State Bank of Pakistan (SBP) approves LemFi partnership with UBL for remittances

LONDON: RightCard Payment Service Limited, trading as LemFi, a leading international payments platform, announced today that the Apex Bank in Pakistan, 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:

• RegulatoryCompliance: Full adherence to the State Bank of Pakistan’s guidelines and international anti-money laundering standards.
• Trustand Reliability: LemFi customers can rest assured of quality service delivery, delivered through extensive coverage.
• CompetitiveOfferings: Competitive exchange rates, low-cost fees and other innovative financial service offerings are enhanced.

Philip Daniel, LemFi’s head of global expansion and growth, added, “Partnering 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 expands across global markets, it will continue to invest in advanced technology, strategic partnerships and acquisitions to deliver secure and innovative financial services while maintaining strict regulatory compliance.

For more information visit www.lemfi.com or contact [email protected]