Panda Remit Partners With dLocal To Improve Remittance Service In Africa

Major cross-border payment platform, dLocal, has teamed up with global remittance provider, Panda Remit. According to the announcement, the partnership will facilitate cost-effective and fast international money transfers on a global scale.

Following the collaboration, Panda Remit will expand its payout capabilities, providing efficient and secure payment solutions for users in Africa.

Panda Remit Wants To Make Remittance Services Easily Accessible

Individuals in emerging markets need access to reliable and fast remittance services, which is crucial. However, conventional remittance services often come with limited accessibility, delays, and high fees. Panda Remit wants to bridge this gap by making remittances easily accessible.

Bank transfers and mobile wallets are important for financial inclusion in Africa. It ensures that a seamless payout experience is critical. A recent World Bank report noted that Sub-Saharan Africa has the biggest remittance costs globally.

The report revealed that 52% of adults in the region lack access to formal financial services while an average of 8.72% was charged as a cost of sending $200 last year. The goal of the partnership is to significantly accelerate market expansion, increase operational efficiency, and reduce transaction costs. This will ensure clean access to funds for those who depend on remittances to receive funds from their loved ones.

Panda Remit wants to leverage dLocal’s payment network to deal with the remittance issues to offer recipients in major African markets more efficient and faster solutions.

Panda Remit now offers access to local and alternative payment methods, including mobile wallets like Airtel, Orange, M-Pesa, and bank transfers. These solutions are offered across major markets in East, West, and North Africa, as Panda continues to provide tailored solutions that meet the diverse needs of its users.

The Partnership Will Improve the Remittance Experience For Users

The partnership and the integration of dLocal’s payment network will enhance security, lower costs, and enable faster transfers, which improves the experience of both recipients and senders.

Apart from supporting financial accessibility globally, Panda Remit and dLocal are also ensuring greater access to funds in the fast-growing African market. Both companies want to strengthen payment services in the region using their remittance platforms.

The collaboration will also improve Panda Remit’s position as a major player in the remittance industry, offering cross-border payment solutions across several regions.

Head of Region at Panda Remit, Alfred Yang, commented on the partnership. He stated that the collaboration with dLocal will enable the company to expand its operation across Africa, offering secure payment options that meet the varying needs of both senders and receivers. Yang says the goal is to make it more affordable and efficient, which will increase the way people use remittance services in the region.