EQUITY BANK (T) PARTNERS WITH NALA PAYMENTS FOR SEAMLESS REMITTANCE TRANSFERS TO TANZANIA


The new strategic partnership allows NALA customers in the UK to send money directly from their phones to Equity Bank (T) customers.
No fees will be involved
Close to 300,000 Tanzanians in UK can now send money home instantly

Dar es Salaam, 14th December 2021: Equity Bank (T), a leading player in the digital money transfer space, has joined forces with NALA Payments Limited, a remittance payment processing platform, to facilitate diaspora remittances.

For a start, Tanzanians, Kenyans, and Ugandans living in the United Kingdom can now send money directly from their banks in the UK, through the NALA app, instantly to Equity Bank Tanzania accounts. With a sizable number of Tanzanians in diaspora, remittances play an increasingly important role in Tanzania’s economy and are the most significant contributor to the foreign exchange basket.

According to the World Bank figures, in 2020, Tanzania remittances stood at $430 million, an increase of $25 million on the previous year. The sum represented 0.8 percent of the GDP.

The Equity Bank and NALA partnership will save customers’ time and money, enabling them to instantly send vital funds home in a few taps from their phones. Customers sending money to Tanzania can choose from various convenient payout options, including bank transfer and mobile wallet, enabling them to Bank and invest back home quickly.

NALA was founded by Tanzanian, Benjamin Fernandes with the hopes of increasing economic opportunities for Africans globally through international money transfer and trade.

Robert Kiboti, Equity Bank’s (T) Managing Director, said: “Remittances into Tanzania from the Diaspora have been growing steadily, currently estimated at USD 100 Million per month, with Equity Bank market share being estimated at 13%. We strive to maximize the remittance volumes coming to Tanzania by increasing convenience through partnering with like-minded partners like NALA. Through this relationship, we will be able to keep pace with digital developments to unlock the full investment potential of our diaspora customers, by offering a safe, fast, secure, and cost-effective channel for transfer of funds to benefit their dependents and investments; in Tanzania.”
Benjamin Fernandes, CEO of NALA, commented: “NALA is delighted to partner with key financial institutions like Equity Bank (T) to make it faster, simpler, and cheaper to receive money from abroad. We make sending money home as easy as sending an SMS. Equity Bank have set a great example for how they prioritize the importance of technology and have been forward thinking with the way they deal with technology partners. We work with Equity Bank in a few countries in Africa and look forward to serving our customers better with them.”