Through the collaboration, Panda Remit aims to expand its payout capabilities, delivering secure and more efficient solutions for recipients in Africa.
In emerging markets, access to fast and convenient remittance services is key. However, traditional remittance solutions often come with challenges such as high fees, delays, and limited accessibility. In Africa, where mobile and bank transfers are the most utilised for financial inclusion, ensuring a convenient and simple payout experience is important. Sub-Saharan Africa has the highest remittance costs globally, according to the World Bank, with an average of 8.72% for sending USD 200 in 2022. Moreover, more than half of the adults in this region lack access to formal financial services.
To tackle these challenges, Panda Remit leverages dLocal’s payment network to offer recipients faster and more secure services. The collaboration is projected to reduce transaction costs, increase operational efficiency, and accelerate market expansion, offering access to funds for those who rely on remittances.
Panda Remit now offers access to local and alternative payment methods, such as bank transfers and mobile wallets like Orange, M-Pesa, and Airtel. The integration allows for faster transfers, lower costs, and improved security, creating a better experience for senders and recipients.
The two companies share a commitment to upgrading remittance services in North, West, and East Africa, supporting global financial accessibility and enabling wider access to funds in the ever-growing African market. Partnering with dLocal will enable the remittance provider to further expand in the region and offer better solutions that meet the growing demands and needs of its customers. Panda Remit is committed to simplifying international remittances and delivering an affordable way for users to send and receive funds.
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