The list of sending markets at fintech company Nala now includes 19 additional countries from the Eurozone.
With this launch, the African diaspora in Europe, the UK, and the US will have more affordable and effective ways to send money to Tanzania, Kenya, Rwanda, Uganda, and Ghana.
Even though there are several ways to send money, sending money to Africa is still the most expensive choice. The World Bank estimates that the average transfer charge to Africa is 9%.
Additionally, it is challenging to determine the exact cost of transferring money due to hidden costs in the available alternatives. Nala strives to offer transparent goods and services that give customers control over their finances.
Benjamin Fernandes, a Tanzanian with over ten years of experience in the African mobile money payments industry, established Nala and serves as its CEO. Ten years ago, he created one of the earliest mobile money payment connections for TV subscription businesses.
More than a quarter of African migrants reside in the third-largest economy in the world, according to Fernandes. Our goal at NALA is to provide financial independence to Africans everywhere. By entering the EU, we will significantly increase our market reach and capacity for genuine innovation in the African payments sector.
“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 the market expansion.”
