Today, RightCard Payment Service Limited, operating as LemFi, a leading international payments platform, announced that the State Bank of Pakistan (SBP), the country’s central bank, has approved its operation of remittance services into Pakistan. This approval comes through a partnership with several strategic partners, including United Bank Limited (UBL).
This green light ensures that LemFi can continue providing enhanced, secure, and low-cost money transfer services for millions of Pakistanis living in the United Kingdom, Canada, the United States, and Europe who regularly send funds to their families and friends back home. With an estimated record inflow of over $33 billion in personal remittances in 2024, Pakistan is one of the world’s most crucial remittance corridors.
“We are honored 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 SBP’s approval aligns with its broader strategy to promote financial inclusion and facilitate legitimate cross-border transactions. It follows a comprehensive review process that evaluated 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 be assured of high-quality service delivery through extensive coverage.
- Competitive Offerings: The partnership will enhance competitive exchange rates, low-cost fees, and other innovative financial service offerings.
LemFi’s Head of Global Expansion and Growth, Philip Daniel, stated, “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 use cutting-edge technology, strategic partnerships, and acquisitions to provide secure, reliable, and innovative financial services, while maintaining regulatory compliance and cooperating with relevant stakeholders. For more information and updates, please visit www.lemfi.com or contact legal@lemfi.com.
