Equity Bank has announced a new partnership with NALA to allow Kenyans in the diaspora to send money back home.
This partnership was announced last week and will make it possible for Kenyans in the UK and US to send money directly from their banks, through the NALA app to Equity Bank Kenya accounts and other mobile wallets.
“NALA’s mission is to increase economic opportunities globally and partnering with Equity Bank is a foundational step for us. Combining NALA’s technology with Equity Bank’s reach allows us to build a stronger financial infrastructure for Kenyans worldwide. Payments in Africa are 1% built, and technology enables us to make strides towards integrating the financial tools for advancement.” NALA CEO Benjamin Fernandes said.
NALA has previously signed a similar deal with Equity Bank in Tanzania.
On their part, Equity said, “The partnership will allow Kenyans living in the United Kingdom and the United States to send money directly from their banks, through the NALA app, instantly and at the most competitive rates to Equity Bank Kenya accounts and other mobile wallets.”
This announcement comes after NALA got a licence from the CBK to facilitate money transfers out of Kenya. The firm is also opening an office in Nairobi which will house a third of the organization’s workers.