Tanzanian fintech startup NALA is launching a new UK money transfer app early this year, aimed at serving the needs of the East African diaspora in the country.
A former winner of the Fintech Ecobank Challenge and Seedstars Tanzania, NALA previously developed a mobile money app for Africa that grew to over 250,000 customers in just over a year and became the number one financial app in East Africa.
The start-up, which is backed by Y Combinator and is also US venture capital firm Accel’s first investment in sub-Saharan Africa, recently obtained approval from the EMD agent of the UK financial regulator, the Financial Conduct Authority. (FCA), and plans to launch a money transfer. app for East Africans living in UK in the coming months.
“Our mission is to increase economic opportunities for Africans around the world and we believe that remittances are one of the best forms of economic development,” NALA said.
“We want to use remittances as the basis for new layers of banking services for the African diaspora and their loved ones back home. “
The NALA beta app will be rolled out gradually from February 2021 for UK-based customers sending to Kenya and Uganda. It will be available for customers sending to Tanzania shortly thereafter.