Tanzania-based fintech startup NALA has partnered with Equity Bank Kenya for diaspora remittance.
This partnership will allow Kenyans living in the United Kingdom and the United States to send money directly from their banks, through the NALA app to Equity Bank Kenya accounts and other mobile wallets.
“NALA’s mission is to increase economic opportunities globally and partnering with Equity Bank is a foundational step for us. Combining NALA’s technology with Equity Bank’s reach allows us to build a stronger financial infrastructure for Kenyans worldwide. ” NALA CEO Benjamin Fernandes said.
Robert Kiboti, Equity Head of Private Banking who spoke on behalf of Equity Bank Kenya’s Managing Director Gerald Warui said that this partnership cements the bank’s position as the leading bank supporting Kenyans in the diaspora to send money to their loved ones as well as for investments. He added that the bank is delighted to work with NALA to bridge the access gap.
He attributed this linkage as one that will help widen the geographical reach in the remittances segment.
“Equity will continue to build linkages with like-minded partners such as NALA to ensure that all its members have access to seamless and most competitive remittance services. Using fintech capabilities has given us a global presence, and as a result, we have become a major processor of remittances payments around the world including across currencies,” he said.
Equity grew the volume of diaspora remittances it processed by 39 percent in 2021 compared to the corresponding period in 2020, leveraging on the growing popularity of digital channels for sending money home from abroad. It handled Sh383.5 billion in remittances in the 12 months to December, up from Sh279.4 billion in 2021.
NALA is also opening a new office in Nairobi, to host a third of the company’s staff. While NALA operates with a globally remote workforce, operational components like partnerships and customer support will be grounded in the Nairobi Headquarters under the leadership of NALA COO Nicolai Eddy.