Boom Remittance Pvt. Ltd. was formed by individuals having abroad expertise and was established in March 2009. The company has 37 promoter’s groups out of which 12 of them represents from Nepalese Migrants in Australia, Hong Kong, Denmark, Canada, USA, South Korea, Bahrain, UAE and Qatar. The Chairman, Members of Board of Director and the Managing Director also have strong hold in global markets which will boost the company’s image in remittance business. The company is through global markets of remittance after having excellent business background in domestic business. The company is being overseen by its Managing Director Mr. Dhirendra Pant who has proven commercial banking experience in Nepal and Qatar for 17 years. Mr. Pant also has been involved in foreign exchange and remittance business since last 11 years. He has been instrumental promoting Himal Remit (a pioneer remittance brand of Himalayan Bank Ltd.) for 3 years in Qatar from 2005 to 2008. Mr. Pant has also been Head of Century Remit (a pioneer remittance brand of Century Commercial Bank Ltd.) and Head of Grand Remit (a pioneer remittance brand of Grand Bank Nepal Ltd., now Prabhu Bank Ltd.). With this proven track record of Mr. Pant, Boom Remit is going to get ample of benefits from his expertise.
Initially, the company worked as Super Agents of commercial banks and development bank. The agency business for remittance distribution inside Nepal through its agent networks of the company was overwhelming. The company created good brand image in Nepal and as well in Gulf, Malaysia, Australia and Hong Kong. Apart from its international business through its own brand, Boom Remit, the company is affiliated with two commercial banks (namely Siddhartha Bank Ltd. and Century Commercial Bank Ltd.) and one development bank (namely Yeti Development Bank Ltd.) as their Super Agent for the distribution of remittances of their international & domestic remittance products. The company has its registered remittance brand namely “Boom Remit International” and “Boom Remit Domestic Trans-border System“.
Boom Remittance Pvt. Ltd. is expanding its local networks and is about to reach 3000 networks. The agent networks consist of commercial banks, development banks, finance companies, micro-finance, co-operatives and retails. The company has vigorous target to be the highest network based Remittance Company in Nepal within 5 years’ period.
Apart from Gulf, Malaysia, Hong Kong and Australia, the company plans to expand its networks in South Korea, Israel, Europe, United Kingdom, USA, Canada, etc. The virgin countries with remittance potentiality will be given top priority and as well priority where Nepalese work force are still in search of remittance service in some parts of these countries as because Nepalese work force has to travel long distance to remit money and have to spend time & money for the same in those countries. Hence, our focus will be to cater such unbanked areas and save their time and money as well. We will also focus to inform these unbanked areas to the regulatory authority (NRB) where the services are available only in limited areas of such countries and focus will be to ensure to reach to the people of these potential areas. Such areas can be the industrial areas at large where Nepalese forces live in huge numbers.
Apparently, with all the details available regarding remittance figure and its impact, Boom Remittance Pvt. Ltd. has started its new vision in new leadership to cater the market and become one of the best remittance service providers of Nepal. The company uses its state of the art of technology software and manages the business more significantly which will subsequently benefit to the nation as a whole. Company also plans to educate migrant workers about the impact of mal practices (money laundering) and inform them to use legal channel of money transfers. The company will give emphasis in account opening and help banks & financial institutions to open as much accounts of the migrant workers. Company plans to work in collaboration with the banks & financial institutions in this regards. This will help boost remittance and support country as a whole.
Features of Boom Remit
The features of Boom Remit are outlined below:
- Low service charge for the remitter.
- Best agent commission sharing.
- Foreign exchange commission apart from normal commission for those meeting a minimum threshold of international payouts and domestic remit of Boom Remit.
- Daily commission settlement of Boom Remit transactions.