CBN licenses new global firm in boost to Diaspora remittances
Our Reporters Global fintech firm, NALA has secured a licence to operate in Nigeria, a move expected to make money transfers faster, cheaper, and more reliable for Nigerians in the
Our Reporters
Global fintech firm, NALA has secured a licence to operate in Nigeria, a move expected to make money transfers faster, cheaper, and more reliable for Nigerians in the diaspora.
The licence allows NALA to connect directly to Nigeria’s central payment system, eliminating intermediaries and reducing transaction costs.
The company also highlighted its robust security measures, including identity verification, biometric checks, and extensive fraud monitoring for every transaction.
NALA operates two key business lines: a consumer remittance platform available across United States, United Kingdom, and 19 European countries, and a business-to-business (B2B) payment infrastructure, branded Rafiki. The B2B system enables global financial service providers to plug into NALA’s network and process cross-border payments efficiently.
Country Manager, Nigeria, NALA, Brian Edward, said the company sees Nigeria as a strategic market due to its large population, significant diaspora inflows, and strong cultural ties that drive support for families back home.
“For those of us in the payment space, getting regulatory approval requires significant work. We’ve done our homework and are pleased to now be fully licensed,” Edward said.
He added that NALA’s mission extends beyond remittances:
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He said: “We aim to support multiple regions, especially across Africa, and to provide tools that help families, businesses, and communities thrive. Our work is about building trust and ensuring resources reach the people who need them.”
Co-Founder of NALA, Nicolai Eddy, explained that the company would continue expanding its services, including plans for diaspora savings accounts and investment products, following the model successfully deployed in Kenya.
Official estimates suggest Nigeria received $23 billion in diaspora remittances last year, though actual inflows may be closer to $40 billion due to informal channels. NALA aims to capture a significant portion of this market while offering secure, transparent, and cost-effective solutions.
As competition grows in Nigeria’s remittance sector, NALA says its licence, direct integration into local payment rails, and focus on security and trust will position it for long-term growth in Africa’s largest remittance market.
