African payments company NALA has received both the Payment Service Provider (PSP) and Payment System Operator (PSO) licences from the Bank of Uganda, a development that strengthens its operational base in East Africa and reaffirms its commitment to building locally grounded yet globally connected financial infrastructure.
Founded by Tanzanian entrepreneur Benjamin Fernandes, NALA has evolved into one of Africa’s leading digital payments platforms, facilitating fast and secure money transfers from Europe, the United Kingdom and the United States to several African nations including Tanzania, Kenya, Rwanda, Uganda and Ghana. The fintech’s services enable users to make payments to over 249 banks and 26 mobile money services across 16 countries in Africa and Asia, with transactions often completed within seconds.
The company’s latest regulatory approvals in Uganda mark a significant step in its strategy to deepen its presence within Africa’s growing payments ecosystem. The newly granted licences come in addition to its Money Remittance Licence, issued in 2024, positioning NALA among a select group of firms authorised to operate across all principal layers of Uganda’s regulated payments infrastructure.
In a statement, Fernandes described the development as a pivotal moment in the company’s pan-African mission to build financial systems designed for the continent’s next billion users. “Securing both the PSP and PSO licences is a major milestone for NALA, marking our third licence in Uganda and a clear signal of our long-term commitment to the country. We are investing over US$2 million in local infrastructure and partnerships to build payment systems that serve Ugandans at home and across the diaspora, while also supporting the local tech ecosystem by building APIs that enable Ugandan companies to scale pan-African businesses and bring more dollars into the economy,” he said.
The Bank of Uganda’s decision reflects ongoing regulatory efforts to foster innovation while maintaining oversight in the country’s financial technology landscape. The licences, which are issued under the National Payment Systems Act of 2020, provide a legal foundation for companies to offer digital financial services securely and responsibly, reinforcing Uganda’s role as a growing hub for digital finance within East Africa.
NALA’s expansion comes amid a wider shift in Africa’s payments landscape, where local fintechs are playing a central role in redefining cross-border remittances, lowering transaction costs and driving financial inclusion. The company’s continental approach stands as part of a broader African-led effort to build infrastructure that responds to the realities of African economies and the aspirations of their people, rather than replicating imported models.
In 2023, NALA extended its reach across the European Union, adding 19 new sending countries to its network and facilitating more affordable and transparent transfers to Africa. The firm’s $40 million funding round that same year enabled investments in infrastructure and partnerships designed to strengthen intra-African connectivity and diaspora engagement.
With the addition of Uganda to its growing portfolio of regulated markets, NALA now operates in several key African jurisdictions, signalling an increasing maturity in Africa’s fintech sector and demonstrating the continent’s capacity to produce technology-driven companies that operate responsibly and at scale.
The company’s trajectory also underscores a subtle but important shift in narrative: one where African innovation is framed not as peripheral or reactive, but as central to shaping global financial systems of the future. By prioritising collaboration with local regulators and investing in homegrown infrastructure, NALA exemplifies an African fintech story grounded in trust, inclusivity and long-term sustainability.
