Central Bank of Pakistan Greenlights LemFi and UBL Partnership for Enhanced Remittances
RightCard Payment Service Limited, operating as the renowned international payments platform LemFi, has officially received approval from the State Bank of Pakistan (SBP), the country’s central financial authority, to commence its remittance services into Pakistan. This significant development marks a strategic collaboration with several partners, most notably United Bank Limited (UBL). The endorsement by the SBP ensures that LemFi can continue providing its advanced, secure, and cost-effective money transfer solutions to millions of Pakistanis living in the United Kingdom, Canada, the United States, and Europe, facilitating seamless financial support to their loved ones back home. This expansion further solidifies LemFi’s global footprint, leveraging its expertise as a leading fintech platform to serve crucial international corridors.
Bolstering a Vital Remittance Corridor
Pakistan stands as one of the world’s most critical remittance corridors, with personal remittances projected to exceed US$33 billion in 2024. This substantial inflow underscores the profound economic impact of diaspora contributions. LemFi’s entry, backed by the SBP and in partnership with UBL, is set to significantly enhance the efficiency and accessibility of these vital transfers. Muhammad Daiyaan Alam, LemFi’s Head of South Asia Expansion & Growth, expressed his enthusiasm, stating, “We are honoured to receive these approvals from the State Bank of Pakistan to serve the Pakistani diaspora.” This partnership not only streamlines the process for senders but also provides recipients in Pakistan with reliable and affordable options, reinforcing the economic ties between the diaspora and their homeland. The move strategically positions LemFi to tap into a market that represents one of the most significant remittance volumes globally.
The approval from the State Bank of Pakistan represents a pivotal moment for both LemFi and the Pakistani diaspora. By partnering with UBL, LemFi is poised to deliver on its promise of secure, low-cost, and efficient remittance services, fostering greater financial connectivity and supporting the economic well-being of countless families. This collaboration highlights a commitment to leveraging innovative fintech solutions for global financial inclusion, ensuring that a vital source of income for Pakistan continues to flow seamlessly and affordably.
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