ClearBank and LemFi have entered into a strategic collaboration to tackle the intricacies of international payments, particularly aiming to improve services for underbanked African immigrants. As part of this partnership, ClearBank will extend agency banking services to LemFi, leveraging its expertise and infrastructure to enhance the efficiency and accessibility of international payment services.
By tapping into ClearBank’s robust agency banking framework, LemFi aims to empower underbanked African immigrants, providing them with more seamless and inclusive financial solutions. This collaboration not only underscores a commitment to addressing financial inclusion challenges but also signifies a joint effort to bridge gaps in international payment systems.
The integration of ClearBank’s agency banking services is expected to contribute to the expansion of LemFi’s capabilities, fostering a more secure and efficient environment for international transactions. This collaborative initiative reflects the shared vision of both organizations to create meaningful and positive impacts on the financial experiences of underbanked communities, particularly those in the African diaspora navigating cross-border transactions.
ClearBank is providing LemFi with agency banking services, powering its e-wallet offering in the UK to provide African immigrants with an alternative to traditional banking.
LemFi selected ClearBank as its agency banking partner due to its reputation for facilitating robust payments and advanced banking infrastructure which supports local virtual accounts and access to secure UK payment rails.
By The Numbers.
LemFi, recognizing the underbanked nature of a significant immigrant population, was established to address this financial gap. Initially focused on serving the African diaspora in North America and Europe, LemFi expanded its reach last year by acquiring Rightcard Payment Services in the UK, which possesses an EMI license, enabling the provision of e-wallets to its customers.
ClearBank’s role in providing agency banking services has powered LemFi’s e-wallet offering in the UK, providing a viable alternative to traditional banking for African immigrants. The partnership has witnessed substantial growth, with payment volumes soaring to 550,000 transactions in September 2023. Furthermore, the e-wallet offering boasts 37,000 virtual accounts with ClearBank, and customer numbers continue to escalate on a monthly basis.
We are delighted with our relationship so far and as we continue to grow, we’re looking forward to expanding the relationship even further.
Ridwan Olalere, CEO at LemFi
Ridwan Olalere, CEO at LemFi, expressed the company’s overarching mission: “At LemFi, our mission has always been to make financial services accessible to everyone. By partnering with ClearBank and leveraging its technology and banking license, we are building a proposition that improves the quality and accessibility of financial services for emerging market immigrants. We are delighted with our relationship so far and as we continue to grow, we’re looking forward to expanding the relationship even further.”
