Bank of Uganda has granted NALA the International Money Transfer Operator (IMTO) licence, which allows the fintech company to integrate directly with mobile money services and enable users to conveniently pay into local mobile wallets, empowering them to deliver more efficient and secure cross-border payments to individuals and businesses.
“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, said in a post on LinkedIn on Thursday.
The newly acquired IMTO licence aligns with NALA’s commitment to fostering financial inclusion and supporting Uganda and Africa’s economic growth.
Combined with their recent USD$40 million Series A funding, this represents a big step forward for the fintech company. Through their new API RAFIKI, sending and receiving money will now be more accessible and more efficient, which is crucial for many families in Uganda.
“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,” noted Nicolai.
NALA’s licence acquisition comes a day, the Bank of Uganda also granted Flutterwave a Payment Systems Operator (PSO) licence which allows businesses access to Flutterwave’s comprehensive suite of payment solutions, enabling them to collect payments from their customers in their preferred payment method, facilitating seamless transactions, and enhancing financial inclusion.
