The news:
- Leatherback, a Nigerian fintech, has partnered with YES BANK, a Mumbai-based commercial bank, to facilitate smoother remittance and Indian Rupee (INR) payouts within India.
- The collaboration will let businesses and individuals, such as international students, medical migrants, tourists, and other users globally on the Leatherback platform, leverage YES BANK's market reach to seamlessly send funds to individuals and businesses in India, which can instantly be withdrawn in INR.
- Leatherback claims to be the first Africa-focused fintech company to offer INR remittance payouts, tapping into the growing trend of Africans and Indians seeking business and other opportunities in Africa and Asia.
The company uses a multi-currency platform to streamline cross-border transactions for individuals and businesses. Currently, remittances in INR and payouts are available to Leatherback users through SendR, its remittance solution.
To complete payments, users on the platform must provide a valid Indian Financial System Code (IFSC), such as SWIFT codes for USD and GBP payments.
Headquartered in London and regulated in Nigeria, the United Kingdom, Canada, and other countries, the company claims to have more than 30,000 customers on its platform. Indian individuals and businesses from over 20 countries, including Nigeria, Canada, and the United Kingdom, can access up to 15 currencies, including NGN, GBP, INR, EUR, and USD.
On the development, Ibrahim Toyeeb Ibitade, CEO of Leatherback, says, “India represents an exciting frontier for us on our mission to make it as easy as possible to move money around the world, and we are looking forward to playing our part in enabling the opportunities that abound in this market, with effective payment solutions.”
Per Leatherback, the partnership will only strengthen its mission to provide top-tier financial, payment, and commerce solutions that remove barriers to global growth and mobility, allowing it to unlock more opportunities in the Indian market for its users.
In the last two decades, trade between India and African nations has experienced an average of 18% annual growth since 2003, reaching $103 billion in 2023.
As of 2023, India ranked as Africa’s third-largest trading partner, behind Europe and China. The South Asian nation has also emerged as a hotspot for medical tourism, with 19.5% of African tourists visiting India for medical purposes in 2020.
This alliance will serve as a bridge, facilitating economic growth and cultural exchange, empowering communities in both India and Africa through enhanced financial access and connectivity.
