$11.5 billion flows into Nepal every year through remittance. More than half of it never enters the formal system. And the companies legally processing the rest are operating at a loss.
Ritesh Mittal has spent 21 years inside this industry. In this episode he tells us everything the industry does not want to say out loud.
The informal economy, the collapsing margins, the Middle East risk, the skill development opportunity, and why the next big solution will come from a young Nepali willing to treat this problem as a personal mission.
This conversation is a mirror held up to Nepal: its ambitions, its failures, and the window of opportunity that is still, just barely, open. The clock is ticking, the money is moving, and Nepal needs to decide what side of history it wants to be on.
In this episode of The Doers Podcast, we talk about:
-Nepali diaspora sends $11.5 billion home every year, and more than half of it never enters the formal system.
-Why has one of the most critical industries in Nepal been operating at a loss for years, and nobody is talking about it?
-What happens to Nepal's economy the day Middle East instability forces millions of workers to come home?
-How does a 21-year industry veteran watch his revenue grow and his profits collapse at the same time?
-The remittance business built this nation, and it might be quietly dying.
-Why skill development, not remittance, might be the real next frontier, and why young Nepalis are sleeping on it.
Timestamps:
0:00 – Episode Highlights
1:10 – Opening Conversation
7:05 – His Journey, Struggles & Early Hardships
14:18 – Building International Partnerships in the Remittance Industry
21:34 – Why Revenue Increased but Profits Declined
27:01 – Why Remittance Companies Are Remembered Only During Foreign Reserve Crises
33:36 – How Trade Activities Indirectly Facilitate Hundi Networks
47:30 – Why Remittance Companies Should Be Allowed to Open Foreign Bank Accounts
55:24 – The Social Consequences Emerging from Nepal’s Remittance Dependency
1:07:26 – Every Problem Becomes a Solution When Viewed Differently
1:13:10 – The Unexpected Countries Sending Remittance to Nepal
1:23:34 – Remittance Companies Pay Nearly 30% in Taxes
1:34:11 – Building Businesses in Industries He Initially Knew Nothing About
1:41:30 – Advice He Would Give to His Younger Self
1:46:40 – Closing Remarks
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🎤 Host: Anup Ghimire
Founder of Doers Nepal
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👥 Guest: Ritesh Mittal
Executive Chairman, NepalRemit
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