NALA Receives PSP License From The Bank Of Tanzania
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 said it has received a PSP license from the Tanzania apex bank, which is a significant milestone as it enables the development of a host of new offerings such as business payments, merchant’s services, and outbound payments from Tanzania as well as direct integration with local banks and telcos.
NALA said it will invest a significant $1m into Tanzania to support this product innovation and create new jobs. NALA has snowballed via geographic expansion, product differentiation, and improvement of existing infrastructure.
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 continues its operational activities in Tanzania as part of advancing our President’s goal to create a country that has advanced in terms of discovery, innovation, and technology as a whole.
Benjamin Fernandes, NALA’s Founder and CEO, said: “Two of NALA’s biggest goals in the last year have been enabling direct integration to banks and telcos and tackling the challenges 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, NALA is committing to investing $1m to build our most ambitious projects 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.
The World Bank estimates average transfer fees to Africa at ~9%. Further, many existing options include hidden fees that make it hard to discern the 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.