Dar es Salaam.
Nala, a Tanzanian fintech startup, and Vodacom’s M-Pesa yesterday announced a partnership that would expand its International Money Transfer (IMT) services to the European Union (EU).
Nala has expanded in Europe by adding 19 new Eurozone nations to its list of send markets after expanding from the UK to the US earlier this year.
The move is in line with Nala’s vision of connecting Africans globally by enabling members of the diaspora across Europe to send money to Tanzania and other African countries.
“Together with Vodacom’s M-Pesa, the expansion has the potential to have a substantial impact by giving better and cheaper options for sending money home,” the companies said in a joint statement yesterday.
Nala’s recent expansion and historic partnership with Vodacom M-Pesa help advance the positive impact of both companies on African payment infrastructure.
Despite the numerous possibilities for sending money to Africa from overseas, the continent remains the most expensive, hampered by hidden fees that make it difficult to determine the actual cost of the service.
Nala’s founder and chief executive officer Benjamin Fernandes said the partnership will bridge the gap in payments from the UK, US and EU to Tanzania, by connecting to the global infrastructure.
“As a Tanzanian, it brings me great pleasure to be able to reach the quarter of African migrants living in Europe with affordable and reliable payments,” he said.
For his part, Vodacom director of M-Commerce, Epimack Mbeteni, lauded the partnership, adding that it aligns well with the company’s plans to grow its international mobile money transfer portfolio.
Vodacom M-Pesa customers can send and receive money from over 200 countries across the world directly into their M-Pesa wallets.
“We have leveraged on innovation and partnership to facilitate international money transfers across Africa and the world making remittance easy and facilitating cross-border trade. We continue to broaden our portfolio of partnerships and countries and we are glad to partner with Nala, a homegrown start-up that is transforming money transfers worldwide,” he said.
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