The new partnership between two fintechs will enable remittances to Lebanon at a lower cost despite providing a better user experience
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Purpl digital wallet and aggregator partnered with the fintech focused on remittance services for immigrants and their families, Remitly, to lower the cost of money transfers to Lebanon.
The country heavily depends on remittance flows, transferring about over $7 billion. At the same time, Lebanon is rated as the 5th most expensive country to send money to, with the rate surge driven by the recent 98% devaluation of the Lebanese Pound and the first dеfаult in the history of the country.
Therefore, alternative remittance methods which could make money transfers more affordable are very much appreciated by expats and local communities alike.
With the new partnership, Remitly customers can quickly and conveniently send remittances to Lebanon, while transfer beneficiaries may either cash out at the largest ATM network on the Lebanese territory – Banque Libano-Française (BLF) – or spend the funds digitally via Purpl digital wallet.
This remittance model improves financial inclusion, catering even to the underbanked or unbanked population categories who may receive money without an official bank account. They can easily withdraw funds from ATMs even if they don’t have any debit/credit cards, or receive money in a traditional way over the counter.
Karl Naïm, co-founder & CEO of Purpl, has also stated that the company will be announcing more cash-out partnerships in the near future, increasing its footprint across the region and providing more convenience to the end users.
Previously, Purpl partnered with UK-based fintech Paysend with the same ultimate goal – to make international money transfers affordable and convenient for Lebanese citizens.
