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Nala set out to offer remittance services, it’s building a B2B payment platform too
Rafiki is Nala's solution to stem payout incidences, reduce user charges and ensure reliability as the fintech looks to scale.
Yet, while there exists more than a dozen payment solutions in Africa, there is plenty of room for innovation, according to Financial Technology Partners, an investment banking firm focused exclusively on fintech. In a past review of the sector the firm said Africa is still a fertile ground for ideas and innovations as “roughly 90% of payments are still made using cash, more than half of all Africans are unbanked or underbanked, and only a small minority hold a debit or credit card.” “Africa has all the ingredients needed to develop a robust fintech ecosystem including a massive, young, unbanked and underbanked, tech-savvy population, traditionally heavy cash usage, rapid shift from informal to formal sectors, increasing mobile penetration, and a generally-favorable regulatory environment along with governments pushing for greater financial inclusion and digitization,” it said.
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