NALA TO INVEST $5 MILLION IN ITS KENYAN OPERATIONS.

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  • Tanzanian financial technology company, NALA to invest $5 million in its Kenyan operations.

  • NALA also reports a cross-border payments platform for businesses.

 

 

Tanzanian fintech company, NALA plans to invest $5 million into its operations in Kenya and also increase its presence locally to tap into the increasing local remittances from abroad. Benjamin Fernandes, the founder, and CEO of NALA said that the investment closes in on the size of Kenyan exports which amounted to $5.77 billion worth of foreign currency in the same period.

 

 

We want to increase our commitment to Africa and Kenya by doing rather than trying, and this is a sign of what is to come for NALA in Kenya”, Fernandes said. NALA also reported its cross-border payments platform for businesses, which it anticipated will ease frictions for capital inflows to Kenya, alongside the investment.

 

The Permanent Secretary for the State Department for Diaspora Affairs, Roseline Njogu said “NALA’s recent innovation enabling payments directly from abroad will support Kenyans in having greater control and reducing leakage on the money they invest back home”. According to World Bank statistics, the average transfer fee to Africa is 9% of the amount sent. As much as there are many options for sending money to Africa from abroad, Africa still remains the most expensive place to send money.

 

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