LemFi has received formal approval from the State Bank of Pakistan (SBP) to operate remittance services into Pakistan, cementing a strategic partnership with United Bank Limited (UBL) and a network of trusted partners. The green light allows Pakistanis in the United Kingdom, Canada, the United States, and Europe to continue sending money home through LemFi with enhanced assurance on security, compliance, and pricing.
Pakistan is among the world’s most vital remittance destinations, with personal inflows estimated at over US$33 billion in 2024. For LemFi, the corridor is both strategic and symbolic. “Pakistan represents one of the most significant remittance corridors to us, and globally,” said Muhammad Daiyaan Alam, LemFi’s Head of South Asia Expansion & Growth. “We welcome every opportunity to demonstrate our commitment to make sending money home more reliable, affordable, and cost-effective for Pakistani families worldwide.”
SBP’s approval follows a rigorous review focused on technical readiness, financial stability, risk management, and consumer protection. The authorization aligns with the central bank’s broader mandate to promote financial inclusion and facilitate legitimate cross-border flows—especially important in a corridor where speed, transparency, and value directly affect household livelihoods.
Partnering with UBL adds trusted local scale. As one of Pakistan’s leading banks, UBL brings nationwide reach, settlement infrastructure, and deep regulatory experience. “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,” said Philip Daniel, LemFi’s Head of Global Expansion & Growth.
What customers can expect
- Compliance you can trust: Full adherence to SBP guidelines and international anti-money laundering and counter-terrorist financing standards.
- Reliability at scale: LemFi’s digital rails paired with UBL’s coverage improve payout reliability and service consistency.
- Everyday value: Competitive exchange rates, low fees, and continued rollout of customer-centric features tailored to Pakistan corridors.
Beyond customer benefits, the partnership signals maturation in Pakistan’s fintech-bank collaborations. By marrying a mobile-first cross-border platform with a leading domestic bank, LemFi and UBL are positioned to lift service quality while keeping costs in check—two levers that matter most for families depending on remittances for essentials, education, and small-business cash flow.
The approval also strengthens LemFi’s operational footprint across 30+ markets, reinforcing a playbook that blends technology, compliance discipline, and local partnerships. As the company scales, it plans to leverage advanced risk analytics, tighter partner integrations, and selective acquisitions to improve speed, transparency, and coverage across priority routes.
“Remittances are more than a transaction—they’re a lifeline,” Alam added. “With SBP’s approval and UBL’s partnership, we’re doubling down on what matters: secure transfers, fair pricing, and dependable service for Pakistanis everywhere.”
Looking ahead: LemFi will continue expanding coverage across key origin markets while deepening its presence in Pakistan through product enhancements and partner collaborations. The objective is straightforward: make sending money home safer, simpler, and more affordable—without compromising on regulatory compliance or consumer protection.
