Backed by United Bank Limited and trusted local partners, LemFi has won regulatory approval to operate inbound remittances to Pakistan, unlocking smoother financial flows for the diaspora.
As overseas Pakistanis sent a record $33 billion in remittances in 2024, this move aligns perfectly with SBP’s push for financial inclusion and efficient cross-border payments.
Cementing Ties
At the heart of this approval is LemFi’s collaboration with UBL, Pakistan’s third-largest bank by assets, boasting over 1,400 branches and a robust digital footprint via UBL Digital.
UBL’s extensive network ensures seamless last-mile delivery; recipients can cash out via bank accounts, mobile wallets, or agents nationwide.
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
Philip Daniel, LemFi’s Head of Global Expansion and Growth
This alliance extends to other vetted partners, broadening coverage and reducing risks like fraud.
For senders, the perks are clear: transfers from GBP, USD, or EUR arrive in PKR within minutes, with zero hidden fees and 24/7 support.
Recipients benefit from UBL’s Roshan Digital Account integration, enabling easy access for overseas Pakistanis.
The Growing Importance of Remittances in Pakistan’s Economy
Pakistan ranks among the world’s top remittance recipients, with inflows fuelling household consumption, education, healthcare, and small business growth.
According to SBP data, remittances hit $33 billion in 2024, a slight uptick from previous years despite global economic headwinds.
These funds, primarily from the UK, US, Canada, EU, and Gulf states, support over 10 million families and contribute nearly 10% to Pakistan’s GDP.
Traditional channels like Western Union or bank wires often come with high fees of up to 7% and delays of 1–3 days.
Digital fintechs like LemFi are disrupting this space by leveraging low-cost money transfer apps and blockchain for near-instant transfers at fractions of the cost.
With over 9 million Pakistanis living abroad, the demand for affordable remittance services to Pakistan is skyrocketing, especially amid rising inflation and economic recovery efforts post-2022 floods.
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What LemFi Brings to the Table
Founded in 2021 as RightCard Payment Service Limited, LemFi has grown into a powerhouse for immigrant financial services.
Serving over two million users in Europe and North America, the platform facilitates transfers to more than 30 emerging markets, including heavyweights like India, China, Nigeria, and Kenya.
LemFi’s app offers user-friendly features: real-time tracking, competitive exchange rates locked at send time, and fees as low as 1–2%.
The SBP approval follows a rigorous vetting of LemFi’s tech infrastructure, financial stability, AML compliance, and consumer safeguards, ensuring users’ funds are protected under international standards.
“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 we welcome every opportunity to make sending money home more reliable, affordable, and cost-effective.”
This isn’t LemFi’s first venture in South Asia; just two weeks prior, they partnered with GCash in the Philippines for instant remittances to 94 million users.
The Pakistan expansion builds on this momentum, targeting tech-savvy NRPs (Non-Resident Pakistanis) who value fast and secure money transfers.
Broader Implications for Fintech and Financial Inclusion
SBP’s nod emphasises Pakistan’s fintech-friendly reforms, including eased forex regulations and digital banking licences.
By partnering with entities like LemFi, SBP is curbing informal hawala channels estimated at 20–30% of flows and boosting formal inflows, which aid forex reserves stability.
For the diaspora, this means empowerment: funds sent via LemFi–UBL can directly uplift families, from school fees to SME loans. As LemFi eyes further acquisitions and tech upgrades, expect innovations like crypto remittances or AI-driven fraud detection.
A Win for Pakistan’s Global Families
LemFi’s SBP approval and UBL partnership mark a pivotal step in modernising digital remittance services in Pakistan.
In an era of digital globalisation, this collaboration promises equitable access to vital funds, promoting economic resilience.
Whether you’re a UK-based professional or a US entrepreneur of Pakistani origin, downloading the LemFi app today could be your gateway to hassle-free transfers. As remittances evolve, so does Pakistan’s future, one secure transaction at a time.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
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