LONDON–(BUSINESS WIRE)–LemFi, a leading international payments platform, announced today that the State Bank of Pakistan (SBP), the country’s state bank, has approved its operation of remittance services in partnership with multiple strategic partners, including United Bank Limited (UBL).
This approval ensures LemFi’s continued provision of enhanced, secure, and low-cost money transfer services to millions of Pakistanis residing in the UK, Europe, and North America, who regularly send funds to their families and friends back home.
With a record estimated inflow of over US$33 billion received in personal remittances in 2024, Pakistan is one of the world’s most essential remittance corridors.
Muhammad Daiyaan Alam, LemFi’s Head of South Asia Expansion & Growth, said: “We are honoured to receive these approvals from the State Bank of Pakistan to serve the Pakistani diaspora. Pakistan represents one of the most significant remittance corridors to us, and globally, we welcome every opportunity to demonstrate our commitment to make sending money home more reliable, affordable, and cost-effective for Pakistani families worldwide.”
The State Bank of Pakistan’s approval aligns with its broader strategy to promote financial inclusion and facilitate legitimate cross-border transactions. The partnership provides reassurance for LemFi customers that it meets the State Bank of Pakistan’s regulatory requirements and international anti-money laundering standards, assuring its customers that it has a trustworthy and reliable service, along with competitive exchange rates, low-cost fees, and innovative service offerings.
Philip Daniel, LemFi’s Head of Global Expansion and Growth, said: “Partnering with UBL allows us to combine our innovative platform with their trusted banking network and legacy, ultimately delivering on our shared vision of a more inclusive and accessible financial future for all Pakistanis.”
As LemFi expands across key markets, it will continue to leverage cutting-edge technology, strategic partnerships, and key acquisitions to deliver secure, reliable, and innovative financial services, while maintaining regulatory compliance and cooperation with relevant stakeholders.
About LemFi
Founded in 2021, LemFi is building the future of financial services for immigrants worldwide. Initially focusing on remittance, over two million people across Europe and North America rely on LemFi to send funds to families in more than 20 emerging markets, including China, India, Kenya, Nigeria, and Pakistan. https://www.lemfi.com
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