NCBA Bank has signed a landmark partnership with NALA Payments Limited, a global fintech company specializing in remittances to Africa, to enhance the efficiency of cross-border money transfers. The collaboration will focus on facilitating money flows from the US, UK, and EU to African nations, with NCBA acting as the settlement bank for NALA in Kenya.
NALA Payments, which recently obtained a remittance license from the Central Bank of Kenya, selected NCBA for its robust compliance standards and digital capabilities. Through this alliance, the two companies aim to broaden access to digital financial services across Africa while streamlining remittance transactions.
The partnership will allow NCBA to provide foreign exchange services for NALA’s money transfers, enabling quicker, safer, and more cost-effective remittance settlements through mobile money platforms and local banks. The move is expected to boost financial inclusion across the region by integrating NCBA’s digital infrastructure with NALA’s remittance platform.
“We are excited to partner with NALA to facilitate faster, safer, and more affordable money transfers to Kenya and the wider East African region,” said John Gachora, Group Managing Director of NCBA Group. “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.”
NALA’s Chief Operating Officer, Nicolai Eddy, highlighted the economic impact of diaspora remittances, noting the $427 million remitted to Kenya in August 2024. “Our partnership with NCBA Bank aims to enhance the remittance experience for Kenyans on a global scale. This is a significant milestone towards our mission to improve the financial infrastructure requisite for the Next Billion,” Eddy said.
The partnership comes at a time when Africa is becoming a critical destination for global remittance flows, with diaspora contributions increasingly recognized for their role in sustaining local economies. NCBA, which operates in five African countries and serves over 60 million customers, sees the partnership as a way to tap into this growing market while bolstering its digital banking leadership.
With its presence in markets such as Tanzania, Uganda, Ghana, and Senegal, NALA brings a comprehensive portfolio of digital solutions, including competitive exchange rates, same-day settlement, and secure money transfers for individuals and businesses alike.
For NCBA, the partnership reinforces its reputation as a leader in digital banking and financial innovation across Africa, while NALA gains a strategic banking partner in one of Africa’s largest economies. Both companies are poised to drive greater financial inclusion, not only by reducing the cost and time of remittances but also by expanding access to financial services in underserved regions.
