Fintech company, NALA, has received a major license from Bank of Tanzania, resulting from close collaboration with Tanzania’s financial regulators. The company will invest $1m to pursue the opportunities newly available to them.
The company has received its Payment Service Provider License in Tanzania, which is a major milestone as it enables development of a host of new offerings such as business payments, merchants services, and outbound payments from Tanzania as well as direct integration with local banks and telcos.
The license was awarded as part of the ongoing initiatives and efforts of the President of the United Republic of Tanzania, H.E. Dr. Samia Suluhu Hassan, to empower young people and to generally foster an environment that makes it simple for businesses like NALA to invest in the nation.
NALA continues its operational activities in Tanzania, as part of advancing our President’s goal to create a country that has advanced in terms of discovery, innovation and technology as a whole.
NALA’s Founder and CEO Benjamin Fernandes said that two of NALA’s biggest goals in the last year have been enabling direct integration to banks and telcos and tackling the challenges that businesses face in moving money across borders.
“We have worked closely alongside the Bank of Tanzania to complete the appropriate steps to receive our license as a Payment Service Provider. With this new license in hand, NALA is making a major commitment to invest $1m to build our most ambitious projects ever in our home market of Tanzania,” Benjamin said.
NALA, a global payments company born in Tanzania, expanded from the UK and USA to Europe earlier this year. NALA has grown rapidly via geographic expansion, product differentiation and improvement on existing infrastructure.
Despite the many options for sending money to Africa from abroad, the continent continues to be the most expensive place to send money to. The World Bank estimates average transfer fees to Africa at ~9%. Further, many existing options include hidden fees that make it hard to discern the true cost of sending money. NALA is working towards changing the paradigm of financial tools for Africans by providing fair and transparent services to empower people with control over their finances.