NALA, the fintech firm payments company born in Tanzania has been granted a Payment Service Provider (PSP) License to operate in the country.
The fintech startup which expanded from the UK and the USA to Europe earlier this year received the license from the Central Bank of Tanzania.
The license is a major milestone for the fintech as it enables it to develop a host of new offerings such as business payments, merchants services and outbound payments from Tanzania as well as integration with banks and mobile money operators.
“Two of NALA’s biggest goals in the last year have been enabling direct integration to banks and telcos and tackling the challenges that businesses face in moving money across borders.’’ NALA’s Founder and CEO Benjamin Fernandes said.
“We have worked closely alongside the Bank of Tanzania to complete the appropriate steps to receive our license as a Payment Service Provider. With this new license in hand, NALA is making a major commitment to invest $1m to build our most ambitious projects ever in our home market of Tanzania,” Benjamin added.
The license was awarded as part of the ongoing initiatives and efforts of the President of the United Republic of Tanzania, H.E. Dr. Samia Suluhu Hassan, to empower young people and to generally foster an environment that makes it simple for businesses like NALA to invest in the nation.
NALA says it will make a major investment of $1m into Tanzania to support this product innovation and create new jobs.