Nepal recently recorded an all-time high of NPR 165 billion in remittance inflows in a single month an economic milestone that showcases the resilience and contribution of millions of Nepali workers abroad. However, amid the celebrations, experts and industry insiders are urging a deeper reflection: Are we truly doing it right?

Remittance has long been the backbone of Nepal’s economy, driven by the tireless efforts of migrant workers who leave their homes in search of opportunity. Yet, despite this growth, concerns remain about systemic inefficiencies and missed opportunities within the remittance ecosystem.

One pressing issue is the continued use of informal channels, with estimates suggesting that nearly 30% of remittance still bypasses official systems. “Why are we failing to bring these flows into the formal fold?” many are asking. While Nepal’s remittance-paying banks and money transfer operators (MTOs) offer aggressive incentives such as zero fees and attractive exchange rate premiums to sending partners, there are growing questions about whether these benefits actually reach the migrant workers themselves.

“There’s fierce competition among service providers in Nepal, but what about the user experience abroad?” a remittance expert questioned. “Are we offering better services and rates to our migrant workers too or just trying to win volume from our sending partners?”

The race to the top appears to be driven more by market share than meaningful impact. Critics argue that the focus has shifted from empowering workers to appeasing sending partners, at times even compromising long-term goals in the process.

“Remittance exists because our people are abroad not because of corporate deals,” said one banking executive. “The real heroes behind these record-breaking numbers are the workers. We need to stop sidelining them.”

There is also a call for stronger alignment between stakeholders banks, MTOs, sending partners, and the Nepal Rastra Bank (NRB). While the collective goal remains the promotion of formal remittance channels, current practices suggest a disconnect in strategy and execution.

With numbers surging, the need for introspection becomes even more critical. Stakeholders are urging the central bank and all involved parties to realign their priorities around transparency, fairness, and worker-centric policies.

“We are not in this business for charity,” one industry voice noted. “But business must be built on mutual value especially when the lifeline of our economy is at stake.”

As Nepal celebrates its latest economic achievement, many believe this is the right moment to ensure that remittance not only grows, but grows right with the people who make it possible at the center of every decision.

By- Umesh Basnet