A Tanzanian company that provides electronic payment services, NALA, has been granted a license by the Central Bank (BOT) that will enable it to do business in the country.

After obtaining the license, NALA expects to invest an amount of money amounting to one million US dollars, equivalent to more than two billion Sh.

The BoT license makes NALA a payment service provider and enables direct integration with banks and financial service operators through mobile networks.

Speaking to a journalist in Dar es Salaam today, Monday, the Chief Executive Officer of NALA, Benjamin Fernandes said that the investment will make NALA improve its services and increase the scope of its services while more customers will benefit.

Fernandes said the move will enable NALA to start developing additional digital products that will increase payment integration, making payment services more affordable and reliable for business and general use.

"Using NALA, customers can send and receive money digitally from various countries in the world, including the United States, England, European Union countries and others," he explained.

The director explained that immediately after NALA was launched in the European Union, the company has received its license as a payment service provider in Tanzania and added that this is a big step as it provides an opportunity to improve services and add new services, such as;

commercial payments, merchant services and foreign payments from Tanzania, as well as direct cooperation with local banks and telecommunications companies.

"The two main goals of NALA since last year have been to facilitate direct cooperation with banks and telecommunication companies, to face the challenges that businessmen face in transferring money across the borders of the country.

"We have worked closely with the Central Bank of Tanzania to complete the necessary steps to receive our license as a payment service provider.

With this new license in hand, NALA gets the opportunity and ability to continue with our goals, the biggest of which is to make investments worth more than 2 Billion Tanzanian to build our biggest projects ever in our home market in Tanzania," he said.

NALA is an African payment and remittance company that enables you to make safe and reliable payments from Europe, the UK and the US to Africa.