African payment companies and remittance apps oak Officially launched in the European Union. Based in Tanzania, the company aims to improve connections between the European, British and US diaspora with citizens of Tanzania, Kenya, Rwanda, Uganda and Ghana.
More than a quarter of immigrants from Africa now live somewhere in Europe. With many of these people wanting to send money to friends and family in their home countries, NALA wants to offer better and cheaper money transfer options across her EU.
The launch adds 19 new European countries to NALA’s list of sending markets. The expansion of NALA EU also revealed its integration with both. apple When Google PayNALA officially launched NALA for business As part of our expansion, we aim to help business owners save on fees on business accounts in multiple countries.
The money transfer company has already expanded from the UK to the US earlier this year. The US launch was attended by six of his members from the Tanzanian Parliament in New York City.
While the number of options for sending money from abroad to Africa continues to grow, the African continent remains the most expensive place to transfer money.Ah world bank According to estimates, the average transfer fee to Africa is around 9%.
During its launch in the EU, NALA explained that it is working to provide fair and transparent services to empower people with better financial management. One of the reasons for the need for a more transparent service is the fees hidden in other existing remittance options.
“Building a settlement company suitable for Africans”
Benjamin FernandezFounder and CEO oakdescribed the need for better services for the diaspora.
Fernandez commented: NALA’s mission is to empower Africans around the world economically. The EU launch will significantly expand our reach and capacity to deliver meaningful innovation in the payments sector in Africa.
“Payments companies have traditionally relied on market expansion as their primary means of growth, so they have pursued a broader geographic reach rather than adding value to their products. This has allowed us to doubly push product innovation in tandem with market expansion.”
NALA is already with many ex-Googlers Monzo employee of that team. The company hopes talented individuals can support its growth and scale payments across Africa.