Leatherback and YES BANK Spearhead INR Remittance Revolution in India

Leatherback and YES BANK Spearhead INR Remittance Revolution in India

By Staff Writer, 26 March 2024

Leatherback, in partnership with YES BANK, has embarked on a mission to simplify remittance and Indian Rupee (INR) payouts within India through the innovative platform developed by Leatherback.

As the inaugural Africa-focused financial technology company to offer INR remittance payouts, Leatherback addresses the growing trend of Africans and Indians seeking business and lifestyle opportunities across both continents.

The collaboration between Leatherback and YES BANK marks a significant milestone in facilitating economic growth and cultural exchange, fostering financial connectivity between India and Africa.

This partnership empowers Leatherback users worldwide by enabling swift fund transfers to individuals and businesses in India, capitalizing on YES BANK's expertise across retail, MSME, and corporate banking sectors.

The transaction process is streamlined for users, requiring only a valid Indian Financial System Code (IFSC), similar to SWIFT codes for USD and GBP payments.

Customers from more than 20 countries benefit from a simplified digital identity verification process, transparent fees, competitive real-time FX rates, and a secure, user-friendly onboarding experience, opening up extensive payment opportunities in India.

Recent years have witnessed a significant surge in trade between African countries and India, reaching $103 billion in 2023, solidifying India's position as Africa's third-largest trading partner.

Additionally, India has emerged as a premier destination for medical tourism, attracting 19.5% of African tourists for medical purposes in 2020.

Source: Mamsi Nkosi / IT News Africa

Related Report

future of fintech in MENA

Shaping The Future of Fintech

In this report, we take a look at the attractiveness of each of the 19 MENA countries in terms of fintech and identify the top 5 hot spots for fintech activity in the region today.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems