NAIROBI, Kenya, February 24 – Tanzanian money transfer company Nala will invest 633.3 million LIL ($5 million) in Kenya to help the country create more fintech jobs.
The investment comes after the startup chose Kenya for its global offices.
More than 3 million Kenyans live abroad, primarily in the United States and the United Kingdom.
Diaspora remittances increased by 8.34 per cent to Sh506.6 billion in 2022, according to the latest statistics from the Central Bank of Kenya.
“At NALA, we are prudent and consistent about our investments in Africa and Kenya. Among the many reasons we chose Kenya as our headquarters are its favorable regulatory environment, top talent pool, and start-up investments. This is a solid level,” said Benjamin Fernandez, founder and CEO of NALA.
“We want to strengthen our commitment to Africa and Kenya by doing, not striving. This is a sign of what is to come for NALA in Kenya.”
It also announced a cross-border payments platform for businesses to ease capital inflow frictions in Kenya.
NALA for Business integrates with major banks and connects your payments internationally.
The product is currently sold in the UK, European Union and Tanzania, but the company hopes to launch it in Kenya once it receives a license.
Mr. Benjamin was accompanied by Roseline K. Njogu, Under Secretary of State for Diaspora Affairs.
“Kenyans have been at the forefront of financial digitization and the Kenyan government wants to continue to support innovations that enable easier and more transparent payments to Kenyans,” Roseline said. Ta.
“NALA's recent innovations allow Kenyans to have more control and reduce leakage of funds invested in their country by allowing them to purchase goods and pay to payment numbers directly from abroad. It will be like that.”
