Our new license empowers affordable international payments to Rwanda 🇷🇼
Hey there, NALA community! Exciting news – NALA has just received a game-changing license from the National Bank of Rwanda. This significant milestone results from our close collaboration with Rwanda's financial regulator and paves the way for more affordable and reliable international payments to Rwanda.
Unlocking new capabilities 🔓
With this new Payment Service Provider (PSP) license, NALA can directly integrate with Rwanda's banks and mobile money operators. This opens up a world of possibilities, including seamless disbursements for bills or school fees and efficient payment collections. Our goal is to make international payments to Rwanda cheaper and more accessible.
Building Strong Payment Networks 🤝
We've been on a journey of rapid growth through geographic expansion, innovative products, and improvements to financial infrastructure. Securing licenses has been a crucial part of our strategy, allowing us to take ownership of more steps in the payment flow. This latest approval from the National Bank of Rwanda is a testament to our commitment to building strong African payment networks.
Building local impact 🌍
Since 2021, NALA has operated in Rwanda, facilitating remittance payments to bank accounts and mobile money wallets. Our impact has been significant, with over 10,000 transactions processed and one billion Rwandan Francs sent home from abroad. Now, with the new PSP license, we can process disbursements and collections in-house, reducing costs and increasing reliability for our users.
With this new license in hand, NALA can now offer:
- Payment gateway services, allowing merchants to collect payments from local channels such as mobile money or cards
- Direct integration with telcos and banks, opening up greater reliability and control as well as reduced overhead costs
- Payment processing on behalf of third parties, such as other remittance services
A Message from our COO
NALA COO Nicolai Eddy expresses the significance of this milestone, stating, "Enabling direct integration to banks and telcos allows us to address some of the most pressing challenges individuals and businesses face when moving money across Rwanda’s borders. Our new PSP license enables us to build these capabilities under our own roof, improving quality of service and reducing costs."
Supporting Rwanda's vision
This approval aligns perfectly with Rwanda's Fintech Policy 2022-2027 vision. NALA is committed to supporting and collaborating with the Rwandan regulator and government agencies to achieve our shared ambitions. The goal is to establish Rwanda as a regional financial centre and advance financial inclusion.
Impact on economic advancement
Rwanda's vision for economic advancement aligns closely with NALA's mission to increase economic opportunity for Africans worldwide. Jean-Marie Kananura, Chief Investment Officer at Rwanda Finance Limited, notes, "NALA’s presence will undoubtedly contribute to our efforts to drive digital and financial inclusion in Rwanda."
There’s still work to do
Despite the many options for sending money to Africa, the continent remains the most expensive destination, with average transfer fees estimated at ~9% by the World Bank. NALA aims to change this paradigm by providing fair and transparent financial services and empowering people with control over their finances.
With this new license, we're breaking barriers and making international payments to Rwanda more affordable and reliable. Stay tuned for more updates as we continue to innovate and empower communities across Africa!
The NALA Team.
Exclusive NALA Merch 👀
If you like the look of our exclusive Rwandan NALA T-shirts, you can get hold of your very own here. Hurry whilst stocks last. There is still time to bag one before Christmas. 🎄