NALA gets CBN licence to operate in Nigeria
Global financial technology company NALA has received regulatory approval from the Central Bank of Nigeria to operate in the country. The licence is expected to make money transfers for Nigerians in the diaspora faster, cheaper and more reliable by reducing delays and costs in cross border payments. With the new approval, NALA can now connect directly to Nigeria’s central payment system. This direct connection removes the need for intermediaries and is expected to cut transaction fees and improve the speed of transfers into Nigeria. The company said it has strong security controls in place to protect users. These include ID verification, biometric checks and extensive fraud monitoring on every transaction processed through its platforms. NALA runs two main business lines. The first is a consumer remittance platform serving customers in the United States, the United Kingdom and 19 European countries […]