Panda Remit expands into Africa with dLocal
dLocal, the leading cross-border payment platform connecting global merchants to emerging markets, has announced a strategic partnership with Panda Remit, a global remittance provider facilitating fast and cost-effective international money transfers.
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Through this partnership, Panda Remit expands its payout capabilities, offering secure and efficient payment solutions for recipients in Africa.
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. 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.
By leveraging dLocal's payment network, Panda Remit is able to tackle these challenges head-on, offering recipients in critical African markets faster, more efficient solutions. This collaboration reduces transaction costs, increases operational efficiency, and accelerates market expansion, ensuring reliable access to funds for those who rely on remittances.
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.
This partnership exemplifies a shared commitment to transforming remittance services in Africa. dLocal and Panda Remit are not only supporting global financial accessibility but also enabling greater access to funds into the fast-growing African market. This collaboration strengthens Panda Remit's position as a key player in offering seamless cross-border remittance services across the continent.
'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.'
'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.'
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