LemFi, a Nigerian digital bank for the African diaspora, has secured approval by the State Bank of Pakistan to facilitate inbound remittances in Pakistan.
The approval enables LemFi to operate in partnership with United Bank Limited (UBL), one of Pakistan’s largest and most trusted financial institutions.
This milestone means that Pakistanis in the United Kingdom, Canada, the United States, and Europe can continue to send money home securely with low fees and competitive exchange rates.
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Speaking on the expansion to Pakistan, LemFi CEO Ridwan Olalere via a post on LinkedIn wrote,
“Delighted by the State Bank of Pakistan’s approval of LemFi’s strategic partnerships, such as with United Bank Limited (UBL). It reinforces the trust our customers already place in LemFi globally and in one of the world’s most important remittance corridors”.
Also commenting, Philip Daniel, LemFi’s Head of Global Expansion & Growth, said,
“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.”
LemFi’s State Bank of Pakistan’s approval aligns with their broader strategy to promote financial inclusion and facilitate legitimate cross-border transactions. It follows a comprehensive review process that evaluates the company’s technical capabilities, financial stability, risk management, and commitment to consumer protection.
Key Benefits for Users
- Compliance Users Can Trust: Full adherence to the State Bank of Pakistan’s guidelines and international anti-money laundering standards.
- Trust and Reliability: LemFi customers can rest assured of quality service delivery, delivered through extensive coverage.
- Competitive Offerings: Competitive exchange rates, low-cost fees, and other innovative financial service offerings are enhanced.
Notably, LemFi’s expansion to Pakistan is significant, as the country is one of the world’s most essential remittance corridors, with a record estimated inflow of over US$33 billion in personal remittances in 2024.
Recognising this by the fintech, it noted via a blogpost that Pakistan represents one of the most significant remittance corridors, and it welcomes every opportunity to demonstrate its commitment to making sending money home more reliable, affordable, and cost-effective for Pakistani families worldwide.
It is worth noting that LemFi’s expansion to Pakistan comes two weeks after the company partnered with GCash, the Philippines’ leading mobile wallet, to help 94 million Filipinos receive instant remittances. With this partnership and the now-concluded integration, Filipinos in North America and Europe (including the United Kingdom) can send money directly to their GCash wallets right within the LemFi app.
This partnership follows key achievements this year, including a Series B fundraise, the strategic acquisition of a money remittance license in Europe, and, more recently, the acquisition of Pillar, a credit fintech, to expand access to financial services for the broader diaspora community.
Founded in 2021 by Ridwan Olalere (CEO) and Rian Cochran (CFO), LemFi focuses on making cross-border remittances fast, affordable, and accessible. The company, formerly known as Lemonade Finance, has grown rapidly, processing over $1 billion in monthly payment volume as of early 2025.
In January 2025, LemFi raised $53 million in Series B funding to expand into more Asian and European markets, including partnerships like Modulr for embedded finance in Europe. The company now employs over 300 people across 20+ countries and is building a broader financial ecosystem for immigrants, beyond just payments.
It’s backed by prominent investors like Y Combinator, Highland Europe, and Left Lane Capital, with a total of $86 million in funding raised to date.
Key Services Include
– Remittances: Users can send money from countries like the UK, US, Canada, and several European nations (e.g., France, Germany, Spain, Belgium, Italy, Ireland, Portugal, Netherlands) to over 30 destinations, including Pakistan, India, Nigeria, Ghana, China, Uganda, Kenya, Senegal, Brazil, Tanzania, Ivory Coast, Cameroon, Benin, Rwanda, Ethiopia, and more.
– Fees and Speed: LemFi offers low or zero transfer fees (depending on the route), competitive exchange rates, and real-time notifications for arrivals. Transfers are typically instant or near-instant to mobile wallets, banks, or cash pickup points.
As LemFi expand across key markets and corridors, it will continue to leverage cutting-edge technology, strategic partnerships, and key acquisitions to deliver secure, reliable, and innovative financial services, while maintaining regulatory compliance and cooperation with relevant stakeholders.