NALA Expands into Kenya’s Remittance Market Through Strategic Partnerships
Tanzanian fintech company NALA has officially launched its services in Kenya, targeting the country’s booming remittance market through strategic alliances with Equity Bank and Pesalink. This move allows NALA to bypass the often-arduous licensing procedures required for foreign financial service providers entering the Kenyan market.
Leveraging Partnerships for Seamless Transfers
The partnership enables NALA to facilitate cross-border transfers by routing funds through Pesalink’s instant payment network. Equity Bank acts as the settlement partner, ensuring recipients in Kenya receive funds in real-time directly into their mobile wallets or bank accounts. This streamlined process aims to significantly reduce the friction often associated with international money transfers. Kenya’s remittance inflows experienced a substantial 18% surge in 2024, reaching a record $4.94 billion, according to data from the Central Bank of Kenya. This makes remittances the second largest source of foreign exchange, only behind agricultural exports. A significant portion of these transfers originates from the US, UK, and Europe, markets where NALA already has a strong established user base. According to Kenn Lisudza, Integrated Pay, “Removing friction from cross-border payments drives inclusion and reliability for millions of Kenyans.”
NALA’s entry into Kenya signifies a significant step in simplifying and streamlining cross-border payments within East Africa. By leveraging strategic partnerships with established players like Equity Bank and Pesalink, NALA is well-positioned to tap into Kenya’s thriving remittance market and provide a more efficient and accessible solution for both senders and recipients.
Keywords
Related Keywords: NALA Kenya, Equity Bank partnership, Pesalink integration, NALA money transfer, mobile payments Kenya, fintech Kenya, crossborder payments, digital banking Kenya, NALA expansion, money transfer to Kenya
