Tanzanian fintech startup NALA has received a license from the National Bank of Rwanda, unlocking a host of new payment capabilities including direct integration with banks and mobile money operators, disbursements such as for bill or school fees, and payment collections.
NALA is an African payments company and money transfer app that enables users to make secure and reliable payments from Europe, the UK and US to Tanzania, Kenya, Rwanda, Uganda and Ghana in seconds. In January, it launched in the European Union (EU), adding 19 new countries to its list of send countries and aiding its mission of connecting Africans globally.
The company has now received approval from the National Bank of Rwanda for a Payment Service Provider license, which will enable direct integration with banks and mobile money operators locally. This is a major milestone towards NALA’s mission to build strong payment networks in Africa, and a signal of their intention to continue investing in Rwanda, given the country’s position as a global hub for business and investment.
NALA has been operating in Rwanda since 2021, partnering with other companies to disburse remittance payments to bank accounts and mobile money wallets. Since then, the company has processed more than 10,000 transactions and helped thousands of Rwandan diasporans send money home. Rwandan Francs being sent home from abroad. The new PSP license enables NALA to process disbursements and collections in-house, reducing cost and increasing reliability for those sending money to and collecting money from Rwanda.
“Enabling direct integration to banks and telcos allows us to address some of the most pressing and sticky challenges that 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, which means we can improve quality of service and reduce cost,” said NALA group COO Nicolai Eddy.
“We have worked closely with the Bank of Rwanda to complete the appropriate steps to become licensed as a Payment Service Provider. With this new license, NALA commits to supporting and collaborating with the Rwandan regulator and the relevant government agencies to accomplish our shared ambitions.”