Leatherback, a neo-banking platform, has partnered with MCB Bank to enable easier Pakistani Rupee (PKR) payouts and remittances for its users.
The partnership between Leatherback and MCB Bank will make it easier for businesses, international students, medical migrants, tourists, and other users to seamlessly send money to businesses and individuals in Pakistan where it can be instantly received in the local currency.
Pakistan received approximately $150 billion in remittances from 2017 to 2022. This ranks Pakistan sixth among the top remittance-receiving countries in 2022, with $29.9 billion going into the country that year.
According to the most recent estimates, trade between Pakistan and Africa is worth $4.18 billion.
Following the recent launch of Indian Rupee remittances and payouts on the Leatherback platform, this new partnership connects Leatherback users to more opportunities across the South Asia region.
According to Ibrahim Toyeeb Ibitade, CEO of Leatherback, “Our partnership with MCB Bank is another step in our mission to make it much easier for our customers to access the opportunities they desire around the world, removing barriers that were previously in place due to limited payment options.
“As developing commerce models and the rise of digitisation alter how the world interacts, we are pleased to bring people from all over the world closer together by offering them effective cross-border payment solutions that allow them to trade and enjoy more experiences.”
Omar Safdar, Group Head Wholesale Banking, MCB Bank Limited added that “through our partnership with Leatherback, we’re poised further to enhance the scale of our digital remittance services, empowering customers with seamless and efficient cross-border transactions. This collaboration underscores our commitment to innovation and delivering unparalleled value to our customers.”
