The partnership will facilitate money transfer from markets like the US, UK, and EU to African nations
NCBA Bank has onboarded Nala Payments , a global fintech company specialising in remittance services to Africa, as a partner in settling cross-border payments. Nala Payments is licensed by the Central Bank of Kenya ( CBK) to offer remittance services. NCBA is renowned for its strong compliance standards.
This collaboration will not only present unique opportunities for both NCBA and NALA to expand remittance services across the regions in which NALA operates, but will also strengthen our financial ecosystem by integrating NALA’s services with NCBA’s digital capabilities.
Settlement bank
Through this partnership, NCBA will serve as NALA’s settlement bank in Kenya, facilitating foreign exchange services for last-mile settlements via mobile money and banks. This will broaden access to digital financial services across the region. “We are excited to partner with NALA to facilitate faster, safer, and more affordable money transfers to Kenya and the wider East African region,” said Mr. John Gachora, Group Managing Director, NCBA Group. “As a bank, we are committed to digitization and innovation, and this partnership aligns with our strategy to support fintech solutions and enhance financial inclusion,” he added.
Global scale
Nicolal Eddy, the chief operating officer of NALA said that the firm’s partnership with NCBA aims to enhance the remittance experience for Kenyans on a global scale. NALA’s compliance with US, UK, and EU regulations aligns with the goals of the Kenyan Government and CBK. “ With August 2024 remittances reaching $427 million— we recognize the pivotal role diaspora remittances plays in supporting livelihoods and driving the Kenyan economy. This partnership is therefore a significant milestone towards our mission to improve the financial infrastructure requisite for the next billion,” said Eddy.