Tanzania-born remittance startup NALA has unveiled the NALA USD Global Account, a product designed to redefine global money management for emerging markets.
The stablecoin-backed account enables users to save in USD, send money across borders, and maintain access to their funds anytime, anywhere.
Expressing excitement, CEO Benjamin Fernandes said, “I’m excited to unveil USD Global Accounts at NALA built to give emerging markets the opportunity to save in USD, spend across borders – all stablecoin backed.
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The account allows users to:
•Receive payments in USD with global payment details
•Store and save in a stable currency to hedge against local currency volatility
•Send or withdraw funds locally at any time
•Pay across the 18 markets NALA currently supports
According to the startup, this product will be rolled out to all 18 countries in NALA’s network, enabling recipients to also send money across borders. The NALA USD Global Account would redefine money management for millions in emerging markets, offering financial security, global accessibility, and cost-efficient cross-border payments.
It is likely to have several important impacts on users, emerging markets, and the broader remittance ecosystem, which include;
1. Financial Stability for Users
By allowing users to store and save in USD, the account provides a hedge against local currency volatility—a major issue in many emerging markets. This can protect savings from inflation or currency depreciation, giving individuals more financial security.
2. Easier Cross-Border Payments
Users can receive payments in USD and send money across borders seamlessly. This simplifies international transactions for freelancers, remote workers, diaspora communities, and small businesses, reducing dependence on traditional banks or expensive remittance services.
3. Lower Costs of Sending Money
Traditional remittances are expensive, especially in Africa. NALA’s account can reduce transaction fees for sending and receiving money internationally, saving billions collectively for consumers.
4. Boost for Emerging Market Economies
By enabling cross-border payments and USD savings, the account can help emerging market economies integrate more fully into the global economy, encouraging international trade, entrepreneurship, and investment.
Notably, by offering a stablecoin-backed product, NALA sets a precedent for innovative fintech solutions in Africa and other emerging markets, pushing other companies to modernize remittance and payment infrastructure.
Founded in 2017 by Fernandes, NALA initially focused on local money transfers in Tanzania. In 2021, the company pivoted to foreign remittances, addressing the costly and unreliable nature of cross-border payments, especially in Africa, the most expensive continent for sending money. Emerging markets, which account for 45% of global remittances, have been the company’s key focus.
Since its re-launch in 2022, NALA has grown rapidly, generating $24 million in revenue in just 28 months, achieving profitability, and building a strong moat through an integrated service model. Its consumer business now accounts for over 90% of total revenue, serving nearly 500,000 customers worldwide.
Alongside its consumer offerings, NALA is pushing Rafiki, a B2B payments platform launched in March 2024, which enables global businesses to make payments into and out of Africa via a single API. Rafiki not only strengthens NALA’s own infrastructure but also empowers international companies to trade more effectively with the continent.
In July 2025, NALA raised $40 million in a Series A round, following a $10 million seed round in 2022. According to the CEO, he stated that this fund will support the startup’s expansion into Asian and Latin American markets.
With a mission to “Build payments for #TheNextBillion,” NALA continues to focus on reducing the cost and increasing the reliability of global remittances, solidifying its position as a leading fintech innovator for emerging markets.