This launch provides the African diaspora in Europe, the UK, and the United States with efficient and cost-effective options for sending money to Tanzania, Kenya, Rwanda, Uganda, and Ghana.
Despite the availability of various money transfer services, Africa remains the most expensive region for remittances. According to The World Bank, the average transfer fees to Africa are around 9%. In addition to high fees, many existing services have hidden charges, complicating the process of determining the actual cost of sending money. Nala aims to offer transparent products and services, empowering users to take control of their finances.
Nala was founded and is led by Benjamin Fernandes, a Tanzanian with over a decade of experience in African mobile money payments. He developed one of the first integrations for mobile money payments in the context of TV subscription services a decade ago.
Fernandes stated, “The European economy is the third largest globally and is home to more than a quarter of African migrants. At NALA, our mission is to financially empower Africans worldwide. Expanding into the EU significantly enhances our reach and our ability to innovate meaningfully in the African payments landscape.
“Payments companies have traditionally focused on geographic expansion as their primary growth strategy, often prioritizing broader reach over added value in their offerings. At NALA, we are dedicated to creating the payments solutions that Africans truly deserve, pursuing both product innovation and market expansion.”