NCBA Bank has today announced a strategic partnership with NALA Payments Limited in a move aimed at enhancing remittances to Africa.

This collaboration aims to redefine the landscape of cross-border payments, offering Kenyans a faster, safer, and more affordable way to send and receive money from abroad.

NALA Payments, renowned for its innovative solutions and commitment to financial inclusion, selected NCBA as its settlement bank in Kenya due to the Group's strong compliance standards and extensive network.

The partnership will not only expand remittance services across regions where NALA operates but also bolster Kenya's financial ecosystem by integrating NALA's digital capabilities with NCBA's robust infrastructure.

Under the terms of the agreement, NCBA will serve as NALA's settlement bank in Kenya, facilitating foreign exchange services for last-mile settlements via mobile money and banks.

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This will enable Kenyans to receive remittances more conveniently and efficiently, transforming the way they connect with their loved ones and communities overseas.

Commenting on the partnership, NCBA Group Managing Director, John Gachora, expressed enthusiasm about the new collaboration.

"We are excited to partner with NALA to facilitate faster, safer, and more affordable money transfers to Kenya and the wider East African region," Gachora stated.

"As a Bank, we are committed to digitisation and innovation, and this partnership aligns with our strategy to support fintech solutions and enhance financial inclusion,” he said.

Through this agreement, NCBA will play a pivotal role in settling transactions on behalf of NALA, making it easier for customers to access seamless remittance services.

With NCBA’s support, NALA’s users will be able to send money to Kenya with greater ease, benefiting from secure and cost-effective financial solutions.

Nicolai Eddy, Chief Operating Officer of NALA, highlighted the significance of the partnership, noting that it would improve the remittance experience for Kenyans globally.

“Our partnership with NCBA Bank aims to enhance the remittance experience for Kenyans on a global scale. NALA’s compliance with US, UK, and EU regulations aligns with the goals of the Kenyan Government and the Central Bank of Kenya," Nicolai stated.

"With August 2024 remittances reaching $427 million—we recognise the pivotal role diaspora remittances plays in supporting livelihoods and driving the Kenyan economy. This partnership is therefore a significant milestone towards our mission to improve the financial infrastructure requisite for the Next Billion.”

As this partnership unfolds, it promises to create new opportunities for consumers while strengthening the infrastructure necessary for seamless financial transactions.

By leveraging NCBA's extensive banking experience and NALA's innovative approach to remittances, both companies are set to redefine how money is transferred across borders, ultimately benefiting the Kenyan economy and its citizens.