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: Exim to Raise Fund for Mental Health Facilities Upgrades
EXIM Bank to raise 300m/- over the next three years for financing essential services and infrastructure upgrades in mental health facilities.
The bank’s Head of Marketing and Communications Stanley Kafu unveiled this when introducing Exim Bima Festival 2024 as a platform for bringing together individuals, organisations and various sectors for raising the funds.
“Exim’s initiative aligns with the government’s broader goals to ensure that every citizen has access to quality healthcare, including mental health services,” he said.
The initiative, which is one of the events for celebrating the bank’s 27th anniversary is scheduled for Wednesday this week in Dar es Salaam.
Mr Kafu highlights that this year’s festival is not only about raising awareness of the importance of insurance in the society but also focuses on enhancing access to mental health services and improving the overall well-being of the nation.
Statistics from the Ministry of Health shows a staggering 82 per cent increase in mental health cases over the past decade.
Mental cases have risen from 386,358 in 2012 to 2,102,726 in 2021, making the need for mental health services more urgent than ever.
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Unfortunately, the country’s ability to address this growing challenge is hindered by a shortage of mental health professionals, infrastructure, medical equipment and essential medication.
For example, out of the 28 regions in the country, only five have facilities that provide adequate mental health services.
The most affected group is the youth aged 15 to 39, who represent the nation’s workforce, underscoring the need for intensified efforts to safeguard this generation for Tanzania’s future well-being and development.
Mr Kafu said by improving mental health services, Exim aims to contribute to the creation of a network of communities that can access care quickly and affordably.
Exim Insurance Department Manager Tike Mwakyoma said they are appreciating the support from partners in the insurance industry, who have stood by them since the last festival.
“Let’s continue this unity for the development of all Tanzanians and our nation as a whole,” the manager said.
Source: allafrica.com
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