Despite a decline in remittance inflows in Sub-Saharan Africa in 2020 due to the COVID-19 pandemic, countries such as Kenya and Ghana experienced an increase in cross-border payments. Remittance inflows into Sub-Saharan picked up again and grew roughly by 6% in 2021, according to the press release.
NALA says that the cost of sending money into Africa is the highest across all regions. Tanzania and Kenya remain the highest with charges at 17% and 21% respectively for every USD 200 sent. With increased intra-African trade and between Africa and the rest of the world, the transaction cost is one of the barriers to success in facilitating cross-border payments.
The partnership between Cellulant and NALA aims to facilitate seamless cross-border payments and reduce the cost of sending money from the UK and the US into Africa. NALA has built a digital platform for individuals and businesses based in the UK and US to send money to their friends, family, and employees in Africa. Cellulant is one of the early payment pioneers on the continent, and it chose to partner with them because of their expertise in the space and their technical capabilities.
Cellulant provides a single API payments platform, Tingg (Tingg.africa), that enables global, regional, and local businesses to collect payments online and offline while allowing anyone to pay from their mobile money, local, and international cards or directly from their bank. The platform supports payments for 220 million consumers on a single inclusive network, allowing interoperability across Africa.
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