The company has now received approval from the National Bank of Rwanda for a Payment Service Provider license, which will enable direct integration with banks and mobile money operators locally. NALA has been operating in Rwanda since 2021, partnering with other companies to disburse remittance payments to bank accounts and mobile money wallets. The new PSP license enables NALA to process disbursements and collections in-house, reducing cost and increasing reliability for those sending money to and collecting money from Rwanda. “We have worked closely with the Bank of Rwanda to complete the appropriate steps to become licensed as a Payment Service Provider. With this new license, NALA commits to supporting and collaborating with the Rwandan regulator and the relevant government agencies to accomplish our shared ambitions.”

Source: The North Africa Journal November 28, 2023 09:16 UTC