Categories: News

Yes Bank in South Africa

Yes Bank Partners with Leatherback to Enhance Remittance Services

Johannesburg, South Africa – March 25, 2024

Yes Bank, a prominent Indian financial institution, has entered into a strategic partnership with Leatherback, an Africa-focused financial technology company, to streamline remittance services and facilitate Indian Rupee (INR) payouts. This collaboration aims to simplify cross-border transactions between Africa and India, catering to the growing demand for seamless financial connectivity between the two regions. (za.investing.com)

Key Highlights of the Partnership:

Simplified Transactions: The partnership enables Leatherback users globally to transfer funds to individuals and businesses in India with ease, leveraging Yes Bank’s expertise in retail, MSME, and corporate banking sectors.

Enhanced User Experience: Customers from over 20 countries benefit from a streamlined digital identity verification process, transparent fees, competitive real-time foreign exchange rates, and a secure, user-friendly onboarding experience.

Growing Trade Relations: The collaboration responds to the increasing trend of Africans and Indians exploring business and lifestyle opportunities across both continents. Trade between African countries and India surged to $103 billion in 2023, positioning India as Africa’s third-largest trading partner. Additionally, India has become a prominent destination for medical tourism, attracting 19.5% of African tourists for medical purposes in 2020.

Ibrahim Toyeeb Ibitade, CEO of Leatherback, expressed enthusiasm about the partnership, stating, “It is truly special to partner with Yes Bank to connect more global players to emerging opportunities in India.” He emphasized the mission to make global money transfers as seamless as possible, unlocking more opportunities in the Indian market. (za.investing.com)

This partnership signifies a significant step towards enhancing financial connectivity between Africa and India, fostering economic growth, and facilitating smoother cross-border transactions for individuals and businesses in both regions.