CBN Grants Licence to Global Fintech Firm NALA to Strengthen Diaspora Remittances
- 4 hours ago
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Nigeria’s remittance ecosystem is set for a boost following the Central Bank of Nigeria’s approval of a licence for global fintech company, NALA, to operate in the country.
The authorisation enables the firm to connect directly to Nigeria’s central payment infrastructure, a move expected to cut out intermediaries, lower transfer costs, and improve the speed and reliability of cross-border transactions for Nigerians abroad.
NALA, which serves customers across the United States, United Kingdom, and several European countries, operates both a consumer remittance platform and a business-focused payment system known as Rafiki. The latter allows financial institutions to integrate seamlessly and process international payments more efficiently.
The company’s Nigeria Country Manager, Brian Edward, described the approval as a significant milestone, noting that the firm views Nigeria as a key market due to its large population and strong diaspora support network.
He emphasised that beyond money transfers, the company is focused on building financial tools that support families, businesses, and communities across Africa.
Co-founder Nicolai Eddy also revealed plans to expand services in Nigeria, including the introduction of diaspora savings and investment products, similar to offerings already rolled out in Kenya.
Nigeria remains one of the world’s largest recipients of diaspora remittances, with official figures estimated at over $20 billion annually, though actual inflows may be significantly higher due to informal channels.
With increasing competition in the sector, NALA is positioning itself to capture a larger share of the market by offering secure, transparent, and cost-effective payment solutions.
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