Partnership between dLocal and RizRemit speeds up cross-border money transfers in Africa and Asia
In a groundbreaking move, dLocal and RizRemit have joined forces to transform the way money is sent across borders, particularly in Africa and Asia. This strategic partnership empowers faster, more reliable delivery through popular eWallets and local bank rails.
Streamlining Payout Operations
The collaboration results in lower operational complexity, faster settlement times, and greater flexibility without compromising reliability. According to Martin Sapiurka, Head of Remittances at dLocal, this focus on high-efficiency remittance flows is shared by both companies.
A Boost for Emerging Markets
The dLocal RizRemit Partnership supports seamless cross-border remittances in emerging markets. By integrating with local payment ecosystems and domestic rails, the partnership reduces bottlenecks and delays, allowing for quicker remittance delivery. This faster processing time is crucial in emerging markets where traditional systems often result in slow transfers.
Reaching the Unbanked
The use of local payment methods enables greater penetration into underbanked or remote areas. This means that remittances can reach more people, especially in regions that have been historically underserved by financial services. Muhammad Rizwan Javeed, CEO at RizRemit, emphasizes the importance of remittances for their users and their families.
A User-Friendly Experience
By using familiar local channels, the partnership enhances customer confidence and retention. Recipients can receive funds through apps they already trust, improving the overall user experience. RizRemit users can access domestic bank rails and popular eWallets like OPay in Nigeria, JazzCash, and EasyPaisa in Pakistan.
The Impact on Remittances
Remittances account for 3% or more of GDP in over 60 countries, according to the World Bank. This partnership aims to streamline payout operations across key African and Asian corridors, making cross-border payouts more efficient and real-time. The partnership continues to empower faster, more reliable delivery through popular eWallets and local bank rails, without compromising reliability.
In summary, the dLocal RizRemit Partnership aims to address common issues in cross-border remittances, such as slow transfers and hidden fees, by providing faster, more reliable, and localized services in Africa and Asia. The partnership is designed to improve cross-border payout operations, expand reach, lower complexity, and provide a user-friendly experience.
The dLocal RizRemit Partnership, with its focus on local payment methods, extends financial services to underbanked or remote areas, reaching populations previously underserved by traditional financial institutions. This collaboration aims to integrate with local payment ecosystems and domestic rails, thereby fostering faster remittance delivery in emerging markets like Africa and Asia.
Users of ffnews.com can expect a more efficient and reliable cross-border remittance process as this partnership focuses on streamlining payout operations, especially in key African and Asian corridors. The strategic partnership leverages technology to reduce bottlenecks and delays, offering a seamless and user-friendly experience for remittance recipients.
