NALA, a fintech company based in Tanzania, has received a Payment Service Provider (PSP) license from the Central Bank of Tanzania, after working closely with the country’s financial regulators.
As a result, NALA is now able to offer a range of mobile money services, including business payments, merchant services, and outbound payments from Tanzania. Additionally, the license enables the company to integrate directly with local banks and telcos.
The company shared the news on its social media handles, highlighting its commitment to invest $1m to pursue the opportunities available to them.
More big news 🗞️
— NALA (@NALAmoney) March 27, 2023
The Central Bank of Tanzania approved NALA as a Payment Service Provider. 🚀
With this new license in hand, we are committing to investing $1m to build our most ambitious projects in our home market of Tanzania. 🇹🇿
Check out a few highlights#1PercentBuilt pic.twitter.com/HjKfOYKVVm
NALA’s CEO, Benjamin Fernandes, has stated that the company has been working towards direct integration with banks and telcos for some time and has been tackling the challenges associated with cross-border payments.
The company is building its most ambitious projects to date in Tanzania, in a bid to keep with the President’s initiative to foster an environment that encourages investment in the country.
NALA has grown rapidly since its inception in 2018, expanding to the UK, USA and Europe. The company’s mission is to provide fair and transparent financial services to empower people with control over their finances. It all began as a personal finance app in 2018, assisting Tanzanians and Ugandans with their financial well-being before evolving into a money transfer app for the African diaspora.
This is particularly important in Africa, where transfer fees are estimated to be around 9%, making it the most expensive place to send money. NALA is working to change the status quo by offering affordable and user-friendly mobile money services to more Tanzanians.
 license from the Central Bank of Tanzania.){kind=link}