Nala, a payments company launched in Tanzania in 2018, recently added 19 EU nations to the range of markets from which its users may send money transfers. The app targets members of the African diaspora – specifically those from Ghana, Kenya, Rwanda, Tanzania and Uganda – with the goal of providing “better and cheaper” options to transfer money to their home countries.
As part of its EU launch, Nala also unveiled “Nala for Business.” This product is intended to help companies reduce spending on money transfer fees and foreign exchange costs. Its interface is web-based, and it promises transactions that settle within one business day.
The company’s Founder and CEO Benjamin Fernandes commented, “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 operates in the UK and the US in addition to the countries mentioned previously. The company’s team is spread across 18 nations, servicing approximately 60,000 users. Among Nala’s investors are the US-based venture capital firms Accel and Y Combinator.
By Vaughn Rajah, Research Associate
Sources and Additional Resources
Fintech Times article
https://thefintechtimes.com/nala-eu-launch/
Nala homepage
https://www.nala.com
Nala For Business description
https://www.nala.com/business
Nala app on The App Store
https://apps.apple.com/us/app/nala-send-money-to-africa/id1549983218
Nala app on Google Play
https://play.google.com/store/apps/details?id=money.nala.remit
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