NALA, a Tanzania based FinTech, has teamed up with Cellulant, a pan-African payments company, to power remittance payments from the United Kingdom and United States into Kenya, Uganda, Rwanda, Tanzania and Ghana.
Besides Official Direct Assistance (ODA), remittances make up the second-largest source of external resources for Sub-Saharan Africa.
The partnership between Cellulant and NALA aims to facilitate seamless cross-border payments and significantly reduce the cost of sending money from the UK and the US into Africa.
“Today, Sub-Saharan Africa is the most expensive region to transfer money into,” said Nicolai Eddy, Chief Operating Officer, NALA. “In Tanzania and across the African continent, there is a huge opportunity to harness technology to reduce payment fees and build next-generation payment and banking products. At NALA, we’ve built a completely digital platform for individuals and businesses based in the UK and US to send money to their friends, family, and employees in Africa. Cellulant is one of the early payment pioneers on the continent, and we chose to partner with them because of their deep expertise in the space and their strong technical capabilities.”
