NALA, a Tanzanian fintech startup, has begun accepting payments from the United Kingdom and the European Union to Nigeria. Customers can use the app to transfer money from their cards, bank accounts, or Google or Apple Pay to a Nigerian bank account.
Users can download the app from the App Store or Play Store, sign up, and verify their identity before using the platform. When sending money to Nigeria, enter the recipient's bank information, select a payment option, and approve the transfer.
“Currently, NALA allows customers to send money into Nigeria. We are working on the licencing to allow customers to also send money out of Nigeria,” NALA's Founder and CEO, Benjamin Fernandes, says.
The Tanzanian company states it consistently strives to offer the most competitive prices compared to other service providers. Customers can also compare prices from several providers within the app, ensuring they get the best deal.
Given that 1 out of every 4 Africans is from Nigeria, per Fernandes, the market is a clear frontier for NALA's expansion across Africa.
“Nigeria is the largest economic market in Africa. As of 2021, Nigeria’s GDP totalled $441 billion, placing it ahead of economies like Egypt and South Africa. Nigeria also has a robust migrant population, with almost 400k diasporans living in the United States and 200k living in the United Kingdom.”
Customers can send money via the app to 4 other West African nations: Ghana, Cote d'Ivoire, Senegal, and Cameroon. It is also available in East African countries, including Kenya, Uganda, and Rwanda.
Meanwhile, in March 2023, NALA announced that the Bank of Tanzania had granted it a licence to offer payment systems, opening the door for direct integration with banks and mobile money providers like M-PESA. It also committed to investing $1 million to build projects in Tanzania.
NALA also planned to invest $5 million (KSh 636 million) into its Kenyan operations.
"We intend to invest in Nigeria by increasing the number of local jobs we provide and creating partnerships with local players such as banks and payout providers," Fernandes says of the company's plans for the Nigerian market.