RightCard Payment Service Limited, trading as LemFi, a leading international payments platform, announced today that the State Bank of Pakistan (SBP) has approved its operation of remittance services into Pakistan in partnership with multiple strategic partners, including United Bank Limited (UBL).
This approval guarantees LemFi the continued provision of enhanced, secure, and low-cost money transfer services for millions of Pakistanis residing in the United Kingdom, Canada, the United States, and Europe, 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 stands as one of the world’s most essential remittance corridors.
“We are honoured to receive these approvals from the State Bank of Pakistan to serve the Pakistani diaspora”, said Muhammad Daiyaan Alam, LemFi’s Head of South Asia Expansion & Growth.
“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. It follows a comprehensive review process that evaluates LemFi’s technical capabilities, financial stability, risk management, and commitment to consumer protection.
Key Benefits of the Partnership:
●Regulatory Compliance: Full adherence to the State Bank of Pakistan’s guidelines and international anti-money laundering standards.
●Trust and Reliability: LemFi customers can rest assured of quality service delivery, delivered through extensive coverage.
●Competitive Offerings: Competitive exchange rates, low-cost fees and other innovative financial service offerings are enhanced.
LemFi’s Head of Global Expansion and Growth, Philip Daniel, says, “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 and corridors, 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 across the globe. Initially focusing on remittance, with over two million people across Europe and North America relying on LemFi to send funds to families in over 30 emerging markets, including Pakistan, China, India, Kenya, and Nigeria, the company is building a financial services hub for immigrants.
The LemFi team comprises 300+ people across Africa, Europe, and North America, and it has $85 million in funding from investors, including Highland Europe, Left Lane Capital, Palm Drive Capital, and YCombinator. https://www.lemfi.com/.
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