Panda Remit Partners with dLocal to Accelerate Cross-Border Remittances in Africa
In a groundbreaking move to enhance financial access across Africa, dLocal has partnered with Panda Remit, a leading global remittance provider. This strategic alliance aims to revolutionize cross-border payments, making them faster and more reliable for individuals in North, West, and East Africa.
The Importance of Remittances in Africa
Remittances play a critical role in the economies of many emerging markets, serving as a vital lifeline for countless families. However, the current remittance infrastructure is plagued by inefficiencies that can hinder access. According to the World Bank, Sub-Saharan Africa has the highest remittance costs globally, averaging 8.72% for a transfer of just $200. Furthermore, over half of the adult population in this region lacks access to formal financial services, highlighting the urgent need for effective financial solutions.
Addressing Challenges with Innovative Solutions
By integrating with dLocal’s extensive payment network, Panda Remit is set to tackle these challenges directly. This partnership will:
- Significantly reduce transaction costs
- Enhance payout speeds
- Improve reliability for end users
Panda Remit will now have the capability to facilitate transfers through various mobile wallets and bank transfers, including prominent services such as M-Pesa, Orange, and Airtel. These improvements are tailored specifically to meet local needs, ensuring faster and more secure transactions.
Statements from Leadership
Alfred Yang, head of region at Panda Remit, expressed enthusiasm about the partnership: “Partnering with dLocal enables us to expand our presence across Africa, offering reliable payout options that meet the diverse needs of our users. At Panda Remit, it’s crucial to simplify international cross-border remittances and provide an affordable, efficient way for users to send and receive funds.”
Similarly, Justin Goh, head of China at dLocal, emphasized the importance of their collaboration: “Seamless remittances are a lifeline for millions in emerging markets. By partnering with Panda Remit, we’re significantly enhancing the financial services landscape across Africa, enabling faster and more secure fund transfers that benefit individuals and communities alike.”
This partnership marks a significant step forward in improving the remittance landscape in Africa, ultimately empowering individuals with better access to financial services. For more insights into the evolving world of remittance and financial services, visit our Financial Services page.
