NALA CEO Benjamin Fernandes shared in early December 2025 that customers will soon have the capability to settle transactions through a single API, utilizing either local currency or stablecoins. NALA has taken a significant step toward building robust financial systems in East Africa by receiving both Payment Service Provider (PSP) and Payment System Operator (PSO) licenses from the Bank of Uganda.

These new licenses complement the International Money Transfer Operator (IMTO) license NALA secured in 2024, giving the fintech a “triple threat” standing in the Ugandan market. This move allows NALA to evolve from a simple remittance app into a key player capable of processing local payments and managing its own systems in the country.

Acquiring these licenses is crucial for NALA’s mission to reduce cross-border payment costs through its B2B platform, Rafiki. Operating as a licensed System Operator allows NALA to integrate more closely with Uganda’s National Payment System, enabling faster and more reliable payouts directly into MTN and Airtel Money wallets, real-time processing for individual remittances and business-to-business transactions, and lower transaction costs by controlling more of the payment process, which will help reduce the “middleman” fees commonly associated with African corridors.

“Our goal has always been to build payments for the next billion,” said NALA’s leadership. “Securing these licenses from the Bank of Uganda demonstrates our commitment to compliance and our vision of providing reliable, low-cost financial infrastructure for Ugandans at home and in the diaspora.”

The Bank of Uganda’s decision to license NALA reflects a broader regulatory trend aimed at fostering innovation while maintaining stability. As one of the leading remittance-receiving nations in Sub-Saharan Africa, bringing in over $1.4 billion annually, Uganda is becoming a strategic hub for fintech companies focused on bridging the gap between traditional banking and the digital economy.