From TV Host to Fintech Trailblazer: How Benjamin Fernandes Is Redefining Remittances Across Africa
After multiple setbacks, the Tanzanian founder of Nala has built one of the continent’s most promising fintechs, now profitable, backed by $40 million in funding, and expanding globally.
In 2018, Benjamin Fernandes launched Nala, a fintech startup born from his mission to improve financial connectivity within Tanzania. But the road ahead wasn’t smooth. Legal roadblocks, cofounder exits, and the economic freeze of the pandemic nearly ended the dream. Yet, where many would’ve walked away, Fernandes chose to rebuild.
Today, Nala has evolved into a cross-border payment platform, serving African migrants in the U.S. and 20 European countries, enabling seamless transfers to 11 African nations—including Nigeria, Kenya, Rwanda, Uganda, and Fernandes’ homeland, Tanzania.
With over 500,000 registered users, and partnerships like direct integration with Kenya’s M-Pesa, Nala is more than a remittance service—it’s a financial bridge between diasporas and their families.
One of Africa’s Few Fintech Giants
Against a tough fintech funding climate, Fernandes and his 100-person team raised $40 million in 2024 at an estimated $200+ million valuation—joining an elite club of only five African startups to hit that benchmark.
Investors like Acrew Capital, Amplo, and DST Global have backed Nala’s ambitious expansion into new markets like India, Pakistan, the Philippines, and Latin America. But Fernandes’ vision doesn’t stop there.
With part of the funding, Nala is building Rafiki—its own licensed, cross-border payment infrastructure tailored for global businesses transacting in Africa. Aptly named after the Swahili word for “friend,” Rafiki aims to solve the continent’s most persistent financial bottleneck: a lack of reliable, affordable payment rails.
A Personal Mission Rooted in Purpose
Fernandes’ journey began in Dar es Salaam, raised by self-made parents who built a gospel empire without formal education. He became a TV host at 17, covering events like the 2012 London Olympics and 2014 World Cup—long before fintech entered his radar.
With a bachelor’s degree from the University of Northwestern-St. Paul and an MBA from Stanford—funded by a full fellowship—Fernandes blended his charisma, tech savvy, and community roots to launch his startup. After five rejections, he was finally accepted into Y Combinator in 2019.
Even as his cofounder exited and the pandemic shut down his original business model, Fernandes pivoted Nala into what it is today—a profitable, purpose-driven fintech.
Solving African Problems with African Insight
What sets Nala apart in a crowded fintech field? Control, clarity, and culture.
In countries like Kenya, Nala users can pay utility bills directly for their families instead of just sending cash. Soon, users will be able to issue debit cards to recipients back home, giving them the power to track and manage expenses.
Nala also plans to let migrants transfer their credit history and financial data—an industry-first feature that could help newcomers build financial credibility in the U.S. and abroad.
And behind it all is Fernandes’ ethos: build products for the people, by the people—with empathy, transparency, and resilience.
Rafiki: Africa’s Answer to dLocal and Airwallex
Much like how dLocal transformed payments in Latin America and Airwallex disrupted Asia, Rafiki is built to be Africa’s gateway for global businesses. It allows companies to:
Disburse payroll
Handle collections
Repatriate funds seamlessly
Instead of relying on fragmented third-party providers, Rafiki offers direct integration with banks and telecoms, ensuring fast, compliant transactions.
Fernandes explains:
“If DHL wants to collect from customers in Nigeria and send that money to Germany—we make that happen. If Netflix wants to accept payments in Tanzania—we’ve built the rails for that.”
A Profitable, Purpose-Led Future
While many fintechs struggle to sustain operations, Nala generated over $15 million in revenue in 2023 and reached GAAP profitability by early 2024.
Chief Financial Officer Andrei Klevtsov, formerly of Wise, affirms:
“Even at the EBITDA level, we’re profitable. That gives us immense freedom to scale intentionally.”
Nala is not just riding a wave—it’s building the wave. With Africa’s population set to reach 2.5 billion by 2050, and with more than a million people migrating annually, Fernandes is positioning Nala—and Rafiki—to become the financial engine of a rising continent.
The Last Word
From television host to tech CEO, Benjamin Fernandes represents a new generation of African founders—resilient, visionary, and globally minded. Through Nala, he’s not just helping Africans send money home. He’s redefining what’s possible for the future of global finance.
Ross Dylan is a seasoned author and a distinguished member of the International Business Magazine team. With a passion for unraveling the complexities of global commerce, Ross brings a wealth of expertise to his writing, offering readers insightful perspectives and thought-provoking analysis on the ever-evolving landscape of international business.
