Leatherback has entered into a partnership with YES BANK to enable easier remittance and Indian Rupee (INR) payouts in India for its users.
Leatherback is the first Africa-focused financial technology company to offer INR remittance payouts, catering to the growing trend of Africans and Indians exploring business and lifestyle opportunities on both the African and Asian continents.
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With this partnership, businesses, international students, medical migrants, tourists, and other Leatherback users from across the world will be able to leverage its financial technology solutions and YES BANK’s market experience in retail, MSME, and corporate banking to send funds to individuals and businesses in India that can be instantly collected in the local currency.
Trade between African countries and India on the rise
Trade between African countries and India has grown significantly, reaching $103bn in 2023. This makes India Africa’s third largest trading partner, after the European Union and China.
Users from more than 20 countries, including the United Kingdom, Canada, Nigeria, West and Central Africa, and more can access up to 15 currencies, taking advantage of a smooth, digital identity verification process, upfront low fees, real-time competitive FX rates, and a secure, fast, and easy-to-use onboarding process to access more payment possibilities in India.
Ibrahim Toyeeb Ibitade, CEO of Leatherback, said: “It is truly special to partner with YES BANK to connect more global players to emerging opportunities in India. 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. Over the years, we have delivered best-in-class financial, payment, and commerce solutions that remove barriers to global growth and mobility, and we are excited to leverage these solutions to unlock more opportunities in the Indian market.”
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