According to the World Bank, Sub-Saharan Africa has the highest remittance costs globally, with an average of 8.72% for sending $200 in 2022. Additionally, 52% of adults in sub-Saharan Africa lack access to formal financial services.
Access to fast and reliable remittance services is crucial for individuals in emerging markets. However, traditional remittance solutions often come with high fees, delays, and limited accessibility. In Africa, where mobile wallets and bank transfers are essential for financial inclusion, ensuring a seamless payout experience is critical.
dLocal has announced a strategic partnership with Panda Remit, a global remittance provider facilitating fast and cost-effective international money transfers. By leveraging dLocal’s payment network, Panda Remit can tackle these challenges head-on, offering recipients in critical African markets faster, more efficient solutions.
With access to local and alternative payment methods—including bank transfers and mobile wallets like M-Pesa, Orange, and Airtel—across key markets in North, West, and East Africa, Panda Remit now offers tailored solutions that meet diverse recipient needs. This integration enables faster transfers, lower costs, and enhanced security and flexibility, improving the experience for both senders and recipients.
“Partnering with dLocal enables us to expand our presence across Africa, offering reliable payout options that meet the diverse needs of our users,” said Alfred Yang, Head of Region at Panda Remit. “At Panda Remit, it’s crucial to simplify international cross-border remittances and provide an affordable, efficient way for users to send and receive funds.”
This partnership exemplifies a shared commitment to transforming remittance services in Africa. By reducing transaction costs, increasing operational efficiency, and accelerating market expansion, ensuring reliable access to funds for those who rely on remittances.
“Seamless remittances are a lifeline for millions in emerging markets, and enabling fast, cost-effective cross-border payments is at the core of what we do,” Justin Goh, Head of China at dLocal. “By partnering with Panda Remit, we’re driving their expansion of financial services across Africa, enabling faster, more secure fund transfers that not only benefit individuals but also strengthen the remittance landscape.
