Tanzanian fintech NALA has successfully expanded into Europe to offer African immigrants additional options to send money back home.
With the World Bank estimating that the average transfer fee to Africa climbs to around 9%, NALA has expressed willingness to tackle this by allowing people from the UK, the US, and now Europe, to make cheap transfers to Tanzania, Kenya, Rwanda, Uganda, and Ghana.
NALA’s Founder and CEO Benjamin Fernandes has singlehandedly taken upon this task by starting his career in mobile payments 10 years ago, a journey which has led him to start his own company with the vision of easing the burden of high fees for international money transfers.
He said: “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.
“Payments companies have traditionally leaned on market expansion as a primary growth lever, causing them to pursue wider geographic reach rather than added value in their product.
“At NALA, we are laser focused on building the payments company that Africans deserve. This has led us to dually push forward on product innovation alongside market expansion.”
