LemFi, an international payments platform, has received official approval from the State Bank of Pakistan (SBP) to operate remittance services, partnering with United Bank Limited (UBL) to provide affordable money transfers for Pakistanis abroad.
This endorsement allows millions in the UK, North America, and Europe to transfer money home securely and cheaply. Pakistan became a prominent global remittance corridor in 2024 with personal remittances exceeding $33 billion.
SBP approval boosts trust in Pakistani remittances
The State Bank of Pakistan’s approval came after thoroughly evaluating LemFi’s technical strength, risk management, and consumer safety measures.
Muhammad Daiyaan Alam, LemFi’s Head of South Asia Expansion & Growth, stated, “We are honoured to receive these approvals from the State Bank of Pakistan to serve the Pakistani diaspora. Pakistan represents one of the most important corridors globally, and we’re committed to making cross-border transfers more reliable, affordable and secure for Pakistani families worldwide.” Users can trust LemFi since it meets Pakistan’s anti-money laundering regulations.
Partnership with UBL enhances accessibility and security
UBL, one of Pakistan’s largest banks, brings its vast local network and regulatory expertise into the partnership.
LemFi’s Head of Global Expansion & Growth, Philip Daniel, commented, “Partnering with UBL allows us to combine our innovative platform with their trusted banking network, delivering a more accessible and inclusive financial future for all Pakistanis.”
This agreement streamlines and simplifies remittances for abroad Pakistanis with competitive exchange rates and affordable fees.
This move aligns with SBP’s emphasis on financial inclusion and efficient cross-border transfers, addressing remittances’ vital role in Pakistani families’ worldwide livelihoods.