- Cellulant, which is a payments firm with a presence across Africa, has announced a new pairing with NALA, which is a financial technology company based in Tanzania.
- It is thought that it will reduce the cost of sending money between the region and countries such as the UK and the US.
- “Cellulant is one of the early payment pioneers on the continent, and we chose to partner with them because of their deep expertise in the space and their strong technical capabilities,” said a senior figure at NALA.
Cellulant, a financial technology company based in Tanzania, has announced that it will be working with NALA, a payments firm that has a presence across sub-Saharan Africa.
The companies will work together as part of a new push for remittances from the UK and the US into countries such as Ghana, Rwanda, Kenya, Uganda and Tanzania.
It comes against a backdrop of significant remittance activity in the area.
It is understood that aside from Official Direct Assistance, remittances are the leading source of income from abroad for the region.
Overall, it is thought that nearly US$50bn was sent into Africa in 2019.
The new move between the two companies is expected to reduce the problems associated with payments like this.
It is thought that it will reduce the cost of sending money between the region and countries such as the UK and the US.
Cellulant’s offer includes an application programming interface, which allows for payments to be collected both via the web and elsewhere.
In a statement, Nicolai Eddy, the chief operating officer of NALA, said that this region was the priciest when it comes to transferring cash inward.
“Today, Sub-Saharan Africa is the most expensive region to transfer money into,” he said.
He added that the African continent could benefit from technology that brought down payment fees.
“In Tanzania and across the African continent, there is a huge opportunity to harness technology to reduce payment fees and build next-generation payment and banking products,” he explained.
He went on to say that NALA was working on this and allowing people and firms in Britain and North America to transfer cash into Africa.
“At NALA, we’ve built a completely digital platform for individuals and businesses based in the UK and US to send money to their friends, family, and employees in Africa,” he said.
He concluded by describing Cellulant as one of the “early payment pioneers”.
“Cellulant is one of the early payment pioneers on the continent, and we chose to partner with them because of their deep expertise in the space and their strong technical capabilities,” he explained.
The cross-border payments sector is proving itself to be dynamic, different and interesting – find out more about what the companies within it are doing to keep up their reputations over at this reviews section.
