Tanzanian fintech startup, NALA, has received a Payment Service Provider (PSP) license from the Central Bank of Tanzania to operate in the country. The license enables the company to offer new products and services, including business payments, merchant services, outbound payments from Tanzania, and integration with local banks and telcos.

The license was awarded as part of  Tanzania’s President, Samia Suluhu Hassan’s ongoing initiatives and efforts to empower young people and foster an environment that makes it simple for companies like NALA to invest in the nation. NALA is a Tanzania fintech founded in 2018  as a personal finance app aimed at assisting Tanzanians and Ugandans with their financial well-being. The fintech has now expanded  into a money transfer app for the African diaspora with a mission to provide fair and transparent financial services to empower people to control over their finances.