NCBA Partners with NALA Payments to Strengthen Remittance Services to Africa

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NCBA Bank has partnered with global fintech company NALA in an effort to improve cross-border payments in Africa. NALA, which specializes in remittance services in Africa, obtained its remittance license from the Central Bank of Kenya and joined forces with NCBA Group due to their strong compliance standards.

Speaking during the signing of the partnership, John Gachora, the NCBA Group Managing Director, expressed his excitement for the partnership, emphasizing its benefits to the East African region.

“We are excited to partner with NALA to facilitate faster, safer, and more affordable money transfers to Kenya and the wider East African region. As a Bank, we are committed to digitization and innovation, and this partnership aligns with our strategy to support fintech solutions and enhance financial inclusion,” said Mr. John Gachora.

Nicolai Eddy, the Chief Operating Officer of NALA, echoed the sentiments, stating that their partnership with NCBA Bank is focused on improving the remittance experience for Kenyans worldwide.

“Our partnership with NCBA Bank aims to enhance the remittance experience for Kenyans on a global scale. NALA’s compliance with US, UK, and EU regulations aligns with the goals of the Kenyan Government and the Central Bank of Kenya,” Nicolai Eddy noted.

“With August 2024 remittances reaching $427 million— we recognize the pivotal role diaspora remittances plays in supporting livelihoods and driving the Kenyan economy. This partnership is therefore a significant milestone towards our mission to improve the financial infrastructure requisite for the Next Billion.” he added.

Read: Safaricom, Mastercard Partner to Boost Cross-Border Remittance Services in Kenya

At the signing, NCBA was represented by Isaac Owilla, Ag. Group Director Technology and Operations, Charles Omondi, Ag. Group Director Corporate Banking, and Sally Chege, Head of Transactional Banking.

NCBA, through the partnership, will act as NALA’s settlement bank in Kenya, providing foreign exchange services for last-mile settlements through mobile money and banks.

Remittance inflows to Kenya have increased tenfold in the last 15 years. Between 2023 and 2024, diaspora remittances grew a record Sh671 billion, rising from $5 billion in 2023 to $4.69 billion (Sh607.3 billion) in 2024. This marks the fastest annual percentage growth since 2021, when remittances increased by 20 percent, reaching $3.72 billion (Sh481 billion).