Tanzania-based payment firm targets Kenya entry
Nala, a Tanzania Fintech firm operating out of Dar es Salaam is now seeking expansion in Kenya. Nala offers an application interface that simplifies mobile money transfers allowing faster, smarter, and safer transactions without an internet connection.
Nala currently operates in Uganda and Tanzania and in which, as of 2019, less than 200,000 people used the app — out of a population of 56 million, barely 1 percent of the population.
Nala CEO and founder, Benjamin Fernandes, believes that unlike Uganda and Tanzania, the Kenyan market is less fragmented having only one dominant mobile operator – and therefore a good opportunity for expansion. An expansion to Kenya, the single-largest market in the region, will be a game changer for Nala if successful.