NALA, a financial technology company, has officially launched payments from the UK and Europe to Nigeria.
NALA, an African payments company and money transfer app, now empowers users to make secure and reliable payments from Europe, the UK, and the US to Africa in seconds.
The firm considers this a significant move given its strong roots in East Africa, and it hints at the company’s intention to compete on a pan-African scale alongside West African players like Send by Flutterwave, Lemfi, and others.
Launching in this market, which constitutes 20 per cent of Africa’s total population, unlocks a substantial opportunity for NALA to achieve its mission of increasing economic opportunity for Africans worldwide.
NALA, a Tanzanian financial technology company licensed in the UK, European Union (EU), and the United States of America, has launched payments to Nigeria.
The company’s aggressive series of moves includes deepening local partnerships and acquiring licenses across the continent.
Earlier this year, NALA secured approval for a License to provide Payment Systems from the Bank of Tanzania, enabling direct integration with Banks and Mobile Money operators like M-Pesa.
In July, NALA’s CEO Benjamin Fernandes announced a $5 million investment in Kenya, where the company maintains its largest office globally.
Nigeria, boasting Africa’s largest economy, maintains a GDP of $441 billion as of 2021, surpassing countries like Egypt and South Africa.
Nigeria also has a robust migrant population, with almost 400k diasporans living in the United States and 200k residing in the United Kingdom.
This robust economy and substantial diaspora contribute to substantial remittance inflows, exceeding £3 billion from the UK alone, equivalent to 1% of Nigeria’s GDP.
Founder and Chief Executive Officer Benjamin Fernandes, hailing from Tanzania and possessing over a decade of experience in African payments, leads NALA. 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.”
You can download NALA from the App Store or Play Store.
Despite numerous options for sending money to Africa from abroad, the continent remains the most expensive place to send money, according to the World Bank, which estimates average transfer fees to Africa at ~9%.
Furthermore, many existing options involve hidden fees that obscure the true cost of sending money.
NALA aims to change the financial tools paradigm for Africans by offering fair and transparent services that empower people with control over their finances.
NALA boasts a team comprising some of the best talent worldwide, bringing together experts in African payments along with leaders from American/European tech companies, creating alchemy.
Alumni from companies like M-Pesa, Google, and Monzo, dedicated to scaling payments across Africa, contribute to NALA’s workforce.
