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Fintech startup, NALA has been granted a Payment Service Provider (PSP) license by the Central Bank of Tanzania.

This allows the company to develop new offerings such as business payments, merchant services, and outbound payments from Tanzania, as well as integration with banks and mobile money operators.

NALA’s founder and Chief Executive Officer (CEO), Benjamin Fernandes, said, “Two of NALA’s biggest goals in the last year have been enabling direct integration to banks and telcos and tackling the challenges that businesses face in moving money across borders.”

He also added, “We have worked closely alongside the Bank of Tanzania to complete the appropriate steps to receive our license as a Payment Service Provider. With this new license in hand, NALA is making a major commitment to invest $1m to build our most ambitious projects ever in our home market of Tanzania.”

The license is a significant milestone for the fintech firm that expanded from the UK and the USA to Europe earlier this year.

NALA has plans to invest $1m to support product innovation and create new jobs in Tanzania.

The award of the license was part of the ongoing efforts of the President of the United Republic of Tanzania, Dr. Samia Suluhu Hassan, to empower young people and create an environment that simplifies businesses’ investment in the nation.

Kenyans in the diaspora can now pay bills on M-PESA via NALA Money, making it easier for Tanzanians to send and receive money across borders.

NALA aims to offer more services and benefits to its users, and the PSP license provides a great opportunity for the fintech firm to achieve its goals.

The license will also enable the company to develop new and innovative products that will contribute to the growth of the fintech industry in Tanzania.