Fintech Startup NALA Receives License to Operate in Rwanda as A Payment Service Provider

NALA, an African payments company that enables users to make safe, affordable, and reliable payments to Africa, from the UK, US, and EU, has received a payment license from the National Bank of Rwanda, to operate in the country as a Payment Service Provider.

This license will enable NALA to directly integrate with banks and mobile money operators locally. 

Speaking on the approval as a Payment Service Provider in Rwanda, NALA group COO Nicolai Eddy said,

“Enabling direct integration to banks and telcos allows us to address some of the most pressing and sticky challenges that individuals and businesses face when moving money across Rwanda’s borders. Our new PSP license enables us to build these capabilities under our roof, which means we can improve the quality of service and reduce costs.

“We have worked closely with the Bank of Rwanda to complete the appropriate steps to become licensed as a Payment Service Provider. With this new license, NALA commits to supporting and collaborating with the Rwandan regulator and the relevant government agencies to accomplish our shared ambitions.”

According to reports, the license unlocks a host of new payment capabilities including direct integration with banks and mobile money operators, disbursements such as for bill or school fees, and payment collections.

NALA’s recent license approval comes after the rollout of the Rwanda Fintech Policy 2022-2027, to enable the East African country’s fintech ecosystem to thrive.

It is worth noting that NALA has been operating in Rwanda since 2021, and has partnered with several other companies to disburse remittance payments to bank accounts and mobile money wallets. 

Since then, it has processed over 10,000 transactions and has helped thousands of Rwandan diasporans to seamlessly send money home.

Following its recent approval of a psp license, the Tanzanian business and consumer cross-border payments fintech startup, says it plans to make Rwanda a settlement hub for its East African remittance business. 

Founded in 2017, NALA has built a hassle-free, offline mobile money payment platform for Africa.  The startup aims to revolutionize financial transactions in Africa, by building a simpler interface and improving its offerings.