Tanzania’s Nala, a payments and remittance firm has expanded into the European Union after it added 19 EU nations to its send markets where users may send money transfers to recipients in Africa.
Nala operates in Ghana, Kenya, Rwanda, Tanzania and Uganda and is steadily adding receiving and sending regions to its system to give users especially the African diaspora “better and cheaper” options to transfer money to their home countries.
According to Nala’s founder and CEO Benjamin Fernandes, “The European economy is the third largest in the world, and home to more than a quarter of African migrants. At Nala, our mission is to financially empower Africans across the world. Launching in the EU significantly expands our reach and ability to meaningfully innovate in the African payments space.”
Nala also unveiled “Nala for Business” targeted at businesses and companies which do frequent money transfers to their employees or associates via its web-based and app platforms. Nala for Business will allows the businesses and companies to send as much as money as possible, at lower rates and within one business day.
Nala for Business gives business owners more horsepower when deploying their funds on the continent. Added features include higher transaction limits and desktop access, providing more flexibility when managing payments.
Recently, the firm allowed launch into the UK to support an array of financial services, including payments from the UK to East Africa through its licensed partners.
“I’m excited to share the news that we are registered with the FCA as an approved EMD (Electronic Money Directive) Agent of Modulr Finance! This development gives us the green light to launch our new money transfer service in the UK for payments to Kenya, Uganda, and Tanzania,” the CEO announced.