In a strategic move to tap into Kenya’s booming remittance market, the Tanzanian fintech company NALA has expanded its services into the country through a new partnership. Instead of navigating the lengthy and complex process of obtaining a license from the Central Bank of Kenya (CBK), NALA has joined forces with Equity Bank and the payment utility Pesalink.
This collaboration allows NALA, a company specializing in cross-border payments, to leverage the existing infrastructure of its Kenyan partners. When funds are sent through NALA, they are routed via Pesalink’s instant payment network. From there, Equity Bank handles the settlement, ensuring that the recipients in Kenya receive the money in real time. The funds can be deposited directly into mobile wallets or bank accounts, providing a fast and convenient service.
This new channel positions NALA to compete for a share of Kenya’s substantial remittance inflows, which reached a record $4.94 billion in 2024. According to the Central Bank of Kenya, these remittances are the country’s second-largest source of foreign exchange, with the majority of transfers originating from the US, UK, and Europe, key markets where NALA has already established a strong user base.
By partnering with Pesalink and Equity Bank, NALA has found a shortcut into a highly competitive market. Pesalink is owned by the Kenya Bankers Association (KBA), and this alliance allows NALA to bypass the protracted licensing procedures that often delay foreign entrants. This strategy mirrors the successful approach of other international payment firms like WorldRemit, which also used partnerships to gain a faster foothold in the Kenyan market.
Officials from all three companies expressed optimism about the collaboration. Kenn Lisudza, a product officer with Pesalink’s parent company, highlighted how the partnership will drive “inclusion and reliability” by removing friction from cross-border payments. Equity Bank’s Samuel Ireri described the deal as more than a technical integration, calling it a strategic move to “drive inclusive economic growth” as part of the bank’s broader Africa Recovery and Resilience Plan.
Founded in 2017 by Benjamin Fernandes, NALA’s expansion into Kenya represents its most ambitious push yet into one of East Africa’s most developed financial markets. The Kenyan remittance landscape is dominated by established players, including Safaricom’s M-PESA, international firms like Western Union and MoneyGram, and local banks with deep-rooted diaspora channels.
NALA’s Chief Operating Officer, Nicolas Eddy, emphasized that the company’s choice of partners is essential to its mission of reducing fees and making cross-border payments more affordable. The fintech’s success in Kenya will ultimately depend on its ability to offer competitive costs and speeds. However, the partnership with Equity Bank and Pesalink provides NALA with a significant advantage and a solid entry point into a vital payment corridor.