NCBA Bank has signed a partnership with NALA Payments Limited, a global fintech company specializing in remittance services, to facilitate seamless money transfers from markets such as the US, UK, and EU to African nations.
The collaboration aims to enhance cross-border payments and expand digital financial services across the region.
NALA, having secured a remittance license from the Central Bank of Kenya, selected NCBA as its partner due to the bank’s strong compliance standards.
This partnership will integrate NALA’s digital remittance services with NCBA’s financial infrastructure, improving the speed, safety, and affordability of money transfers to Kenya and other East African countries.
Through this deal, NCBA will act as NALA’s settlement bank in Kenya, providing foreign exchange services and facilitating last-mile settlements via mobile money and bank transfers. This will significantly broaden access to digital financial services in 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 of NCBA Group. “This partnership aligns with our strategy to support fintech solutions and enhance financial inclusion.”
NALA’s Chief Operating Officer, Nicolai Eddy, emphasized the importance of diaspora remittances in Kenya, with August 2024 remittances reaching $427 million. “Our partnership with NCBA aims to enhance the remittance experience for Kenyans globally.
This is a significant milestone in improving financial infrastructure for the Next Billion,” he said.
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