NCBA, backed by Kenya’s richest families, partners with fintech firm to boost African remittances

Timilehin Adejumobi -
Key Points
  • NCBA partners with Tanzanian fintech NALA Payments to enhance remittance services, making transfers faster, safer, and more affordable across Africa. 
  • The collaboration positions NCBA as NALA's settlement bank in Kenya, improving financial access for diaspora communities.
  • NCBA’s partnership aligns with its strategy to promote fintech solutions, support financial inclusion, and invest in technology-driven banking across East Africa.

NCBA Bank, a subsidiary of the NCBA Group, a leading financial services conglomerate backed by some of Kenya’s wealthiest families, has partnered with Tanzanian fintech company NALA Payments Limited to improve remittance services across Africa. The collaboration aims to make money transfers faster, safer, and more affordable.

This partnership supports NALA’s growth in key markets, including the U.S., U.K., and E.U., where remittance regulations are strict. NALA’s platform enables transfers to various African countries, improving financial access for diaspora communities. NCBA will serve as NALA’s settlement bank in Kenya, managing foreign exchange for remittance settlements through mobile money and bank transfers.

NCBA and NALA to enhance money transfer in East Africa

“We are excited to partner with NALA to facilitate faster, safer, and more affordable money transfers to Kenya and the wider East African region,” said John Gachora, Group Managing Director of NCBA Group. “As a bank, we are committed to digitization and innovation, and this partnership aligns with our strategy to support fintech solutions and enhance financial inclusion.”

NALA COO Nicolai Eddy highlighted the importance of remittances to Kenya’s economy, particularly from its diaspora, which sent home $427 million in August 2024. "This partnership is a significant milestone towards our mission to improve the financial infrastructure requisite for the Next Billion," Eddy noted, emphasizing NALA’s vision of leveraging fintech for economic development in Africa.

NCBA expands horizons

NCBA Group, based in Nairobi, Kenya, was formed in 2019 through the merger of NIC Bank Group and Commercial Bank of Africa. With subsidiaries in Tanzania, Rwanda, Uganda, and Côte d'Ivoire, it has grown into a key player in East Africa's financial sector. 

Partially owned by Kenyan families like the Kenyattas, Meralis, and Ndegwas, NCBA is focused on strengthening its Kenya operations and expanding regionally.  

The partnership with NALA comes as NCBA intensifies its focus on technology-driven banking solutions, recently partnering with Amazon Web Services (AWS) to provide digital skills training to over 3,000 employees, underscoring its commitment to fostering innovation.

Additionally, the bank has earmarked a Ksh 644-million ($5 million) investment to bolster its cybersecurity, further highlighting its dedication to technology-driven solutions.