In order to increase its presence in Europe, NALA, a Tanzanian FinTech startup that enables payments to Africa, has added 19 more EU countries to its list of remittance markets.
NALA has experienced tremendous growth through global expansion and product differentiation since expanding to the UK and USA last year. Six Tanzanian lawmakers attended the company’s US launch event in New York City. The company has released a number of improvements, including the introduction of NALA For Business and recent integrations with Apple and Google Pay, in addition to the EU expansion.
The founder and CEO of NALA is Benjamin Fernandes, a Tanzanian with over ten years of experience in mobile money transfers in Africa. Ten years ago, he created one of the earliest mobile money payment connections for TV subscription businesses.
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Fernandes commented, “The European economy is the third largest in the world, and home to more than a quarter of African migrants. At NALA, our mission is to financially empower Africans across the world. Launching in the EU significantly expands our reach and ability to meaningfully innovate in the African payments space.
“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 market expansion,” he added.
By offering fair and transparent services to give people control over their resources, NALA is trying to shift the paradigm of financial tools for Africans. On December 15, the majority of the Eurozone’s nations made the app accessible for download through the App Store or Play Store.
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As the company expands, NALA now has a few former Google and Monzo employees on their staff who are spearheading and managing the initiatives to scale payments across Africa.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard