Tanzanian fintech firm NALA taps into the Nigeria market

NALA, a Tanzanian fintech, has officially launched payments from the UK and Europe to Nigeria.

NALA is an African payments company and money transfer app that enables you to make secure and reliable payments from Europe, the UK, and the US to Africa in seconds.

According to the firm, this is a significant move for NALA given their strong roots in East Africa, and alludes to the company’s intention to compete on a pan-African scale alongside West African players such as Send by Flutterwave, Lemfi, and others.

 Given Nigeria comprises 20 per cent of Africa’s total population, launching in this market unlocks a significant opportunity for NALA to realize its mission to increase economic opportunity for Africans worldwide.

NALA, a Tanzanian financial technology company licensed in the UK, European Union (EU), and United States of America, launches payments to Nigeria.

The announcement comes after a series of aggressive moves on behalf of the company, including a push to deepen local partnerships and acquire licenses across the continent. Earlier this year, NALA announced its approval for a License to provide Payment Systems by the Bank of Tanzania, which will enable direct integration with Banks and Mobile Money operators such as M-Pesa. Further, NALA’s CEO Benjamin Fernandes announced in July a $5 million investment into Kenya, which is home to the company’s largest office worldwide.

Nigeria is the largest economic market in Africa. As of 2021, Nigeria’s Gross Domestic Product totaled $441 billion, placing it ahead of economies like Egypt and South Africa. Nigeria also has a robust migrant population, with almost 400k diasporans living in the United States and 200k living in the United Kingdom.

Together, Nigeria’s robust economy and healthy diaspora population contribute to massive remittance inflows, amounting to more than £3 billion from the UK alone, or 1% of Nigeria’s GDP.

NALA is led by Founder and Chief Executive Officer, Benjamin Fernandes, who hails from Tanzania and has been working in African payments for 10+ years.

Fernandes commented, “As we take our first strides into West Africa, Nigeria is a clear opportunity space for NALA. As a company, we are committed to advancing payment solutions for Africans worldwide. We do so by innovating on status-quo tools while expanding access to improved technology infrastructure. Launching in Nigeria amplifies NALA’s reach and capacity to drive meaningful innovation in the African payments landscape. We believe this expansion lays the groundwork for NALA to compete and win on a Pan-African scale. In turn, NALA will invest in Nigeria by increasing the number of local jobs we provide and creating partnerships with local players such as banks and payout providers.”

Source: The Guardian Nigeria