Nigerian fintech firm Leatherback has teamed up with Mumbai-based YES BANK in a bid to improve the process of remittance and immediate Indian Rupee (INR) payouts within India. Under this collaboration, businesses and individuals worldwide, including international students, medical migrants, tourists, and others using Leatherback’s platform, can utilize YES BANK’s broad market presence to effortlessly send money to individuals and businesses in India. The funds can then be instantly withdrawn in the form of INR.
Leatherback positions itself as the first African-centric fintech firm to present INR remittance payout services. This move targets the rising trend of both Africans and Indians pursuing business and other opportunities across Africa and Asia.
The company runs a multi-currency platform designed to simplify cross-border transactions for businesses and individuals alike. At present, INR remittances and payouts are accessible to Leatherback users through its remittance solution, SendR.
To finalize payments, platform users are required to supply a legitimate Indian Financial System Code (IFSC). This is in line with the current norm of using SWIFT codes for transactions carried out in USD and GBP.
Leatherback, a fintech firm with its headquarters in London and regulated by authorities in Nigeria, the United Kingdom, Canada, among others, proclaims to have more than 30,000 active users on its platform. Indian individuals and businesses situated in over 20 countries, including Nigeria, Canada, and the United Kingdom, can choose from up to 15 available currencies, such as NGN, GBP, INR, EUR, and USD, for their transactions.
Commenting on the partnership, Ibrahim Toyeeb Ibitade, the CEO of Leatherback, stated: “India signifies an exhilarating new market for us in our mission to simplify global money movement. We’re excited about playing a significant role in enabling the vast opportunities that this market presents through our efficient payment solutions.” This collaboration reflects Leatherback’s broader vision of facilitating simpler, smoother cross-border transactions around the world.
According to Leatherback, this collaboration reinforces its commitment to deliver high-quality financial, payment, and commerce solutions that eliminate obstacles to global growth and mobility. This alliance will enable Leatherback to tap into more opportunities within the Indian market for the benefit of its users. The company is keen on extending its services to better cater to user needs, further facilitating the exchange of currencies and cross-border transactions.
Over the past two decades, trade between India and African nations has been on a steady growth trajectory, with an average annual increase of 18% since 2003. By 2023, this figure had reached a notable $103 billion.
As of that year, India stood as Africa’s third-largest trading partner, coming in after Europe and China. Furthermore, India has become a popular destination for medical tourism. In 2020 alone, nearly one-fifth (19.5%) of African tourists who travelled to India did so for medical reasons.
This partnership between Leatherback and YES BANK has the potential to serve as a significant conduit, driving both economic growth and cultural exchange. It promises to empower communities in both India and Africa by enhancing their access to financial services and thus fostering greater connectivity between the two regions.
