Table of Contents
- What Is NALA and How Does It Work?
- Why Consider NALA Alternatives?
- HoneyCoin: a NALA alternative built for African business treasury
- Flutterwave
- Wise
- Fincra
- Payaza
- Feature Comparison: NALA vs. Top Alternatives
- HoneyCoin's operational scale for African business treasury
- The Cost Problem with Cross-Border Payments in Africa
- What to Look for in a NALA Alternative for Business
- Final thoughts on choosing a NALA money transfer alternative for business
- FAQ
- Why do African businesses look for alternatives to NALA's Rafiki API?
- When should a finance team consider moving away from NALA to a purpose-built B2B solution?
- What features should you focus on when comparing NALA alternatives for cross-border treasury?
- How does HoneyCoin for Business handle high-volume foreign exchange differently from NALA?
- Can fintechs and banks use a NALA alternative to issue their own branded stablecoin wallets?
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NALA's consumer remittance product has a strong reputation among users. Its B2B infrastructure, Rafiki, is a newer product built for a different job. Businesses running payroll across borders, managing foreign exchange (FX) at volume, or collecting from clients across multiple African markets need rails built for exactly that from the start. Here's what those options look like.
TLDR:
- NALA's Rafiki API covers 11 African markets but does not currently include an over-the-counter (OTC) desk, virtual accounts in KES, NGN, or GHS, and multi-market treasury tooling.
- Sending USD 200 to Africa cost an average of 8.2% in Q1 2025, according to AfricaNenda data, with East Africa averaging 9.9% and West Africa 5.9%. SWIFT-based transfers also introduce correspondent banking fees and FX spreads that can erode a large share of transaction value over multiple settlement days.
- Compare alternatives on virtual accounts, confirmed mobile money rails, stablecoin settlement, bulk payouts, and no-contract commercial terms.
- HoneyCoin covers 24+ markets with an OTC Desk settling same-day (T+0), virtual accounts in KES, NGN, and GHS, and Wallets as a Service (WaaS) for stablecoin issuance.
What Is NALA and How Does It Work?
Trusted by over 1 million people across 35+ countries, NALA started as a consumer remittance app built to help individuals in the US, UK, and EU send money to family across Africa and Asia. The app lets people receive, hold, convert, and send money across borders with competitive exchange rates.
The product is app-first and consumer-focused by design. You download it, verify your identity, and send money to mobile money wallets or bank accounts in markets like Kenya, Tanzania, Nigeria, Uganda, and Rwanda.
For businesses, NALA has since launched Rafiki, a payment infrastructure API that grew out of NALA's internal settlement challenges as it scaled to 249 banks and 26 mobile money services across 11 African markets. Rafiki targets fintechs and enterprises needing local collection and payout rails across Africa.
Why Consider NALA Alternatives?
NALA does several things well. Its consumer remittance UX is clean, its coverage across Africa-to-diaspora corridors is broad, and the Rafiki API partnership with MoneyGram and Noah signals genuine infrastructure ambition in stablecoin settlement across frontier markets.
NALA's strength has always been consumer remittance, and Rafiki is a newer addition built for businesses. A few differences matter if you run a business with active treasury needs across multiple African markets.
- Rafiki is a newer B2B offering, with self-serve tooling for finance teams still expanding
- No native OTC desk (over-the-counter) for high-volume FX (foreign exchange), which matters when you're moving large sums regularly
- No virtual accounts issued in your business's own name across KES, NGN, or GHS
- No Wallets as a Service (WaaS) for banks or fintechs wanting to issue branded stablecoin wallets
- Multi-currency treasury management across several African markets sits outside Rafiki's current focus, which is local collection and payout rails
If your business pays suppliers in Lagos, runs payroll in Nairobi, and collects from clients in Accra, you need infrastructure built for that use case from the ground up.
HoneyCoin: a NALA alternative built for African business treasury
If your business runs treasury across multiple African markets, HoneyCoin is built for that from the ground up. Built by Africans for African businesses, HoneyCoin is an API-first financial services aggregator with payment coverage across 24+ markets on the continent. HoneyCoin's entire product suite was designed around business treasury from the start, which is why we list it first below.
Key capabilities:
- Mobile money collections and payouts across 50+ providers and 200+ bank integrations across Africa
- Virtual accounts issued in your business name: KES via Choice Bank (with a bundled USD and GBP option), GHS via Payaza, and NGN via Bank 78
- OTC Desk for high-volume foreign exchange (FX) at same-day (T+0) settlement, subject to know-your-business (KYB) verification (limits vary by country and method). Pricing is customized per client, so check Settings > Fees in your dashboard.
- Stablecoin minting on/off-ramps for USDC and USDT across ETH, Base, Arbitrum, and more
- Wallets as a Service (WaaS) for banks and fintechs issuing branded stablecoin wallets
- Bulk payouts and payroll across multiple markets in one run
- PCI DSS Level 1 certified for card data security
- USD 150M processed monthly for 350 enterprise clients
- No contracts, no setup fees, no lock-ins
Well suited for: Finance teams, fintechs, and enterprises running multi-country treasury across Africa.
Flutterwave
Flutterwave operates across 30+ African countries, supporting cards, bank transfers, USSD, and mobile money across markets including Nigeria, Ghana, Kenya, Uganda, Tanzania, Rwanda, and South Africa. That said, it has no stablecoin rails, no OTC desk for large FX volumes, and treasury tooling is lighter than what structured finance teams typically need.
Well suited for: Businesses focused on card and bank collections who don't need stablecoin infrastructure.
Wise
Wise is transparent on pricing and genuinely good for global transfers at low margin. The problem for African businesses is that mobile money integration is thin, stablecoin support is absent, and its strength sits in developed-market corridors.
Well suited for: Teams paying international contractors in USD (United States dollar) or EUR (euro) who don't need African local rails.
Fincra
Fincra is Nigeria-anchored and solid for NGN collections, payouts, and FX within that corridor. Its supported currencies documentation shows only a handful of African markets beyond Nigeria: Kenya, Ghana, Rwanda, Uganda, and select West African XOF corridors. It doesn't offer OTC, WaaS, or stablecoin infrastructure.
Well suited for: Nigeria-focused businesses with straightforward collection and payout needs.
Payaza
Payaza serves small and medium-sized businesses (SMBs) and merchants well, with decent tooling for smaller transaction volumes. OTC settlement, WaaS, and stablecoin features are absent, which limits it for businesses with cross-border treasury complexity.
Well suited for: Smaller merchants or SMBs with contained payment volumes in select markets.
Feature Comparison: NALA vs. Top Alternatives
Three gaps stand out when you line NALA's Rafiki up against HoneyCoin. HoneyCoin runs an OTC Desk with same-day (T+0) settlement, issues virtual accounts in your business's own name in KES, NGN, and GHS through partner banks, and holds PCI DSS Level 1 certification. The table below lays out how the rest of the field compares on these points.
Here is a quick snapshot of how NALA's Rafiki product compares against the top alternatives across the features African businesses care about most.
Feature | NALA (Rafiki) | HoneyCoin | Flutterwave | Wise | Fincra | Payaza |
Multi-market African coverage | 11 markets | 24+ markets | ~30 markets | Limited | Nigeria-focused | Select markets |
Mobile money integrations | 26 providers | 50+ providers | Yes | No | Limited | Yes |
Stablecoin on/off-ramps | Yes (via Rafiki) | Yes (USDC/USDT) | No | No | No | No |
OTC desk for high-volume FX | No | Yes (T+0, limits vary) | No | No | No | No |
Virtual accounts in African currencies | No | Yes (KES, NGN, GHS) | Limited | No | NGN only | No |
Bulk payouts and payroll | Limited | Yes | Yes | No | Yes | Limited |
Developer API and SDKs | Yes | Yes (Node, Python, Ruby) | Yes | Yes | Yes | Yes |
A few patterns stand out. Wise has limited African market coverage and no mobile money support, making it a poor fit for cross-border work across the continent. Flutterwave covers more markets but skips stablecoin on/off-ramps and over-the-counter (OTC) foreign exchange (FX) entirely. HoneyCoin is the only option here with a dedicated OTC Desk, same-day settlement (T+0), and virtual accounts denominated in local African currencies alongside stablecoin rails.
HoneyCoin's operational scale for African business treasury
HoneyCoin processes over $150 million (USD) in transactions monthly for more than 350 enterprise clients across African markets. Built by Africans, for businesses operating across the continent, the infrastructure is designed to carry that volume with clear, attributable reconciliation.
Virtual accounts are issued under your business's own name through named bank partners rather than pooled into a shared balance. KES accounts run through Choice Bank, GHS accounts through Payaza, and NGN accounts through Bank 78, giving finance teams clear, attributable accounts for reconciliation.
HoneyCoin holds PCI DSS Level 1 certification, the compliance standard enterprise buyers typically check before onboarding a payments partner. Wallets as a Service (WaaS) lets banks and fintechs issue branded USDC and USDT wallets without building blockchain infrastructure themselves, and there are no contracts, no lock-ins, and no setup fees.
The Cost Problem with Cross-Border Payments in Africa
Africa remains the most expensive region in the world to send money to or within. As of Q1 2025, the average cost of sending USD 200 to Africa sat at 8.2%, according to AfricaNenda, which reports sub-regional averages of 9.9% to East Africa, 8.9% to Southern Africa, and 5.9% to West Africa. For a business running payroll in Nairobi or supplier payments in Lagos, those percentages compound fast.
SWIFT-based settlement adds further friction. Transfers across corridors such as Nigeria to UK, Kenya to US, and Ghana to EU can take multiple days to clear via correspondent banking chains, and the associated FX spreads erode a meaningful share of transaction value in the process. Finance teams end up absorbing losses instead of managing treasury.
Purpose-built fiat to stablecoin infrastructure exists to close that gap. Faster settlement rails, mobile money integrations, and stablecoin payments infrastructure reduce the friction that legacy correspondent banking introduces across corridors like Kenya to UK, Nigeria to US, and Ghana to EU.
What to Look for in a NALA Alternative for Business
Not every feature on a comparison table will matter equally to your business. A CFO running payroll across Nigeria and Kenya needs different things than a CTO embedding payments via API. Before you commit to any provider, run through these criteria against your actual use case.
- Virtual accounts in your business's name: Look for accounts denominated in local currencies like KES, NGN, or GHS, issued under your business name. Generic pooled accounts create reconciliation headaches at scale.
- Confirmed mobile money rail coverage: Ask which providers are live in each market you operate in. Coverage claims and live integrations are not the same thing.
- Stablecoin settlement support: If you move large volumes, a USDC payment API or USDT settlement can reduce foreign exchange (FX) exposure and speed up cross-border clearing. Confirm which chains are supported.
- Bulk payouts and payroll: Single-run batch transfers across multiple currencies and markets save finance teams considerable manual work each cycle.
- API depth and developer SDKs: For CTOs and engineering teams, check for cross-border payment APIdocumentation, SDK availability in languages your team uses, and sub-account management for multi-entity businesses.
- Commercial flexibility: No-contract, no-setup-fee structures matter if your payment volumes fluctuate or if you are testing multiple corridors before committing fully.
Use this as a filter, not a scorecard. If stablecoin settlement is not relevant to your operation today, deprioritize it. If you are paying 200 contractors across four countries monthly, payment processing via bulk payouts and virtual account clarity move to the top.
Final thoughts on choosing a NALA money transfer alternative for business
Sending money home and running business treasury are two different problems that need different tools. If your operation spans Kenya, Nigeria, Ghana, or beyond, the gaps in mobile money coverage, virtual accounts, and FX settlement start to matter at scale. Knowing what your finance or engineering team actually needs day-to-day will point you to the right fit.
FAQ
Why do African businesses look for alternatives to NALA's Rafiki API?
NALA built Rafiki to support its own scaling as a consumer remittance product, and the API is focused on local collection and payout rails across African markets. Businesses running multi-country treasury across Kenya, Nigeria, and Ghana may want additional tools, such as virtual accounts issued in their own name, high-volume foreign exchange (FX) via an over-the-counter (OTC) desk, and Wallets as a Service (WaaS) for issuing branded stablecoin wallets.
When should a finance team consider moving away from NALA to a purpose-built B2B solution?
If your business is paying suppliers in Lagos, running payroll in Nairobi, and collecting from clients in Accra simultaneously, a solution built around multi-market treasury workflows is a better match. The right time to look is before payment delays or foreign exchange (FX) losses build up across corridors.
What features should you focus on when comparing NALA alternatives for cross-border treasury?
Focus on virtual accounts issued in your business's own name in local currencies like Kenyan shilling (KES), Nigerian naira (NGN), and Ghanaian cedi (GHS), confirmed mobile money rail coverage by provider and market, and bulk payout capability across multiple currencies in a single run. For high-volume operations, also check whether the provider offers an OTC desk with same-day (T+0) settlement.
How does HoneyCoin for Business handle high-volume foreign exchange differently from NALA?
HoneyCoin's OTC Desk supports high-volume foreign exchange (FX) at same-day (T+0) settlement, unlocked after a manual know-your-business (KYB) review process (limits vary by country and method). NALA's Rafiki does not currently include a dedicated OTC desk for finance teams moving large sums regularly across African corridors.
Can fintechs and banks use a NALA alternative to issue their own branded stablecoin wallets?
HoneyCoin's Wallets as a Service (WaaS) product lets banks and fintechs issue branded USDC and USDT wallets without building their own blockchain infrastructure, with gas fees abstracted so end users never pay network fees. WaaS is a HoneyCoin product built for institutions wanting to white-label stablecoin wallet infrastructure.
