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Tanzanian Fintech Company Nala Launches Business in EU

Economy

Nala added new Eurozone nations to its list of markets. Source: Pixabay.com

After entering new markets, the African company provided its customers with the opportunity to make money transfers from Europe, the UK, and the USA to Tanzania, Kenya, Rwanda, Uganda, and Ghana. Nala notes that its services are cheaper compared to the offers of other firms.

Currently, there are many options for transferring funds to African countries, but they are all too expensive. The World Bank reports that the average commission, in this case, is 9%. There are also hidden fees for transferring money to African countries. An additional expense item makes it difficult to calculate the actual cost of financial transactions.

Nala develops maximum transparent money transfer schemes. This activity is aimed at providing clients with full control over transactions with their financial resources. The company was founded by Benjamin Fernandez, who has been working in the field of mobile payments for more than 10 years. He created one of the first integrations for such payments for TV subscription services.

Benjamin Fernandez says that more than 25% of migrants from African countries live in the Eurozone. He sees the start of Nala’s work in European countries as an expansion of the financial opportunities of Africans.

Benjamin Fernandes also notes that traditional payment companies rely on expanding the geography of services in order to achieve growth. Firms, as a rule, don’t use the added value of a product as a method of improving their financial well-being. The founder of Nala notes that his company is focused on creating a payment system that Africans deserve. He also stated that the activity in this direction led the company to double progress in the field of product innovation along with market expansion.

As we have reported earlier, over 70% of Tanzanians spend more money online since COVID-19 start.

Serhii Mikhailov

2864 Posts 0 Comments

Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.