Tanzanian fintech company NALA has obtained its Payment Service Provider (PSP) license from the Central Bank of Tanzania. The PSP license will allow the startup to offer multiple mobile money services in Tanzania, including business payments, merchant services, and outbound payments, and integrate directly with local banks and telecommunications companies.
According to NALA Founder and CEO Benjamin Fernandes, two of the company's primary goals over the past year have been to enable direct integration with banks and telecom companies and tackle cross-border payment challenges.
NALA CEO stated the company worked closely with the Bank of Tanzania to complete the appropriate steps to obtain a Payment Service Provider license.” With this new license, NALA will invest $1 million and commit to building our most ambitious project to date in our home market of Tanzania,” he said.
The move is part of ongoing initiatives and efforts by the President of the United Republic of Tanzania, Dr. Samia Suluhu Hassan to empower young people and generally promote an environment conducive for companies like NALA to invest in the country.
Founded in Tanzania in 2018, NALA was a personal finance app aimed at supporting the financial well-being of Tanzanians and Ugandans but now has grown to a money transfer app for the African diaspora to provide fair and transparent financial services.
NALA has invested $1 million to build its most ambitious project in Tanzania. The company aims to advance the president's vision of creating an innovative and technologically advanced nation.
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