The State Bank of Pakistan (SBP) has officially approved LemFi’s operation of inbound remittance services in collaboration with United Bank Limited (UBL). This marks a significant development for cross-border money transfers into Pakistan.
What This Means for Pakistanis Abroad
Millions of Pakistanis living in the UK, Europe, the US and Canada regularly send money back home. The SBP’s endorsement means these remittances can now be processed through LemFi-UBL with greater certainty, transparency, and regulatory compliance.
Key Benefits of the Partnership
Regulatory Assurance: LemFi has met SBP standards and international anti-money laundering (AML) requirements.
Trusted Local Partner: UBL, one of Pakistan’s largest banks, adds scale and reliability through its established banking network.
Cost & Speed: The collaboration aims to deliver lower fees, competitive exchange rates, and improved speed for remittances.
Broader Context: Pakistan’s Remittance Landscape
Remittances are a lifeline for many Pakistani households. In 2024, Pakistan received over US$33 billion in personal remittances, placing the country among the world’s leading remittance corridors.
The SBP’s decision aligns with its broader strategy to promote inclusive finance and to streamline cross-border transactions while safeguarding the system against financial crime.
What Lies Ahead
With SBP’s approval, LemFi plans to expand its user-centric services in key markets.Leverage UBL’s infrastructure to ensure reliable payouts across Pakistan.Continue investing in compliance, risk management, and technological innovation to keep costs low and service quality high.
By enabling secure, affordable, and fast remittance flows with regulatory backing and a strong banking partner, LemFi and UBL are well-positioned to improve how the Pakistani diaspora sends money home.
