Fintech firm NALA launches payments from the UK and EU to Nigeria

NALA, a monetary expertise firm, has formally launched funds from the UK and Europe to Nigeria. This can be a important transfer for NALA given their robust roots in East Africa, and alludes to the corporate’s intention to compete on a pan-African scale alongside West African gamers similar to Ship by Flutterwave, Lemfi and others. Given Nigeria includes ~20% of Africa’s complete inhabitants, launching on this market unlocks a major alternative for NALA to comprehend its mission to extend financial alternative for Africans worldwide.

NALA, a Tanzanian monetary expertise firm licensed within the UK, EU and US, launches funds to Nigeria.  The announcement comes after a sequence of aggressive strikes on behalf of the corporate, together with a push to deepen native partnerships and purchase licenses throughout the continent. Earlier this 12 months, NALA introduced its approval for a License to offer Fee Programs by the Financial institution of Tanzania, which is able to allow direct integration with Banks and Cell Cash operators similar to M-Pesa. Additional, NALA’s CEO Benjamin Fernandes introduced in July a $5 million funding into Kenya, which is dwelling to the corporate’s largest workplace worldwide.

Nigeria is the biggest financial market in Africa. As of 2021, Nigeria’s GDP totalled $441 billion, inserting it forward of economies like Egypt and South Africa. Nigeria additionally has a sturdy migrant inhabitants, with virtually 400k diasporans residing in the USA and 200k residing in the UK. Collectively, Nigeria’s strong economic system and wholesome diaspora inhabitants contribute to huge remittance inflows, amounting to greater than £3 billion from the UK alone, or 1% of Nigeria’s GDP.

NALA is led by Founder and CEO Benjamin Fernandes, who hails from Tanzania and has been working in African funds for 10+ years.

Fernandes commented, “As we take our first strides into West Africa, Nigeria is a transparent alternative house for NALA. As an organization, we’re dedicated to advancing fee options for Africans worldwide. We accomplish that by innovating on status-quo instruments whereas increasing entry to improved expertise infrastructure. Launching in Nigeria amplifies NALA’s attain and capability to drive significant innovation within the African funds panorama. We imagine this growth lays the groundwork for NALA to compete and win on a Pan-African scale. In flip, NALA will put money into Nigeria by growing the variety of native jobs we offer and creating partnerships with native gamers similar to banks and payout suppliers.”

NALA is obtainable for obtain by way of the App Retailer or Play Retailer.

BackgroundRegardless of the numerous choices for sending cash to Africa from overseas, the continent continues to be the costliest place to ship cash. The World Financial institution estimates common switch charges to Africa at ~9%. Additional, many current choices embody hidden charges that make it onerous to discern the true value of sending cash. NALA is working in the direction of altering the paradigm of economic instruments for Africans by offering honest and clear providers to empower folks with management over their funds.

NALA’s group consists of a number of the greatest expertise worldwide, bringing collectively consultants in African funds alongside leaders from American/European tech corporations to supply alchemy. We’re dwelling to alumni from corporations similar to M-Pesa, Google, and Monzo who’re dedicated to scaling funds throughout Africa.

About NALA

NALA is an African funds firm and cash switch app that allows you to make safe and dependable funds from Europe, the UK and the US to Africa in seconds.

We’re on a mission to extend financial alternative on the African continent and amongst its diaspora worldwide. Creating community-powered monetary options makes it simpler to make day-to-day funds and do enterprise in an more and more international Africa.

Funds in Africa are 1% constructed. NALA aspires to convey Twenty first-century fee expertise to Africa to create a low-cost and extremely dependable set of fee rails that buddies, household, and companies can use. When funds are easy, dependable, and accessible on the contact of a button, something is possible.