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Bayfikr is on a mission to extend remittances into Pakistan –

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Bayfikr, a London based mostly Pakistani FinTech, has launched for Abroad Pakistanis with an purpose of accelerating and streamlining remittances into the nation.

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In accordance with their CEO & Co-founder, Rascim Khattak, Bayfikr has launched for Abroad Pakistanis within the UK initially. The corporate will broaden into the Center East & North America later this 12 months.

Pakistan is closely reliant on inward remittances. An quantity of $30 billion was despatched by Abroad Pakistanis final 12 months and this 12 months, remittances will rise to $33bn in response to the State Financial institution of Pakistan (SBP). February 2022 noticed month-to-month remittances of $2.2bn in response to SBP’s newest figures.

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“Our aim is to assist Pakistan improve remittances by formal channels by making it simpler and extra handy for Abroad Pakistanis to ship cash & make funds in Pakistan,” Rascim stated. “By our app, Pakistanis overseas can ship cash to their Roshan Digital Accounts (RDAs), or another checking account. Extra importantly, they’ll pay their Pakistani payments like electrical energy, fuel, or cell instantly from their worldwide financial institution accounts in lower than 10 seconds.”

Bayfikr removes the center step when paying a invoice or enterprise. Customers can merely choose a invoice, enter their buyer ID & pay. They don’t have to ship cash to somebody. The biller will get paid instantly. Bayfikr takes benefit of Open Banking structure & sooner fee rails to make this occur. This, in response to the CEO, reduces time & removes friction within the fee course of.

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The app has all electrical energy, cell networks & fuel corporations together with schooling & authorities funds. It additionally allows folks to ship Zakat/charity funds to main charities like Shaukat Khanum, Edhi & Shahid Afridi Basis. The corporate will allow funds to greater than 500 billers & companies by this summer time.

Ali Masood, the COO & co-founder, stated, “We wish Pakistanis to be Bayfikr about their family members in Pakistan particularly relating to funds.” Being expats Pakistanis themselves, the founding crew felt the necessity to cut back the ache of constructing funds & sending cash to Pakistan by making the method sooner, handy & cheaper.

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At present, the app could be downloaded by Pakistanis within the UK however the startup founders stated they may broaden into different international locations just like the UAE, Saudi Arabia, US & Canada.

The Bayfikr app is an innovation within the fintech sector. They accomplished their alpha testing final 12 months and now the app could be downloaded on iOS & Android. The founders say that they may work with customers on to continuously enhance the app to allow them to serve their customers properly. It may be downloaded at https://www.bayfikr.web/.

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