NALA enters Nigeria’s cross-border payment market 🇳🇬

NALA enters Nigeria’s cross-border payment market 🇳🇬

#consumer markets
Tanzanian fintech startup, NALA has launched payments from the UK and EU to Nigeria. Nigeria is the largest economic market in Africa. As of 2021, Nigeria’s GDP totalled $441 billion, placing it ahead of economies like Egypt and South Africa. Nigeria also has a robust migrant population, with almost 400,000 diasporans living in the United States and 200k living in the United Kingdom.

Tanzanian fintech startup NALA has entered Nigeria's cross-border payment market, targeting the country's substantial diaspora population and its significant remittance inflows. With Nigeria having a robust economy and a substantial diaspora population, NALA sees this expansion as an opportunity to compete and succeed on a Pan-African scale. The company aims to increase economic opportunities for Africans worldwide and plans to invest in Nigeria by creating local jobs and forming partnerships with local banks and payout providers. NALA's move will pit it against existing players like Send by Flutterwave and Lemfi in the market. Despite multiple options for sending money to Africa, the continent remains the most expensive place to send money, with average transfer fees around 9%, according to the World Bank. NALA is licensed in the UK, EU, and US, and recently secured approval for a Payment Systems license from the Bank of Tanzania.

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