NALA, a Tanzanian fintech company, has received a Payment Service Provider (PSP) license from the Central Bank of Tanzania, which allows it to offer several mobile money services such as business payments, merchant services, and outbound payments from Tanzania. The license also enables NALA to integrate directly with local banks and telcos.
NALA shared the news on social media and announced its commitment to invest $1m to pursue the opportunities available to them.
The company’s mission is to provide fair and transparent financial services to empower people with control over their finances.
NALA began as a personal finance app in 2018, assisting Tanzanians and Ugandans with their financial well-being before evolving into a money transfer app for the African diaspora.
The company is working to change the status quo by offering affordable and user-friendly mobile money services to more Tanzanians.
The license is part of President Samia Suluhu Hassan’s initiatives to empower young people and create an environment that encourages investment in the country.
NALA’s Founder and CEO, Benjamin Fernandes, stated that the company’s major goals over the past year have been to enable direct integration with banks and telcos and to address the challenges of cross-border payments.
NALA has invested $1m to build its most ambitious projects ever in Tanzania. The company aims to advance the President’s vision of creating a country that is innovative and technologically advanced.
