RightCard Payment Service Limited, which operates as LemFi, a leading international payments platform, announced today that it has received approval from the State Bank of Pakistan (SBP) to operate remittance services into the country. This will be done in partnership with several strategic partners, including United Bank Limited (UBL).
This approval will enable LemFi to continue providing secure, affordable, and reliable money transfer services for millions of Pakistanis living in the United Kingdom, Canada, the United States, and Europe who send money to their families back home. Pakistan is a key remittance market, having received an estimated US$33 billion in personal remittances in 2024.
Muhammad Daiyaan Alam, LemFi’s Head of South Asia Expansion and Growth, stated, “We are honored to receive approval from the State Bank of Pakistan to serve the Pakistani diaspora. Pakistan is a key remittance corridor for us, and we are committed to making money transfers more reliable and affordable for Pakistani families worldwide.”
The SBP’s approval aligns with its broader strategy to promote financial inclusion and facilitate legitimate cross-border transactions. The approval process involved assessing LemFi’s technical capabilities, financial stability, risk management, and commitment to consumer protection.
The key benefits of this partnership include:
- Regulatory Compliance: Full adherence to the State Bank of Pakistan’s guidelines and international anti-money laundering standards.
- Trust and Reliability: Customers can count on consistent and high-quality service delivered through a wide-ranging network.
- Competitive Value: The service offers competitive exchange rates, low fees, and access to innovative financial services.
Philip Daniel, LemFi’s Head of Global Expansion and Growth, added, “This partnership with UBL combines our innovative platform with their trusted banking network. Together, we aim to build a more inclusive and accessible financial future for Pakistanis everywhere.”
As LemFi continues to expand globally, it plans to invest further in advanced technology, strategic partnerships, and acquisitions to deliver secure and innovative financial services while maintaining strict regulatory compliance.
