State Bank of Pakistan Approves LemFi Partnership with UBL For Remittances to Pakistan.

The State Bank of Pakistan (SBP), the country's central bank, has officially approved our partnership with United Bank Limited (UBL) and other trusted and strategic partners to operate remittance services into Pakistan.

This milestone means that Pakistanis in the United Kingdom, Canada, the United States, and Europe can continue to send money home securely with low fees and competitive exchange rates.

Why This Matters

Pakistan is one of the world’s most essential remittance corridors, with a record estimated inflow of over US$33 billion in personal remittances in 2024. Recognising this, “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,” said Muhammad Daiyaan Alam, LemFi’s Head of South Asia Expansion & Growth.

The Significance

The State Bank of Pakistan’s approval aligns with their broader strategy to promote financial inclusion and facilitate legitimate cross-border transactions. It follows a comprehensive review process that evaluates our technical capabilities, financial stability, risk management, and commitment to consumer protection.

For us at LemFi, it demonstrates our commitment to excellence across our 30+ market footprints.

Partnering with UBL unlocks even greater reach and trust. As Philip Daniel, LemFi’s Head of Global Expansion & Growth, explains: “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.”

Key Benefits for You

• Compliance You Can Trust: 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.

Looking Ahead

As we expand across key markets and corridors, we 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.