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.
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Tanzania’s opposition party ACT Wazalendo honours veteran politician under new policy
Unguja. Opposition party ACT Wazalendo today officially bids farewell to its former Chairman, Juma Duni Haji, also known as Babu Duni, as part of a new policy designed to honor retired senior leaders at a ceremony held at Kiembesamaki, Zanzibar.
The initiative highlights the party’s commitment to recognizing and supporting individuals who have served with dedication and integrity.
Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.
The policy aims to provide ongoing respect and support to retired leaders, ensuring their continued recognition and contribution to the party’s development.
“Recognizing their significant contributions to the development and prosperity of the party, this policy ensures that retired leaders continue to be acknowledged and respected by both the party and the community,” the policy states.
To benefit from this policy, leaders must not have left or been expelled from the party. They must have served the party with honor and dedication. The national leadership committee will determine whether a leader has fulfilled these criteria.
The policy seeks to honor retired leaders, protect their dignity, acknowledge their contributions, leverage their ideas for the party’s growth, and support them to the best of the party’s ability.
In honoring these leaders, the party will provide a vehicle, the type of which will be determined by the national leadership committee. Additionally, they will receive a monthly allowance, with the amount also set by this committee.
Other benefits include health insurance. If a leader does not own a home, the party will cover their rent at a rate decided by the committee.
The leadership committee may also grant special recognition based on the leader’s contributions. Retired leaders will participate in decision-making meetings according to procedures outlined in the party’s constitution.
Depending on the party’s resources at the time, the policy may also apply to retired deputy chairpersons for both the mainland and Zanzibar, the Secretary-General, Deputy Secretary-General for both mainland and Zanzibar, and the party’s Attorney General.
Additionally, leaders, executives, or members with exceptional contributions to the party’s protection, advocacy, and defense may also benefit, as determined by the leadership committee.
Currently, those who are eligible for benefits under this policy include Juma Duni Haji (retired party Chairman) and Zitto Kabwe (retired party leader).Continue Reading
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Initiative is a shot in the arm for agriculture, which is currently virtually uninsured with just 0.17 percent of all general insurance sales.Continue Reading
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