NALA, a leading African payments company and money transfer platform, has achieved a major regulatory milestone after being granted both the Payment Service Provider (PSP) and Payment System Operator (PSO) licences by the Bank of Uganda. These approvals mark a significant step in NALA’s mission to build world-class payment infrastructure for the next billion users.
Founded to simplify cross-border payments, NALA enables users to send money securely and instantly from Europe, the UK, and the US to Tanzania, Kenya, Rwanda, Uganda, and Ghana. In 2023, the company expanded into the European Union, adding 19 new send countries and advancing its vision of connecting Africans globally. Last year, NALA raised $40 million to accelerate its growth and infrastructure development.
The NALA consumer fintech app, launched in 2022, allows customers to make payments to over 249 banks and 26 mobile money services across 16 countries in Africa and Asia. Following its recent approval to operate in Ghana, NALA now holds three active licences in Uganda, including the Money Remittance Licence announced in 2024. This positions NALA among a select group of fully licensed operators authorized to function across all core layers of Uganda’s regulated payments ecosystem.
The issuance of PSP and PSO licences is a critical milestone, enabling NALA to deepen its presence in East Africa and support Uganda’s digital transformation agenda.
Benjamin Fernandes, Founder and CEO of NALA, commented:
Securing both the PSP and PSO licences is a major milestone for NALA, marking our third licence in Uganda and signaling our long-term commitment to the country. We are investing over $2 million in local infrastructure and partnerships to build payment systems that serve Ugandans at home and across the diaspora. Beyond this, we are supporting the local tech ecosystem by building APIs that enable Ugandan companies to scale pan-African businesses and attract more dollars into the economy. We are deeply grateful to the Bank of Uganda for their trust, rigorous oversight, and leadership in strengthening Uganda’s digital payments ecosystem.
With these licences, NALA is well-positioned to deliver secure, efficient, and inclusive payment solutions, driving financial connectivity across Africa and beyond.
