Equity Bank Kenya has inked a deal with NALA Payments Limited, a remittance payment processing platform licensed in the UK and United States, to facilitate diaspora remittances into Kenya.
The partnership will allow Kenyans living in the United Kingdom and the United States to instantly send money directly from their banks through the NALA app to Equity Bank Kenya accounts and other mobile wallets.
According to NALA CEO Benjamin Fernandes, the partnership will allow it to build a more robust financial infrastructure for Kenyans worldwide.
“Payments in Africa are 1% built, and technology enables us to make strides towards integrating the financial tools for advancement,” says Benjamin Fernandes.
Benjamin Fernandes, @NALAmoney CEO (right) displays the NALA App together with Robert Kiboti, Equity Head of Private Banking (left) during the launch of a partnership between NALA and Equity Bank Kenya to facilitate diaspora remittances into Kenya. #moneytransfer pic.twitter.com/OluclTu53P
— Equity Bank Kenya (@KeEquityBank) July 22, 2022
Leveraging on the growing popularity of digital channels for sending money home from abroad, Equity grew the volume of diaspora remittances it processed by 39 per cent in 2021 compared to the corresponding period in 2020.
It handled KSH 383.5 billion in remittances in the 12 months to December, up from KSH 279.4 billion in 2021.
NALA is also opening an office in Nairobi to host a third of the company’s staff.
While NALA operates with a globally remote workforce, operational components like partnerships and customer support will be grounded in the Nairobi headquarters under the leadership of NALA COO Nicolai Eddy.
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