Tanzanian Fintech NALA Announces Plans to Make Rwanda A Hub For Its East Africa Remittance Business
NALA, a Tanzanian cross-border payments company, has announced its plans to make Rwanda a hub for its East African remittance business.
Following this announcement, the startup recently acquired a license from Rwanda’s Apex bank, the National Bank of Rwanda.
According to NALA’s Chief Operating Officer Nicolai Eddy, he said that the license will allow the company to eliminate middlemen and offer cheaper international money transfers.
“This means we can aggregate the payment channels ourselves. We want to go deeper and a PSP license also means that we can process remittance payments for third-party providers and integrate with local banks and telcos”, he added.
NALA’s move to make Rwanda a hub for its East Africa Remittance business aligns with the country’s growing prominence in the fintech sector and its favorable regulatory environment. By choosing Rwanda as a central location, NALA aims to leverage the nation’s infrastructure and regulatory support to enhance the efficiency and accessibility of its remittance services across East Africa.
Notably, Nala has built a hassle-free, offline mobile money payment platform for Africa. Using Nala, users can make payments to anyone on any device, as it only requires a one-time download to start transacting.
The app enables users to send money to Africa within seconds. It has also partnered with 200+ banks for the best payment app experience.
For businesses, NALA offers competitive exchange rates, same-day or next-day settlement, and high transaction limits. Plus, NALA for Business has a web-based portal for easy access.
It is interesting to note that NALA does not charge any fees for mobile money transfers, with the exception of a small margin embedded in the exchange rate. With no hidden costs, users can always be sure that they are getting the best value on their money transfers.
The startup has also strategically partnered with Kenya’s Mpesa to help advance the positive impact of both companies on African payment infrastructure.
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.
