AFRICAN FINTECH LEATHERBACK COLLABORATES WITH YES BANK TO ENHANCE MONEY TRANSFERS TO INDIA.
Leatherback, a global provider of financial services, has partnered with YES BANK, a prominent private bank in India, to streamline money transfers and Indian Rupee (INR) payouts for its users in India. This collaboration aims to simplify trade and travel connections between Africa and India.
The increasing trade volume between Africa and India, which reached $103 billion in 2023, has spurred the demand for efficient remittance solutions. Leatherback’s alliance with YES BANK addresses this demand by offering a user-friendly platform for businesses, students, medical tourists, and individuals to send money to India.
Leatherback’s remittance solution, SendR, enables users to transfer funds seamlessly using just an IFSC code, similar to SWIFT codes for other currencies. This simplifies the process and ensures swift transfers, providing users with real-time currency exchange rates, low fees, and a secure onboarding experience.
“We are excited to collaborate with YES BANK to connect global players with the vast opportunities in India,” said Ibrahim Toyeeb Ibitade, CEO of Leatherback. “This partnership aligns with our goal of making global money transfers effortless. We believe our solutions will unlock greater trade and commerce opportunities between Africa and India.”
Leatherback’s presence in over 20 countries, including key African nations and the UK, combined with YES BANK’s market leadership in India, establishes a robust network for efficient money transfers. This partnership contributes to enhancing financial inclusion and fostering economic growth across Africa and India.
Through this collaboration, businesses can utilize Leatherback’s technology and YES BANK’s network to streamline cross-border transactions. International students in India can now receive funds more conveniently from their families back home.
The partnership also benefits medical tourists from Africa seeking treatment in India, as Leatherback’s user-friendly platform ensures efficient payment for medical expenses. This aligns well with the growing medical tourism industry in India, with nearly 20% of African tourists visiting India for medical purposes in 2020.
Leatherback’s emphasis on digital identity verification expedites the money transfer process, making transactions faster and more secure. Users can complete transactions effortlessly, reducing unnecessary delays and paperwork.
This collaboration reflects Leatherback’s commitment to financial inclusion. By simplifying money transfers, Leatherback empowers individuals and businesses to engage more actively in the global economy.
YES BANK’s extensive network in India ensures that recipients can easily access funds sent through Leatherback’s platform, with money collected in INR at any YES BANK branch or ATM.
Overall, this collaboration is expected to strengthen economic ties between Africa and India, facilitating faster and more affordable money transfers and fostering increased trade and investment opportunities between the two regions.
Source: Techeconomy
