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The African diaspora currently consists of millions of individuals living outside their homeland, most of whom send money back home. The exorbitant fees incurred in money transfers make Africa the most expensive continent to send money to.
Bent on changing that narrative, Benjamin Fernandes returned to his homeland and founded Nala, the Tanzanian fintech startup making money transfer to Africa easier and affordable. Nala initially launched as a personal finance app to make payment and money transfers easier for Tanzanians by replacing the Unstructured Supplementary Service Data (USSD) service.
Understanding the importance of remittances from friends and families abroad, Benjamin created the Nala Money Transfer, an app focused on increasing economic opportunity for Africans worldwide. Aside from allowing Africans in the diaspora to bypass the exorbitant cost of international money transfers, the platform also eases and hastens the transfer process.
Through this innovative solution, Nala has proven that we can solve our problems as a continent and tackle global challenges with hard work and dedication.