Kathmandu, june 10 . IME and UNCDF have jointly organized a book launching ceremony of IME Journey Book: Innovation to Impact today in a program in Kathmandu. The IME Journey Book “From Innovation to Impact” aims to capture the journey of IME from being a remittance company to a digital financial service provider. The book and complementing videos showcase the scope, challenges and opportunities that exist in a market that is in the cusp of digital financial evolution.
The program was addressed by Dr. Chinranjibi Nepal, Governor of Nepal Rastra Bank, Mr. Chinrajibi Chapagain, Chairman of Beema Samiti, Mr. Digambar Jha, Chairman of Nepal Telecommunication Authority, Mr. Chandra Prasad Dhakal, Chairman of IME Group, Mr. Hem Raj Dhakal, Managing Director of IME Group, Mr. Suman Pokharel, CEO of IME, Mr. Jaspreet Singh, Regional Technical Specialist – UNCDF and Mr. Daniel D. Shrestha, COO of IME Pay. The program was attended by Deputy Governors and high level officials from Nepal Rastra Bank, donors and partner institutions, stakeholder institutions and IME Group.
Speaking at the program, the Chief Guest Dr. Chinrajibi Nepal, the Governor of Nepal Rastra Bank, congratulated IME and UNCDF on beautifully capturing the journey of a remittance service provider venturing into the world of digital finance. Mr. Chiranjibi Chapagain, Chairman of Beema Samiti highlighted on the need to support the Mobile Krishi App (venture of IME’s technology company SWIFT) by designing apt insurance products for farmer groups.
Mr. Chandra Dhakal, Chairman for IME stated that with support from the central bank the process of financial inclusion can expedite into rural areas across Nepal. He added, Private sectors are the ones responsible for bringing in new technologies that can accelerate the outreach of formal financial services. Mr. Jaspreet Singh- Regional Technical Specialist, UNCDF stated that IME is the highway to expand access to finance. Finally, Mr. Hem Raj Dhakal, Managing Director of IME expressed positivity around the potential of digital finance in Nepal and IME’s aligning vision of financial inclusion for all.
In July of 2017, IME became the first ever institution to be granted the licensed of a non-bank payment service provider from Nepal Rastra Bank. The name IME is synonymous with ‘remittance’ in Nepal. Ever since the company’s inception in 2001, it has managed to cater to Nepalese residing in and outside Nepal to send and receive money instantly. By withholding this very concept of easy and instant access to finance, IME has ventured into the world of digital finance to expand this vision of financial inclusion for all, through their new venture‒ IME Pay.
UNCDF has been providing grant and technical assistance to IME since 2015 in developing the IME Pay platform. This venture with IME provides an opportunity for families to access finance through their money phones. When linked to an account, digital payments create a more efficient and accessible way for people on very low incomes to access funds and financial services such as credit and remittance to save money for unexpected financial challenges. Being a mobile payment platform, IME Pay has immense potential in scaling up projects in sectors such as agriculture.