Dar es Salaam. Nala, a Tanzanian fintech company is set to invest $1million (about Sh2.3 billion) to support innovation and create new jobs.
This comes after the company secured a payment service provider license from the Bank of Tanzania (BoT).
“Securing the license is a tangible fruit of working closely alongside the Central Bank to complete the appropriate steps to receive their license as a payment service provider,” Nala’s founder and CEO Benjamin Fernandes said in a statement.
He added: This is a major milestone as it enables development of a host of new offerings such as business payments, merchant’s services and outbound payments from Tanzania as well as direct integration with local banks and telcos.
The license which was secured on Monday, was awarded as part of the ongoing initiatives and efforts of President Samia Suluhu Hassan to empower young people and to generally foster an environment that makes it simple for businesses like Nala to invest in the country.
Mr Fernandes said two of Nala’s biggest goals in the last year have been enabling direct integration to banks and telcos and tackling the challenges that businesses face in moving money across borders.
“With this new license in hand, Nala is making a major commitment to invest $1m to build our most ambitious projects ever in our home market of Tanzania,” he asserted.
Despite the many options for sending money to Africa from abroad, the continent continues to be the most expensive place to send money to.
The World Bank estimates average transfer fees to Africa at approximate nine percent.
Further, many existing options include hidden fees that make it hard to discern the true cost of sending money.
“Nala is working towards changing the paradigm of financial tools for Africans by providing fair and transparent services to empower people with control over their finances,” said Mr Fernandes.
Share this news
This Year's Most Read News Stories
Karume faults lease of Zanzibar Islets
Diplomat Ali Karume has faulted the decision by the revolutionary government of Zanzibar to lease the islets that surround the islands of Unguja and Pemba to private developers saying it was absolutely not in Zanzibar’s national interests.Continue Reading
Tanzania Declares Marburg Outbreak – Africa CDC Mobilizes Immediate Response
Addis Ababa, January 20, 2025</Strong> — Tanzania has declared a Marburg virus disease (MVD) outbreak after confirming one case and identifying 25 suspected cases in the Kagera Region of Northwestern Tanzania. The Marburg virus, a highly infectious and often fatal disease, is similar to Ebola and is transmitted to humans from fruit bats and monkeys. This outbreak marks the nation’s second encounter with the deadly virus, following the outbreak in Bukoba District of Kagera Region in March 2023, which resulted in nine cases and six deaths.
In response to this urgent threat, the Africa CDC is mobilizing strong support to help Tanzania contain the outbreak. A team of twelve public health experts will be deployed as part of an advance mission in the next 24 hours. The multidisciplinary team includes epidemiologists, risk communication, infection prevention and control (IPC), and laboratory experts to provide on-ground support for surveillance, IPC, diagnostics, and community engagement.
The Director-General of Africa CDC, Dr. Jean Kaseya, has engaged with Tanzania’s President Samia Suluhu Hassan and the Minister of Health to ensure coordinated efforts and secure political commitment for the response.
“Africa CDC stands firmly with Tanzania in this critical moment. To support the government’s efforts, we are committing US$ 2 million to bolster immediate response measures, including deploying public health experts, strengthening diagnostics, and enhancing case management. Building on Tanzania’s commendable response during the 2023 outbreak, we are confident that swift and decisive action, combined with our support and those of other partners, will bring this outbreak under control,” Dr. Kaseya stated.
Africa CDC has recently supported efforts to enhance the diagnostic and sequencing capacity of public health laboratories in Tanzania. PCR Test kits and genomic sequencing reagents have been dispatched, with additional supplies in the pipeline. To ensure rapid identification and confirmation of cases, the institution will also provide technical assistance to strengthen detection and genome sequencing for better characterization of the pathogen. Additionally, support will be provided to improve case management protocols and enhance the capacity to deliver safe and effective treatment.
Africa CDC is committed to working closely with the Government of Tanzania, regional partners, international organizations, and global stakeholders, including the World Health Organization, to stop the spread of the Marburg virus.
Source: allafrica.com
Cracks show as Zanzibar’s CCM ruling party looks to 2025 polls
Cracks show as Zanzibar’s CCM ruling party looks to 2025 polls over Mr Karume’s allegation against the administration. Time for the ruling party to take stock?Continue Reading
