NALA, a Tanzanian fintech company, has received a Payment Service Provider license from the Bank of Tanzania (BoT) which will allow the company to integrate directly with banks and mobile money operators.
As a result, NALA plans to invest $1 million to pursue new opportunities in Tanzania, support product innovation and create new jobs.
The license was awarded as part of Tanzania’s efforts to foster an environment that encourages investment in the nation. NALA’s mission is to create a low-cost and reliable set of payment rails that friends, family, and businesses can use in Africa.
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’s Founder and CEO Benjamin Fernandes said, “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.”
Despite the many options for sending money to Africa from abroad, the continent continues to be the most expensive place to send money to with the World Bank estimating 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.
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