So, I’m testing a new format. Shorter. To the point. Please tell me what you think.
High-impact alternative
Olio > UK Supermakets
“Those of you living and working far from home are no strangers to sacrifice. I remain in awe of the strength and resolve it takes to go months, years, (maybe decades!) without having the chance to head home for a cooked meal or a hug.”
“Africans will build our Africa, the way we want it.”
Company - Nala
Problems
Africa is the most expensive continent to send money to, with average fees of 7-8% per transfer.
Africans lose approximately $8 billion annually just in cross-border transfer fees.
11 million African migrants in Europe had few affordable, reliable options to send money home.
What they do - App that lets the African diaspora in the UK, US, and EU send money to 11 African countries via 249 banks and 26 mobile money services, fast and cheap.
How they started - Benjamin Fernandes built a mobile money management app in Tanzania in 2017, received a cease-and-desist from Vodacom before it could scale, then pivoted in 2021 to cross-border remittances after watching diaspora communities get overcharged by legacy players.
Areas of Impact - Financial Inclusion, Poverty Reduction, Economic Empowerment
Impact Model - Lower fees mean more money stays with African families. 93% word-of-mouth growth means commercial success and customer impact are the same thing.
$1 billion+ in remittances moved to Africa and Asia.
500,000 customers served.
34x transaction volume growth over 20 months.
10x revenue growth in 12 months.
Join the Cause https://apply.workable.com/nalamoney/
Who started everything Benjamin Fernandes, Nicolas Esteves, Nicolai Eddy
“Payments are broken, and we can’t just complain about it.” — Benjamin Fernandes
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