Leatherback collaborates with YES BANK to help improve remittances and payouts in India. A Nigerian fintech company called Leatherback has teamed up with YES BANK, a commercial bank in Mumbai, to help people send money back home to India more easily and receive payments in Indian Rupees (INR).
Leatherback Collaborates With YES BANK
The partnership between Leatherback, a Nigerian fintech, and YES BANK, based in Mumbai, allows users worldwide to send money to India smoothly and receive instant payouts in Indian Rupees (INR). This collaboration benefits various users, including international students, medical migrants, tourists, and businesses.
Leatherback is proud to be the first fintech company in Africa to offer INR remittance payouts, catering to the increasing number of Africans and Indians exploring opportunities in both continents. Through its multi-currency platform and SendR remittance solution, Leatherback ensures seamless cross-border transactions for individuals and businesses.
To initiate payments, users need to provide a valid Indian Financial System Code (IFSC), including SWIFT codes for USD and GBP payments. Headquartered in London and regulated in several countries, Leatherback serves over 30,000 customers globally.
Individuals and businesses from more than 20 countries, including Nigeria, Canada, and the UK, can access a wide range of currencies, including NGN, GBP, INR, EUR, and USD, through Leatherback’s platform.
What the CEO of Leatherback Has To Say About This Development
CEO of Leatherback, on the development, Ibrahim Toyeeb Ibitade, stated, “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.”
According to Leatherback, this partnership strengthens its commitment to providing high-quality financial, payment, and commerce solutions that break down barriers to global growth and mobility. By teaming up with YES BANK, Leatherback aims to open up more opportunities in the Indian market for its users.
Trade between India and African Countries over the Years
Over the past two decades, trade between India and African countries has grown steadily, averaging an annual growth rate of 18% since 2003 and reaching $103 billion in 2023. As of 2023, India stands as Africa’s third-largest trading partner, following Europe and China.
Additionally, India has become a popular destination for medical tourism, attracting nearly 20% of African tourists seeking medical treatment in 2020.
What Leatherback and YES BANK Aim To Achieve Through This Alliance
Through this alliance, Leatherback and YES BANK aim to bridge the gap, fostering economic growth and cultural exchange between India and Africa. By enhancing financial access and connectivity, this partnership seeks to empower communities in both regions.
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