NALA Announces Launch of Money Transfer App in the United Kingdom

NALA Money, a Tanzanian fintech startup, said it will soon launch its money transfer app in the United Kingdom starting next month. This follows the recent approval that was given to the fintech startup by the FCA, an apex financial regulatory body in the UK.

In a Medium blog post that was published by NALA’s Founder and CEO, Benjamin Fernandes, it was mentioned that the launch will facilitate the startup’s goal of supporting a wide array of financial services, including helping Tanzanians in the UK to meet their financial transfer needs.

“We’re excited to share the news that we are now an FCA approved EMD (Electronic Money Directive) Agent! This is a huge milestone as it means we can now support an array of financial services, including payments from the UK to East Africa through licensed e-money partners.

“The FCA is the main financial regulatory body in the UK. Gaining this approval gives us the green light to launch our new money transfer service in the UK for payments to Kenya, Uganda, and Tanzania,” part of the statement said.

https://twitter.com/NALAmoney/status/1350774451269488640

NALA Money was established in 2017 by Benjamin Fernandes after he graduated from Stanford Graduate School of Business and needed to go contribute towards building the next layer of inclusive finance in Africa. He told Business Elites Africa last year that he started the fintech startup with the $20,000 Frances & Arjay Miller Prize he received during his final year at Stanford Graduate School.

https://atomic-temporary-203083154.wpcomstaging.com/2020/09/15/an-exclusive-with-benjamin-fernanders-the-tanzanian-founder-of-nala-money/

Between 2017 and now, the startup has raised about $220, 000 in seed funding, led by investors such as Y Combinator, DFS Lab, Aaron Fu, 9Yards Capital, The MBA Fund, etc.