Leatherback, a global financial services provider, has joined forces with YES BANK, a leading private bank in India, to simplify money transfers and Indian Rupee (INR) payouts for its users in India.
This collaboration between Leatherback and YES BANK focuses on the growing trade and travel ties between Africa and India.
The surge in trade between Africa and India, reaching $103 billion in 2023, has fueled the demand for efficient remittance solutions. Leatherback’s partnership with YES BANK addresses this need by offering a user-friendly platform for businesses, students, medical tourists, and individuals to send money to India.
Leatherback’s remittance solution, SendR, allows users to send funds seamlessly with just an IFSC code, similar to SWIFT codes for other currencies. This eliminates complexities and ensures swift transfers, enabling users to leverage features like real-time currency exchange rates, low fees, and a secure onboarding process.
“We are thrilled to partner with YES BANK to connect global players to the vast opportunities in India,” said Ibrahim Toyeeb Ibitade, CEO of Leatherback. “This partnership aligns with our mission to make global money transfers effortless. We are confident our solutions will unlock greater trade and commerce possibilities between Africa and India.”
Leatherback’s established presence in over 20 countries, including key African nations and the UK, combined with YES BANK’s market leadership in India, creates a solid network for efficient money transfers. This collaboration is a good step towards enhancing financial inclusion and economic growth across Africa and India.
With this partnership, businesses can leverage Leatherback’s technology and YES BANK’s reach to streamline cross-border transactions. International students in India can now receive funds more conveniently from their families back home.
The collaboration also benefits medical tourists from Africa seeking treatment in India. Leatherback’s user-friendly platform ensures they can pay for medical expenses efficiently.
This initiative aligns perfectly with the growing medical tourism industry in India. In 2020, nearly 20% of African tourists visited India for medical purposes, highlighting the demand for seamless financial solutions.
Leatherback’s focus on digital identity verification makes the money transfer process faster and more secure. Users can complete transactions with ease, eliminating unnecessary delays and paperwork.
This partnership is a pointer to Leatherback’s vision of financial inclusion. Through simplifying money transfers, Leatherback empowers individuals and businesses to participate more actively in the global economy.
YES BANK’s extensive network in India ensures that recipients can easily access the funds sent through Leatherback’s platform, with money being collected in INR at any YES BANK branch or ATM.
The collaboration is also expected to strengthen the economic ties between Africa and India, facilitating faster and more affordable money transfers, and ensuring increased trade and investment opportunities between the two regions.
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