NALA, a Tanzanian fintech firm, has been granted a Fee Service Supplier (PSP) license from the Central Financial institution of Tanzania.
With the PSP licencse, the startup will be capable of supply a number of cell cash providers corresponding to enterprise funds, service provider providers, and outbound funds in Tanzania in addition to to combine immediately with native banks and telcos.
In response to NALA’s Founder and CEO Benjamin Fernandes , two of NALA’s largest targets within the final yr have been enabling direct integration to banks and telcos and tackling the challenges that companies face in shifting cash throughout borders.
“We now have labored carefully alongside the Financial institution of Tanzania to finish the suitable steps to obtain our license as a Fee Service Supplier. With this new license in hand, NALA is making a significant dedication to investing $1m to construct our most bold initiatives ever in our residence market of Tanzania,” Benjamin stated.
The transfer is a part of the continued initiatives and efforts of the President of the United Republic of Tanzania, H.E. Dr Samia Suluhu Hassan, to empower younger folks and to usually foster an setting that makes it easy for companies like NALA to put money into the nation.
NALA which was based in Tanzania in 2018 as a private finance app aimed toward helping Tanzanians and Ugandans with their monetary well-being has now expanded right into a cash switch app for the African diaspora with a mission to supply truthful and clear monetary providers to empower folks to management over their funds.
The corporate is working to alter the established order by providing inexpensive and user-friendly cell cash providers to extra Tanzanians.
NALA has invested $1m to construct its most bold initiatives ever in Tanzania. The corporate goals to advance the President’s imaginative and prescient of making a rustic that’s revolutionary and technologically superior.