Equity Bank Inks a Diaspora Remittances Deal with NALA Payments

Equity Bank Kenya and NALA Payments Limited have signed a partnership aimed at facilitating diaspora remittances.

Equity Bank says the partnership with the United Kingdom and United States-licensed platform cements its position as the leading lender in supporting diaspora remittances.

The partnership allows Kenyans in the US and UK to send money directly from their banks through the NALA app and onwards to Equity Bank accounts or mobile money wallets.

“Equity will continue to build linkages within likeminded partners such as NALA to ensure its members have access to seamless and most competitive remittance services,” Equity Head of Private Banking Robert Kiboti said.

Equity Bank handled Sh383.5 billion in diaspora remittances in 2021 compared to Sh279.4 billion in the previous year, representing a 27 percent increase.

NALA Payments announced it will open a new office in Nairobi from where one-third of its employees will be based. The company operates a globally remote workforce and leverages partnerships to grow its geographic reach.