Tanzanian fintech startup NALA has just scored a licence from the National Bank of Rwanda, opening the door to exciting new payment possibilities.
This means they can now seamlessly link up with local banks and mobile money services, handling tasks like bill payments, school fees, and collections.
NALA, known for its user-friendly money transfer app, has been making waves in Africa, allowing folks from Europe, the UK, and the US to send money quickly and securely to Tanzania, Kenya, Rwanda, Uganda, and Ghana. Recently, they expanded into the European Union, making it possible to send funds to 19 more countries.
The approval from the National Bank of Rwanda for a Payment Service Provider licence is a big deal for NALA. It lets them directly integrate with local banks and mobile money operators, a key step in building robust payment networks across Africa.
This move highlights their commitment to investing in Rwanda, a global hub for business and investment.
Since 2021, NALA has been active in Rwanda, collaborating with partners to send remittance payments to bank accounts and mobile wallets.
With over 10,000 transactions processed, they’ve been a crucial support for Rwandans abroad sending money home. Now, with the new licence, NALA can handle disbursements and collections in-house, making the process more cost-effective and reliable.
According to NALA’s COO, Nicolai Eddy, this licence is a game-changer, addressing challenges people and businesses face when moving money across Rwanda’s borders.
By building these capabilities in-house, NALA aims to enhance service quality and reduce costs, aligning with their mission to make money transfers smoother for everyone involved.
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