NALA expands in the EU

Following the EU launch, the company aims to expand its reach and ability to innovate in the African payments space, as it looks to financially empower Africans across the world. As per information provided in the announcement, the expansion into the region follows the knowledge that the European economy is the third largest in the world and is also home to over a quarter of African migrants, as stated by company officials. 

Furthermore, NALA representatives have advised that traditionally, payments companies have leaned on market expansion as their primary growth lever, which has caused them to pursue wider geographic reach as opposed to added value in their product. As the company is looking to build a payments company that serves the needs of Africans, it is aiming to work on product innovation alongside market expansion.

The company is working towards modifying the paradigm of financial tools for Africans by providing services that enable people to control their finances in a fair and transparent manner. As per information provided in the announcement, the app became available for download on 15 December via the App Store and Play Store from most Eurozone countries.

NALA recent developments and product offering

Having launched in the UK and the US in 2022, the company has seen growth via geographic expansion and product differentiation, and the EU expansion marks one of the many updates to be announced by the company. 

In November 2022, the company announced the launch of ‘NALA for Business’, a platform to enable business owners to have more power when deploying their funds on the continent. As per the company’s live updates roadmap, the platform has features of the likes of higher transaction limits and desktop access, aiming to provide increased flexibility when managing payments.

In October 2022, NALA made public their Google Pay integration, which enabled users in the UK and the US to access the Google Pay feature on the NALA app and carry out pay-outs to over 300 banks and 20 mobile money operators in Africa. Furthermore, having implemented this, the company also made possible the receival of Google Pay-enabled remittances in the following five African countries: Tanzania, Kenya, Rwanda, Uganda, and Ghana. In addition to Google Pay, NALA also integrated Apple Pay earlier in that same month and launched a feature that enabled Kenyans in the diaspora to pay local bills in their home country.

At the end of April of the same year, NALA announced their partnership with payments company Cellulant, to enable remittance payments from the US and the UK into Africa and to facilitate seamless cross-border payments, as well as reduce the cost of sending money from these two regions into the continent.