A partnership between NALA, PesaLink, and Equity Bank is set to change the remittance sector in Kenya. PesaLink, the platform for real-time interbank fund transfers, will now be able to facilitate instant diaspora remittances.
According to a statement by Equity Bank Kenya, “This partnership leverages PesaLink’s instant payment infrastructure, NALA’s global fintech platform, and Equity Bank’s extensive local network to enhance the efficiency and affordability of last-mile remittance transfers.”
People in the US, UK, and Europe can now use the NALA app to send money via debit card or bank account. Recipients in Kenya will get the funds almost instantly in their mobile wallets or bank accounts.
“For individuals, this means money sent from abroad arrives instantly into bank accounts or mobile wallets, improving day-to-day financial planning,” Nala said in a post.
Given that diaspora remittances to Kenya reached a record US$4.94 billion (KES 638 billion) in 2024, making them a vital source of foreign exchange, this partnership was a clear and logical choice.
In addition, Pesalink will now be able to help payroll companies disburse salaries across borders faster. It will also give fintechs and remittance firms direct access to local financial networks.
Merchants and small and medium-sized enterprises (SMEs) will benefit from the partnership, as it enables them to make faster payments to suppliers, thus reducing operational delays.
