NCBA Bank has signed a strategic partnership agreement with NALA Payments Limited, the leading global fintech specializing in remittance services to Africa. The collaboration is expected to further develop and improve cross-border payment services in the country, making it easier for those across the borders to send money via Kenya into and around East Africa at cheap rates.
NALA Payments, which recently received a remittance license from CBK, selected NCBA for the partnership due to its solid compliance and regulatory standards. This will help both organizations extend their coverage in the remittance market while continuing to provide frictionless financial services to Kenyans living abroad and relative families back home.
Increasing Digital Financial Access
Under the partnership, NCBA will act as the settlement bank for NALA in Kenya, guaranteeing foreign exchange services for remittances and facilitating last-mile settlements through mobile money and banks speedily. The deal will see the two partners integrate NALA's fintech service offering with NCBA's digital capabilities while expanding access to digital financial services across Kenya into the broader East Africa region.
Mr. John Gachora, the Group Managing Director of NCBA Group, said, "We are excited to be partnering with NALA toward the facilitation of quicker, safer, and more affordable money transfers to Kenya and, by extension, the wider East African region. This partnership squarely fits within our strategy in support of fin-tech solutions and the further enhancement of financial inclusion."
Supporting the Economic Growth of Kenya
NALA's Chief Operating Officer, Nicolai Eddy, spoke more on the partnership of great importance to be able to serve Kenyans across the world in improving the remittance experience. This, he said, was in the view of remittances reaching $427 million in August 2024 alone, showing just how important a contributor diaspora contribution have become to livelihoods and fueling the Kenyan economy. "Our partnership with NCBA Bank is an important milestone toward our mission to improve the financial infrastructure requisite for the Next Billion," said Eddy.
Because both companies comply with international regulatory standards, including those of the US, UK, and EU, the partnership is in tune with Kenya's broader goals of expanding financial inclusion and cultivating a safe, regulated remittance landscape.
Empowering Kenya's Financial Ecosystem
The alliance is of growing importance on the African continent, where more and more people use digital financial services, and international money transfers are among the biggest sources of income for their families. It is against this background that NCBA and NALA, basing their relationship on leverage through technology, compliance, and innovation, are poised to reimagine the remittance space with safer, more efficient, and more affordable options for cross-border payments.
This deal is a major milestone in building the strong financial ecosystem in Kenya, while sustaining individual customers and the country's broader economic growth through improved access to and inclusion of finance.