NCBA Bank has onboarded NALA Payments Limited, a Tanzanian fintech company specialising in remittance services to Africa to improve the remittance process across Africa.
The collaboration which was announced on Tuesday will allow the two partners to expand remittance services across the regions in which NALA operates.
NCBA says the partnership will also strengthen its financial ecosystem by integrating NALA’s services with its digital capabilities.
“We are excited to partner with NALA to facilitate faster, safer, and more affordable money transfers to Kenya and the wider East African region,” said Mr John Gachora, Group Managing Director, NCBA Group.
“As a Bank, we are committed to digitization and innovation, and this partnership aligns with our strategy to support fintech solutions and enhance financial inclusion,” he added.
Through the partnership, the Bank will serve as NALA’s settlement bank in Kenya, facilitating foreign exchange services for last-mile settlements via mobile money and banks, thereby broadening access to digital financial services across the region.
“Our partnership with NCBA Bank aims to enhance the remittance experience for Kenyans on a global scale. NALA’s compliance with US, UK, and EU regulations aligns with the goals of the Kenyan Government and the Central Bank of Kenya. ” Nicolai Eddy, COO of NALA said.
”With August 2024 remittances reaching $427 million— we recognize the pivotal role diaspora remittances plays in supporting livelihoods and driving the Kenyan economy. This partnership is therefore a significant milestone towards our mission to improve the financial infrastructure requisite for the Next Billion.”
By leveraging NALA’s fintech solutions, NCBA Bank seeks to significantly improve the remittance experience for its customers, promoting financial inclusion and economic growth across the continent.
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