NALA, Tanzanian FinTech Penetrates 19 European Countries

In addition to the present US and UK corridors, Nala, a Tanzanian fintech firm and agent of #Ripple, a partner Modulr, has entered the European market.

This will allow remittances to Africa from 19 EU countries.

The NALA fintech recently incorporated ApplePay and Google Pay into its portfolio to enable payments from the US and UK to Africa. This expansion comes after a number of other product enhancements. NALA’s expansion follows that of Nigerian software startup Bluechip Technologies, which earlier this year ventured into Europe.

The third-largest economy in the world and the home to more than a quarter of African migrants, according to Benjamin Fernandes, founder and CEO of NALA, is the reason for the expansion. Our goal at NALA is to provide financial empowerment to Africans everywhere.

Sending money to African nations is a difficult and time-consuming operation, despite the fact that the international remittance industry today includes many players, including traditional banking institutions and other fintechs.

According to World Bank data, depending on the platform, sending money to African nations from European nations like Italy, France, and Germany can cost between 3% and 7% on average and take up to 2 days.

African nations’ GDP is significantly influenced by remittances. Remittances make up up to 3% of the GDP in Kenya, 6% and 6.7% of the GDP in Nigeria and Egypt, respectively.

“Remittance companies have historically relied on market expansion as a key driver of growth, driving them to pursue a greater geographic reach as opposed to a product enhancement. We at NALA are totally committed to creating the remittance business that Africans deserve, he continued.

Since there are over 11 million African migrants in Europe, NALA’s growth might have a big impact by giving people more ways to send money from Europe to Africa.