Tanzanian Fintech Company Nala Launches Business in EU

The Tanzanian fintech company Nala announced the start of work in 19 countries of the Eurozone.

Economy

Nala added new Eurozone nations to its list of markets. Source: Pixabay.com

After entering new markets, the African company provided its customers with the opportunity to make money transfers from Europe, the UK, and the USA to Tanzania, Kenya, Rwanda, Uganda, and Ghana. Nala notes that its services are cheaper compared to the offers of other firms.

Currently, there are many options for transferring funds to African countries, but they are all too expensive. The World Bank reports that the average commission, in this case, is 9%. There are also hidden fees for transferring money to African countries. An additional expense item makes it difficult to calculate the actual cost of financial transactions.

Nala develops maximum transparent money transfer schemes. This activity is aimed at providing clients with full control over transactions with their financial resources. The company was founded by Benjamin Fernandez, who has been working in the field of mobile payments for more than 10 years. He created one of the first integrations for such payments for TV subscription services.

Benjamin Fernandez says that more than 25% of migrants from African countries live in the Eurozone. He sees the start of Nala’s work in European countries as an expansion of the financial opportunities of Africans.

Benjamin Fernandes also notes that traditional payment companies rely on expanding the geography of services in order to achieve growth. Firms, as a rule, don’t use the added value of a product as a method of improving their financial well-being. The founder of Nala notes that his company is focused on creating a payment system that Africans deserve. He also stated that the activity in this direction led the company to double progress in the field of product innovation along with market expansion.

As we have reported earlier, over 70% of Tanzanians spend more money online since COVID-19 start.