LemFi, a leading payments platform, received approval from the State Bank of Pakistan (SBP) on September 24, 2025. This approval enables LemFi to provide remittance services to Pakistan in collaboration with United Bank Limited (UBL).
This development benefits millions of Pakistanis living abroad. People in the UK, Canada, the US, and Europe can now send money home quickly, safely, and at a low cost. Pakistan received $33 billion in remittances in 2024, and LemFi aims to make this process easier for families.
Muhammad Daiyaan Alam, LemFi’s Head of South Asia Expansion, said, “We are honoured by the trust SBP has placed in us.” LemFi serves over 2 million users worldwide, enabling them to send money to more than 30 countries, including Pakistan, India, and Nigeria.
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SBP reviewed LemFi’s technology, financial strength, risk management, and consumer protections before granting approval. This aligns with SBP’s goal of promoting better access to financial services while adhering to anti-money laundering regulations.
Partnering with UBL brings several advantages:
- Full compliance with regulations to ensure safe money transfers.
- Trusted service delivered through UBL’s established network.
- Competitive exchange rates, low fees, and new financial tools.
Philip Daniel, LemFi’s Global Head of Expansion, added, “UBL’s strong banking legacy combined with our innovative platform creates a better financial future for Pakistanis worldwide.”
Founded in 2021, LemFi has raised $85 million from investors, including Y Combinator. The company employs over 300 staff across Africa, Europe, and North America. The recent SBP approval expands their global reach and strengthens their position in Pakistan’s vital remittance market.
Remittances play a key role in Pakistan’s economy. LemFi’s new service streamlines money transfers, supports families, and fosters digital finance growth. The partnership between LemFi, SBP, and UBL marks a significant step forward for remittances to Pakistan.
