Bank of Uganda Grants NALA New Payment Licence

KAMPALA, Uganda — The Bank of Uganda has granted a new payment licence to fintech company NALA, authorising it to operate as a licensed International Money Transfer Operator (IMTO) and significantly expand its cross-border remittance and payment services within Uganda.

The regulatory approval enables NALA to provide compliant, secure international money transfer services, including direct integration with local mobile money platforms and bank accounts. The move represents a meaningful step in Uganda’s efforts to modernise its payments ecosystem and improve access to efficient digital financial services.

With the licence in place, NALA is positioned to support faster, more affordable remittance flows for individuals, businesses, and diaspora communities sending money into Uganda — a critical source of household income and foreign exchange for the country.

Regulatory Endorsement and Market Entry

Approval by the Bank of Uganda signals regulatory confidence in NALA’s operational controls, compliance standards, and technology infrastructure. As a licensed IMTO, the company can now operate directly within Uganda’s regulated financial system, offering services aligned with national payment oversight and anti-money laundering requirements.

“This licence is an important milestone for our expansion in East Africa,” NALA said in a statement, noting that regulatory clarity allows the company to deepen local partnerships and deliver services at scale while maintaining high standards of consumer protection.

Expanding Access to Cross-Border Payments

NALA’s services are designed to simplify international money transfers by reducing reliance on traditional correspondent banking networks, which can be slow and costly. By leveraging mobile money — the dominant financial channel for everyday transactions in Uganda — NALA aims to improve last-mile delivery and enhance accessibility for underserved users.

Industry observers note that increased competition among licensed remittance providers typically leads to lower transaction costs, improved transparency, and better user experience, benefiting consumers and small businesses alike.

Supporting Financial Inclusion and Economic Stability

Remittances play a vital role in Uganda’s economy, contributing significantly to household welfare and foreign exchange inflows. By introducing additional regulated digital payment capacity, the Bank of Uganda’s decision supports broader policy objectives around financial inclusion, innovation, and resilience within the financial system.

NALA’s Ugandan expansion also aligns with the company’s broader pan-African and global strategy. The fintech firm has previously raised substantial venture funding to support its growth and investment in payment infrastructure across emerging markets.

As digital payments adoption continues to accelerate across East Africa, NALA’s licencing underscores the increasing role of fintech companies as regulated partners in national payment ecosystems.

Sources

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