The founder of Nala, a remittance startup that has attracted significant foreign investment.
Tanzania Enforces Ban on Foreign-Owned Fintechs in Mobile Money Sector
The Tanzanian government issued a directive banning foreign-owned fintechs from the mobile money sector. Government Notice №487A outlines a ban on non-citizens engaging in 15 specific business activities, including mobile money transfers.
Tanzanian Fintech Nala Raises $40M in Series A to Accelerate Growth and Expansion
Nala secured $40 million in Series A funding. The funding will be used for global expansion and strengthening payment systems in Africa.
Nala set out to offer remittance services, it’s building a B2B payment platform too
Nala pivoted to offer remittance service in 2021, tapping the growing money transfer market in Africa. Nala developed its own platform, Rafiki, to ensure reliability and minimize user charges.
