In a significant development for the fintech landscape in Uganda, NALA has been granted an International Money Transfer Operator (IMTO) license by the Bank of Uganda. This milestone not only marks a pivotal moment for NALA but also enhances the financial services sector in the country, promising to revolutionize the way money is transferred across borders.
Understanding the IMTO License
An International Money Transfer Operator (IMTO) license is a regulatory authorization that allows companies to conduct cross-border money transfer services. This license is essential for fintech firms looking to facilitate remittances and other financial transactions between nations.
To obtain this license, companies must meet specific regulatory requirements set by the financial authorities of the country in which they operate.
NALA’s acquisition of the IMTO license signifies the Bank of Uganda’s recognition of the company’s potential to contribute positively to the local economy and its commitment to enhancing financial inclusion.
The startup is on a mission to empower individuals and businesses by providing accessible and efficient financial services. With the newly acquired IMTO license, the company can now expand its operations in Uganda, allowing it to offer a range of services designed to meet the needs of the Ugandan diaspora and local consumers alike.
Key features of NALA’s services
One of the standout features of NALA’s IMTO license is its ability to integrate directly with mobile money services in Uganda. This means users can conveniently make payments into local mobile wallets, streamlining the remittance process and making it more accessible for everyone.
NALA is committed to providing a low-cost direct remittance service, which is particularly beneficial for Ugandans living abroad. The company aims to offer competitive exchange rates and low transaction fees, ensuring that more of the money sent home reaches the intended recipients.
NALA’s user-friendly app allows customers to manage their finances in real-time. Users can track their transactions, view exchange rates, and receive notifications, making financial management straightforward and efficient.
NALA also offers a web-based portal tailored for businesses. This platform allows companies to manage their finances effectively, facilitating smooth transactions and enabling businesses to thrive in a competitive market.
Impact on the Ugandan market
The entry of NALA into the Ugandan market as a licensed operator is expected to foster healthy competition among money transfer services. This competition is likely to lead to better rates and improved services for consumers, ultimately benefiting the local economy.
Moreover, NALA’s commitment to financial inclusion aligns with the Bank of Uganda’s objectives to enhance the efficiency of cross-border payment systems.
By providing a reliable and efficient platform for money transfers, NALA aims to empower individuals and businesses, particularly those who have been underserved by traditional banking systems.
Supporting the Ugandan diaspora
For many Ugandans living abroad, sending money back home is a vital lifeline for family and friends. NALA’s services are designed to cater to this demographic, providing a convenient and affordable way to send remittances.
With features like same-day or next-day settlement and high transaction limits tailored to each customer’s specific requirements, NALA is set to become a preferred choice for cross-border money transfers.
Read About: Here are the reasons for Starlink’s Uganda Launch Delay
 license by the Bank of Uganda.){kind=link}