NCBA signs deal with nala payments to enhance remittance services to africa

Kenya’s NCBA Bank has onboarded Nala Payments Limited, a global fintech company specialising in remittance services to Africa, as a partner in settling cross-border payments. 

NALA Payments, having obtained a remittance license from the Central Bank of Kenya, settled on partnering with NCBA due to the Group’s 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.

Nicolai Eddy, COO, stated, “NALA has received a Letter of No Objection from the Central Bank of Kenya (CBK) approving our partnership with NCBA Bank to offer inbound money remittances into Kenya. This collaboration is set to enhance the remittance experience for Kenyans worldwide by making it more reliable and affordable. Together with NALA’s robust compliance framework and global regulatory approvals, this initiative aligns with the objectives of the Kenyan government and the Central Bank of Kenya.

Remittances are a lifeline for many, supporting essential needs like food, education, healthcare, and household expenses. In July 2024, remittances to Kenya totaled $414.3 million, a 9.6% increase from July 2023, according to the Central Bank of Kenya. This growth supports President William Ruto’s goal, through the State Department for Diaspora Affairs (SDDA), to scale diaspora remittances to $10 billion in the next five to seven years—highlighting the global diaspora’s role in driving economic growth.

While progress has been made, more work is needed to ensure these funds continue to uplift and sustain lives effectively. This partnership marks a crucial step toward our mission of improving financial infrastructure and building payments for the Next Billion.” Video: https://youtu.be/qoReZg6Ssc8?si=V6h4yr1p7u_oe32u