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Tanzanian fintech startup NALA granted PSP license from Bank Of Tanzania

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NALA, a Tanzanian fintech company, has  been granted  a Payment Service Provider (PSP) license from the Central Bank of Tanzania.

 With  the PSP licencse, the startup will be able to offer several mobile money services such as business payments, merchant services, and outbound payments in Tanzania as well as to integrate directly with local banks and telcos.

According to NALA’s Founder and CEO Benjamin Fernandes , two of NALA’s biggest goals in the last year have been enabling direct integration to banks and telcos and tackling the challenges that businesses face in moving money across borders.

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“We have worked closely alongside the Bank of Tanzania to complete the appropriate steps to receive our license as a Payment Service Provider. With this new license in hand, NALA is making a major commitment to investing $1m to build our most ambitious projects ever in our home market of Tanzania,” Benjamin said.

The move is part of the ongoing initiatives and efforts of the President of the United Republic of Tanzania, H.E. Dr Samia Suluhu Hassan, to empower young people and to generally foster an environment that makes it simple for businesses like NALA to invest in the nation.

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NALA which was founded  in Tanzania in 2018  as a personal finance app aimed at assisting Tanzanians and Ugandans with their financial well-being  has now expanded  into a money transfer app for the African diaspora with a mission to provide fair and transparent financial services to empower people to control over their finances.

The company is working to change the status quo by offering affordable and user-friendly mobile money services to more Tanzanians.

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NALA has invested $1m to build its most ambitious projects ever in Tanzania. The company aims to advance the President’s vision of creating a country that is innovative and technologically advanced.

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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