NALA receives a license from the National Bank of Rwanda

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NALA has received a game-changing license from the National Bank of Rwanda, Rwanda’s financial regulator to pave the way for more affordable and reliable international payments to Rwanda.

With this new Payment Service Provider (PSP) license, NALA can directly integrate with Rwanda’s banks and mobile money operators to allow for seamless disbursements for bills or school fees and efficient payment collections.

“Our goal is to make international payments to Rwanda cheaper and more accessible,” announced the firm. “We’ve been on a journey of rapid growth through geographic expansion, innovative products, and improvements to financial infrastructure. Securing licenses has been a crucial part of our strategy, allowing us to take ownership of more steps in the payment flow. This latest approval from the National Bank of Rwanda is a testament to our commitment to building strong African payment networks.”

Since 2021, NALA has operated in Rwanda, facilitating remittance payments to bank accounts and mobile money wallets. With over 10,000 transactions processed and one billion Rwandan Francs sent home from abroad, the new PSP license will allow Nala to process disbursements and collections in-house, reducing costs and increasing reliability for its users.

With this new license in hand, NALA can now offer Payment gateway services, allowing merchants to collect payments from local channels such as mobile money or cards, direct integration with telcos and banks, opening up greater reliability and control as well as reduced overhead costs and payment processing on behalf of third parties, such as other remittance services.

According to NALA COO Nicolai Eddy, “Enabling direct integration to banks and telcos allows us to address some of the most pressing challenges individuals and businesses face when moving money across Rwanda’s borders. Our new PSP license enables us to build these capabilities under our own roof, improving quality of service and reducing costs.”

The firm says the approval is in line with Rwanda’s Fintech Policy 2022-2027 vision of which NALA is committed to supporting and collaborating with the Rwandan regulator and government agencies to achieve their shared ambitions to establish Rwanda as a regional financial centre and advance financial inclusion.

Rwanda’s vision for economic advancement aligns closely with NALA’s mission to increase economic opportunity for Africans worldwide. Jean-Marie Kananura, Chief Investment Officer at Rwanda Finance Limited, notes, “NALA’s presence will undoubtedly contribute to our efforts to drive digital and financial inclusion in Rwanda.”

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