Tanzanian fintech NALA is making a strategic push into Kenya, bypassing the Central Bank licensing route by partnering with Equity Bank and Pesalink, the instant payments platform owned by the Kenya Bankers Association. The move positions NALA to tap into Kenya’s booming remittance market, which reached $4.94 billion in 2024, the country’s second-largest source of foreign currency.
Under the partnership, funds sent via NALA are routed through Pesalink’s instant payment rails and settled by Equity Bank, allowing recipients to access money in real time via mobile wallets or bank accounts. The arrangement offers a shortcut to market, enabling NALA to compete with entrenched players including Safaricom’s M-PESA, Western Union, MoneyGram, and local banks with established diaspora networks.
Founded in 2017 by Benjamin Fernandes, NALA has built a strong user base in the US, UK, and Europe—key sources of remittances to Kenya. COO Nicolas Eddy said the partnerships are central to the company’s strategy of reducing fees and accelerating cross-border payments. Analysts note that the move reflects a broader trend of fintechs leveraging local partnerships to sidestep regulatory delays while expanding rapidly across Africa.
Officials described the deal as a growth lever for financial inclusion. Kenn Lisudza of Pesalink said it will enhance “inclusion and reliability” in cross-border transactions, while Equity Bank’s Samuel Ireri framed it as part of the bank’s Africa Recovery and Resilience Plan, aimed at driving economic growth.
With a foothold in Kenya, NALA now faces the challenge of competing on speed, cost, and customer experience in a market dominated by established digital and bank-led remittance channels. Success here could signal a new wave of fintech cross-border expansion in East Africa.