ABC Attorneys is delighted to have successfully assisted NALA in acquiring their Payment Services Provider License (PSP) from the Bank of Tanzania (BOT).

ABC Attorneys is delighted to have successfully assisted NALA in acquiring their Payment Services Provider License (PSP) from the Bank of Tanzania (BOT).

Tanzanian fintech startup, NALA, has received a Payment Service Provider (PSP) license from the Central Bank of Tanzania to operate in the country.

The license enables the company to offer new products and services, including business payments, merchant services, outbound payments from Tanzania, and integration with local banks and telcos.

NALA, a Tanzanian money transfer fintech startup, said on Monday plans to invest 1.0 million US dollars (2.3bn/-) after getting a payment service provider (PSP) license from the central bank.

The license approval will enable the fintech startup to make a direct integration with banks and local mobile money operators such Vodacom, Airtel, Tigo and the like.

NALAs’ Founder and CEO, Benjamin Fernandes, said the fintech’s biggest goal is enabling direct integration to banks and telcos and tackling the challenges that businesses face in money transfer across borders at affordable rates.

“The PSP license is a major milestone to us and we are making a major commitment to investing 1.0 million US dollars to build our most ambitious projects ever in our home market—Tanzania,” Mr Fernandes said in a press conference.

NALA is an African payments company and money transfer app that enables users to make secure and reliable payments from Europe, the UK and US to Tanzania, Kenya, Rwanda, Uganda and Ghana in seconds.

Fernandes founded NALA in 2018 to enable cross-border payments from the United Kingdom, the United States, and the European Union to Africa.