NIC ASIA Bank and UAE Based Al Ansari Exchange Join Hands for Strategic Partnership to Strengthen Inward Remittance to Nepal

NIC ASIA Bank and Al Ansari Exchange, a UAE-based remittance company, have joined hands to form a strategic partnership with a mission to simplify the process of inward flow of remittance to Nepal in a most secured and convenient way. Under this alliance, Nepali migrant workers in the UAE can effortlessly transfer funds to Nepal through Al Ansari Exchange's extensive network of over 250 physical branches and digital platforms—such as their website and mobile app. As per the terms of the collaboration, the money can be remitted to recipients' bank accounts, wallets, or received as cash anywhere in Nepal.

Recipients in Nepal can easily avail the remitted money through NIC ASIA Bank's 360 branches, 111 extension counters, 55 branchless banking units, and an extensive network of more than 16,000 remittance agents. Additionally, users of NIC ASIA Bank's mobile banking services can conveniently retrieve the remitted amount into their Bank account by using the NIC ASIA's MoBank App. For this, users need to insert the Unique PIN provided by their respective sender within the "Receive Remit" section, located inside the "Remittance" icon on the mobile app.

NIC ASIA Bank stands as one of the largest banking institutions of Nepal with an extensive network covering all major financial centers of the country. Currently, the Bank operates through 360 branch offices, 656 ATMs, 111 extension counters, and 55 branchless banking units. The Bank has successfully onboarded approximately 25% of the economically active population aged between 20 to 50 years into its ambit. Likewise, NIC ASIA Bank has been making instrumental contribution in bolstering the country's economic growth by paying over NPR 23.58 billion into government coffers through direct and indirect taxes since its establishment. In the last fiscal year alone, the Bank has paid over NPR 3.66 billion in taxes. NIC ASIA Bank has extended itself to the rural districts of Nepal such as Mugu, Kalikot, Bajhang, Rukum, Jumla, and Salyan, where the presence of other banks and financial institutions remains limited. Likewise, it has marked its presence in 34 local bodies where other banks and financial institutions are absent. The Bank operates its 72% branches in rural and semi-urban areas, where more than 80% of the country's population are residing.

Sudhir Nath Pandey
Deputy Chief Executive Officer (Chief Information Officer)