark of excellence for the next generation of SMEs.
About Prabhu Money Transfer Private Limited (Prabhu):
Prabhu is a leading remittance company registered in India and having many international branches / agents in different parts of Asia and North America. It is a part of Prabhu Group that also operates a Nepal-wide network of retail agents, branches and ATMs for disbursal of cash to recipients. It is a popular and reputed money transfer organization among the Nepalese living in India, Malaysia, Qatar, Saudi Arabia, Kuwait, UAE, USA and other foreign countries. In India, Prabhu has tie-ups with State Bank of India (SBI), The Ratnakar Bank Limited (RBL Bank) and other Indian banks as remitting banks. A total of 65,000 bank branches in India have been remitting money to Nepal through Reserve Bank of India’s National Electronic Fund Transfer (NEFT) system, and the remitters have been able to enable cash disbursals to recipients through Prabhu network in Nepal. Now in partnership with Eko, Prabhu has started enabling retailers in India to initiate the remittances.