Dar es Salaam. A fintech, NALA, founded by Tanzanian entrepreneur Benjamin Fernandes, has received a financial boost after it was announced on the US stock exchange NASDAQ to have secured a $40 million (over Sh100 billion) investment.
This investment will enable the fintech, which relocated its regional head office to Kenya, to achieve its goal of further international growth and to improve the quality and security of payments across Africa through a new payment system developed by the company called Rafiki.
NALA has received this investment from major global investment firms such as Acrew Capital, DST Global, Amplo, and others.
Fernandes, 31, founded NALA at the age of 24. He currently serves as the founder and CEO. NALA is an international financial technology company that enables people and businesses to make cross-border payments between the USA, UK, and Europe to Africa. Nala was the first East African fintech company selected for Y-Combinator in the USA.
The company says it will use this investment to achieve its international goals by focusing on two main things: increasing services for sending and receiving money outside of Africa and creating banking services for immigrants and people living abroad.
Nala has stated that its new international payment system called Rafiki is expected to be used by billions of people, ensuring customers high-quality and secure payment services, excellent foreign exchange services, low transaction costs, and enabling businesses to send and receive payments easily. “This will bring a revolution in payment services in Africa similar to what dlocal did in Latin America and AirWallex did in Asia,” the company said.
NALA has continued to perform well over the past 12 months, witnessing a 34-fold increase in transactions processed on NALA, the number of employees increasing from 7 to 100, and the number of customers reaching 500,000, with branches added in 21 European countries.
During an interview with MillardAyo, Fernandes said, “This investment of Sh106 billion will enable us to expand our financial services. In addition to providing remittance services (sending money from abroad to home in Africa), we will also offer new international payment services outside of Africa. We will use this money to improve the infrastructure of our new payment system (called Rafiki), improve the quality and speed of financial services, and reduce transaction costs. NALA is not just participating in the changes in financial services; we are making those changes happen.”
Share this news
This Year's Most Read News Stories
Tanzania Confirms Second Marburg Outbreak After WHO Chief Visit
Dar es Salaam — Tanzania’s President Samia Suluhu Hassan has declared an outbreak of Marburg virus, confirming a single case in the northwestern region of Kagera after a meeting with WHO director-general Tedros Adhanom Ghebreyesus.
The confirmation follows days of speculation about a possible outbreak in the region, after the WHO reported a number of deaths suspected to be linked to the highly infectious disease.
While Tanzania’s Ministry of Health declared last week that all suspected cases had tested negative for Marburg, the WHO called for additional testing at international reference laboratories.
“We never know when an outbreak might occur in a neighbouring nation. So we ensure infection prevention control assessments at every point of care as routine as a morning greeting at our workplaces.”Amelia Clemence, public health researcher
Subsequent laboratory tests conducted at Kagera’s Kabaile Mobile Laboratory and confirmed in Dar es Salaam identified one positive case, while 25 other suspected cases tested negative, the president told a press conference in Dodoma, in the east of the country today (Monday).
“The epicentre has now shifted to Biharamulo district of Kagera,” she told the press conference, distinguishing this outbreak from the previous one centred in Bukoba district.
Tedros said the WHO would release US$3 million from its emergencies contingency fund to support efforts to contain the outbreak.
Health authorities stepped up surveillance and deployed emergency response teams after the WHO raised the alarm about nine suspected cases in the region, including eight deaths.
The suspected cases displayed symptoms consistent with Marburg infection, including headache, high fever, diarrhoea, and haemorrhagic complications, according to the WHO’s alert to member countries on 14 January. The organisation noted a case fatality rate of 89 per cent among the suspected cases.
“We appreciate the swift attention accorded by the WHO,” Hassan said.
She said her administration immediately investigated the WHO’s alert.
“The government took several measures, including the investigation of suspected individuals and the deployment of emergency response teams,” she added.
Cross-border transmission
The emergence of this case in a region that experienced Tanzania’s first-ever Marburg outbreak in March 2023 has raised concerns about cross-border transmission, particularly following Rwanda’s recent outbreak that infected 66 people and killed 15 before being declared over in December 2024.
The situation is particularly critical given Kagera’s position as a transport hub connecting four East African nations.
Amelia Clemence, a public health researcher working in the region, says constant vigilance is required.
“We never know when an outbreak might occur in a neighbouring nation. So we ensure infection prevention control assessments at every point of care as routine as a morning greeting at our workplaces.”
The Kagera region’s ecosystem, home to fruit bats that serve as natural reservoirs for the Marburg virus, adds another layer of complexity to disease surveillance efforts.
The virus, closely related to Ebola, spreads through contact with bodily fluids and can cause severe haemorrhagic fever.
Transparency urged
Elizabeth Sanga, shadow minister of health for Tanzania’s ACT Wazalendo opposition party, says greater transparency would help guide public health measures.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
“This could have helped to guide those who are traveling to the affected region to be more vigilant and prevent the risk of further spread,” she said.
WHO regional director for Africa Matshidiso Moeti says early notification of investigation outcomes is important.
“We stand ready to support the government in its efforts to investigate and ensure that measures are in place for an effective and rapid response,” she said, noting that existing national capacities built from previous health emergencies could be quickly mobilised.
The situation coincides with leadership changes in Tanzania’s Ministry of Health, with both the chief medical officer and permanent secretary being replaced.
This piece was produced by SciDev.Net’s Sub-Saharan Africa English desk.
Source: allafrica.com
The reason internet speeds in Tanzania still lag behind
Vodacom Tanzania was placed 16th at 17. ’08 Mbps, while Airtel Tanzania was ranked 18th available on 12. 89 Mbps.Continue Reading
Ground handling firms in Zanzibar start cutting jobs
ZAT and Transworld, companies providing ground handling services at Abeid Amani Karume International Airport, have to lay off workers to stay afloat.Continue Reading
