NALA has been granted an IMTO licence from the Bank of Uganda.
The IMTO license will enable us to integrate directly with mobile money services and enable users to conveniently pay into local mobile wallets, empowering us to deliver more efficient and secure cross-border payments to individuals and businesses.
“From what we see at NALA through our Rafiki API and the data from the Bank of Uganda, a lot of remittances go towards basic needs like education, medical care, and other household expenses. While the process of remitting money has improved, there’s still more to do to make sure these remittances keep supporting people’s lives effectively. We’ve worked closely with the Bank of Uganda to meet all the requirements, which will help us make remittances more accessible for everyone. Plus, with this license, we will boost the supply of foreign exchange in Uganda, which is critical for economic growth.” NALA COO, Nicolai Eddy.
This new licence aligns with our commitment to fostering financial inclusion and supporting both the country and the region’s economic growth.
Combined with our recent $40 million Series A funding, this represents a big step forward for us as NALA. Through our new API RAFIKI, sending and receiving money will now be more accessible and more efficient, which is crucial for many families in Uganda.
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Also Read: NALA Secures $40 Million in Series A Funding to Expand its B2B Payments platform
