Leatherback, a global banking service provider, has partnered with YES BANK to make it simpler for people and businesses worldwide to send money to India.
This partnership aims to facilitate easier remittances and payouts in Indian Rupees (INR) through Leatherback’s tech-powered platform.
India has become Africa’s third-largest trading partner, with trade reaching $103 billion in 2023, trailing only behind the European Union and China.
Additionally, India has emerged as a significant destination for medical tourism, attracting 19.5% of African tourists for medical purposes in 2020.
Leatherback distinguishes itself as the first financial technology company focused on Africa to offer INR remittance payouts, catering to the growing interest of Africans and Indians in business and lifestyle opportunities on both continents.
This collaboration serves as a link fostering economic growth and cultural exchange, empowering communities in India and Africa by providing better financial access and connectivity.
CEO Ibrahim Toyeeb Ibitade expresses excitement about exploring the Indian market and facilitating global money transfers, aiming to unlock opportunities with effective payment solutions.
Through this partnership, Leatherback users, including businesses, students, medical migrants, and tourists, can use its advanced financial technology along with YES BANK’s expertise in banking to send funds seamlessly to individuals and businesses in India.
Remittance in INR is accessible via SendR, Leatherback’s remittance solution, requiring users to provide a valid Indian Financial System Code (IFSC) for payments, similar to SWIFT codes for USD and GBP transactions.
Users from over 20 countries, including the UK, Canada, Nigeria, West and Central Africa, can access up to 15 currencies, benefiting from a smooth digital verification process, low upfront fees, competitive exchange rates, and a secure onboarding process to expand payment options in India.
Leatherback, headquartered in London and regulated across multiple countries, including the UK, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka, is already serving over 30,000 customers daily.
The platform holds various certifications, including FCA Authorization, PCI DSS Compliance, and ISO Certification, ensuring secure and reliable service provision.
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