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Visa & LemFi boost global money transfers in expansion deal
Fri, 22nd Mar 2024

Visa Cross-Border Solutions, a Visa division specialising in cross-border money transfers, has signed a global expansion deal with the UK-based international payments company, LemFi. This agreement is poised to significantly expand their existing global partnership. LemFi’s reach will extend into several new markets around the world, including China, India, and Pakistan, utilising Visa Cross-Border Solutions as its primary partner for facilitating cross-border transactions.

This partnership is poised to allow Visa to provide debit and pre-paid debit cards to over 250,000 users in the UK and EMEA regions, increasing the accessibility of its services. The UK-headquartered payments company will also continue as the preferred provider of e-payments and foreign exchange services for LemFi. This is set to support the transfer of funds for hundreds of thousands of UK-based citizens from various African countries.

Ridwan Olalere, CEO and Co-founder of LemFi, supported the new deal enthusiastically. Olalere said: “The combination of our expertise and our technology platform puts us in a very strong position to expand internationally in the coming months and years. Visa's speed-to-market, transparency, and scalability will be instrumental as we extend our services worldwide."

LemFi is known for its significant contribution in dealing with remittances from nationals of African countries. The company is set to apply the same expertise on a global level as part of its expansion strategies.

Piers Marais, Head of Product at Visa Cross-Border Solutions, endorsed this role remarking, "LemFi is doing incredible work with nationals from countries in Africa, and we know the enormous impact that remittances have in that part of the world.” Emphasising the collaborative journey, Marais also noted, "The next step for them to grow as a business is for them to take that expertise and apply it globally. We’re so excited to be on that journey with them."

The collaboration is designed to improve and broaden the financial services available to immigrant communities around the globe, supporting them in various aspects of their lives. The mission to improve the financial life of the next generation of immigrants is clearly stated, making financial services accessible and more transparent through a mobile app for these communities worldwide.

The partnership presents a promising effort towards a holistic approach to financial services for multiple communities, showing the beneficiaries are not only the companies involved but also, and especially, the next generation of immigrants across the globe.