NCBA Bank announced a new partnership with NALA Payments Limited, a global fintech company specializing in remittance services to Africa. This collaboration will enhance cross-border payment services. This will make it easier for users in the US, UK, and EU to send money to African countries.
Expanding Access to Digital Financial Services Across the Region
Under the agreement, NCBA will serve as NALA’s settlement bank in Kenya. They will facilitate foreign exchange services and last-mile settlements through mobile money and bank transfers. This partnership aims to expand access to digital financial services across the region. In addition, it will strengthen the financial ecosystem by integrating NALA’s advanced remittance services with NCBA’s digital infrastructure.
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“We are excited to partner with NALA to facilitate faster, safer, and more affordable money transfers to Kenya and the East African region.” Said Mr. John Gachora, Group Managing Director, NCBA Group. “As a bank, we are committed to digitization and innovation. This partnership aligns with our strategy to support fintech solutions and enhance financial inclusion.”
Strong Compliance Standards
NALA Payments, which recently obtained a remittance license from the Central Bank of Kenya, consequently chose to collaborate with NCBA because of the bank’s strong compliance standards.
“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 plays in supporting livelihoods and driving the Kenyan economy. This partnership, as a result, marks a significant milestone in advancing our mission to improve the financial infrastructure that is essential for serving the Next Billion.” Nicolai Eddy, COO of NALA
This partnership is expected to boost the efficiency of money transfers to Kenya, contributing to the local economy and improving livelihoods across the region.
