IME and GME Remittance merge, launch joint operations as IME Limited

Kathmandu, August 14: The merger of Nepal's pioneering remittance companies IME and GME began operations on Wednesday, marking a new chapter in the industry. Following the merger, the combined entity will operate under the name IME Limited.

At the inauguration ceremony, Bam Bahadur Mishra, Deputy Governor of Nepal Rastra Bank, officially launched the integrated business. IME Group Chairman Chandra Prasad Dhakal highlighted the growth of IME from a company with a paid-up capital of 1 crore to one now valued at over 1 billion.

Dhakal noted that IME Group has diversified investments across multiple sectors that align with government and public priorities, including remittance services, banking, financial institutions, hotels, hydropower, and more.

Dhakal remarked on the transformation of remittance flows, stating that when IME began, only 20% of remittances were processed through formal channels. Today, that figure has risen to approximately 80%. He described the merger as a historic milestone in Nepal's remittance sector.

During the event, Deputy Governor Mishra acknowledged the challenges associated with digital remittance and banking transactions but emphasized that the Central Bank is implementing measures to ensure smooth operations. He praised the merger of IME and GME as a significant development and urged for robust security measures to prevent issues and reduce informal remittance practices.

IME, originally aiming for a monthly revenue of 2 million dollars, now surpasses 200 million dollars. The merger, approved at a general meeting of both companies last May, will see the combined entity achieve an annual turnover exceeding 3.5 trillion rupees. Post-merger, the company's paid-up capital will be 1.15 billion rupees, with IME contributing 900 million rupees and GME 25 million rupees.