NALA Gains Approval for Payment Service Provider License in Rwanda
Tanzanian fintech startup NALA has been granted a Payment Service Provider (PSP) license by the National Bank of Rwanda.
This license opens up a range of enhanced payment functionalities, including seamless integration with local banks and mobile money operators, facilitating disbursements for various purposes such as bill and school fee payments, and enabling efficient payment collections.
NALA, an African payments company and money transfer app, has been instrumental in providing a secure and efficient platform for users to make payments from Europe, the UK, and the US to countries including Tanzania, Kenya, Rwanda, Uganda, and Ghana within seconds.
The startup expanded its reach in January by launching in the European Union, incorporating 19 additional countries into its list of sending nations, aligning with its overarching goal of connecting Africans globally.
With the recent approval of the PSP license by the National Bank of Rwanda, NALA is poised to establish direct integration with local banks and mobile money operators.
This marks a significant milestone in NALA's mission to establish robust payment networks across Africa, underscoring its commitment to ongoing investments in Rwanda.
The country's global standing as a hub for business and investment positions it strategically for NALA's expansion plans.
Having operated in Rwanda since 2021, NALA initially collaborated with various entities to disburse remittance payments to bank accounts and mobile money wallets.
Over the course of its operations, the company has successfully processed more than 10,000 transactions, facilitating the transfer of funds for numerous Rwandan diasporans.
The acquisition of the PSP license empowers NALA to handle disbursements and collections internally, leading to cost reduction and heightened reliability for individuals sending and receiving money in Rwanda.
Commenting on this development, Nicolai Eddy, the COO of NALA Group, stated, “Enabling direct integration with banks and telcos allows us to address some of the most challenging issues faced by individuals and businesses when transferring money across Rwanda’s borders. Our new PSP license enables us to develop these capabilities in-house, enhancing service quality and reducing costs. We have collaborated closely with the Bank of Rwanda to complete the necessary steps for licensing as a Payment Service Provider, and with this new license, NALA is committed to supporting and collaborating with the Rwandan regulator and relevant government agencies to realize our shared ambitions.”
Tom Jackson / Disrupt Africa