Pakistan central bank approves LemFi's deal for remittances

Pakistan’s central bank has approved a partnership between LemFi, an international payments platform, and one of the country’s largest banks to receive remittances, LemFi said Monday.

The company, already working with over 30 banks and wallets in Pakistan, has partnered with the United Bank Limited (UBL) to provide remittance services. This partnership will allow Pakistanis in the United Kingdom, Canada, the United States, and Europe to continue sending money home “securely with low fees and competitive exchange rates,” the company said in an announcement.

According to the UN Department of Economic and Social Affairs, Pakistan’s diaspora population stood at around 7 million in 2025, most of them in the UK, the US, and the Middle East. These overseas nationals are critical to the country’s economy as their remittances — sent in foreign currencies — are vital for Pakistan’s foreign exchange reserves and boost the country’s current account position.

Last year, Pakistan received recorded remittances worth over $33 billion. In August, the country received $3.14 billion as remittances, according to data released by the country’s central bank.

The breakdown of data showed Pakistanis in Saudi Arabia sent remittances worth $736.7 million in August, followed by $642.9 million from the United Arab Emirates, $463.4 million from the United Kingdom, and $267.3 million from the United States of America.

“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 and growth, in a statement.

“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.”

Philip Daniel, LemFi’s head of global expansion and growth, said the company’s partnership with UBL combines “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.”

Founded in 2021, LemFi serves more than two million customers across Europe and North America who send money to families in over 20 markets, including

China, India, Kenya, Nigeria, and Pakistan.