NCBA Bank has today onboarded Nala Payments Limited, a global fintech company specializing in remittance services to Africa, as a partner in settling cross-border payments.
Having obtained a remittance license from the Central Bank of Kenya, NALA Payments settled on partnering with NCBA due to the Group’s strong compliance standards. This collaboration will present unique opportunities for NCBA and NALA to expand remittance services across the regions in which NALA operates and strengthen our financial ecosystem by integrating NALA’s services with NCBA’s digital capabilities.
Through the partnership, the Bank will serve as NALA’s settlement bank in Kenya, facilitating foreign exchange services for last-mile settlements via mobile money and banks, broadening 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.”
“Our partnership with NCBA Bank 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 the Central Bank of Kenya. With August 2024 remittances reaching $427 million— we recognize the pivotal role diaspora remittances play 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.” — Nicolai Eddy, COO of NALA
