NAFA Financial Services
NAFA Financial Services is a Gambia-based, privately held money transfer operator licensed as the first Gambian MTO. It serves diaspora and local consumers across 16–17 African countries via 40,000+ payout locations, 8 country offices, and its MyNafa Wallet mobile app, earning transaction fees on remittances and FX.
- Company typePrivate
- Founded2014
- HeadquartersSerrekunda, Gambia
- Headcount11–50
- GTM typeB2C
- OfferingServices
What NAFA Financial Services does
NAFA Financial Services is a Gambia-headquartered, privately held money transfer operator founded in 2014. It is the first and only Gambian-licensed Money Transfer Operator (MTO) and operates a four-service platform — Money Transfer, Bank Deposit, Intermediary Service, and Foreign Exchange — accessible through direct offices in 8 African countries (The Gambia, Senegal, Côte d'Ivoire, Guinea Conakry, Sierra Leone, Liberia, Mali, and Cameroon) and an agent network of more than 40,000 payout locations spanning 16–17 African corridor countries. The company's primary customer base is individuals in the African diaspora and local populations who need affordable, reliable cross-border transfers within Africa, including underserved users with limited access to formal banking.
The company's core technology is MyNafa Wallet, a mobile application for iOS and Android that supports send money, receive payment, pay bills, withdraw money, buy mobile credits, buy cash power, and link bank account. NAFA was the first Gambian MTO to introduce a mobile wallet and has stated plans to roll the wallet out across all subsidiaries. Distribution combines a hybrid model: direct physical offices in 8 countries, a self-serve mobile app, and sub-agency partnerships with banks, microfinance institutions, and licensed FX bureaus that serve as payout and receive points. Marketing is executed primarily through organic social channels (Facebook, Instagram, LinkedIn, X, TikTok) and partner referrals.
NAFA generates revenue through transaction fees on money transfers, mobile wallet services, and foreign exchange. Pricing is not publicly disclosed and no enterprise or recurring-revenue contracts are noted. The company has not disclosed external funding rounds, ownership beyond founder/management, or financial statements; growth has been funded organically from operations over its 10-year history, growing the team from 3 to 300+ employees.
NAFA Financial Services firmographics
Firmographics- Name
- NAFA Financial Services
- Legal name
- NAFA Financial Services
- Website
- https://mynafa.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- NAFA Financial Services is a Gambia-based, privately held money transfer operator licensed as the first Gambian MTO. It serves diaspora and local consumers across 16–17 African countries via 40,000+ payout locations, 8 country offices, and its MyNafa Wallet mobile app, earning transaction fees on remittances and FX.
- Ownership category
- akta.pro rank
NAFA Financial Services industry classification
Industry- Product category
- Money Transfer & Remittance Services
- NAICS
- Commercial Banking (52211)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- International Money Transfer Operators (MTOs) (FSAMAIAE)
- akta.pro secondary industries
- International / Multi-Currency Wallets (FSAMAEAL), Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)
Keywords
Where NAFA Financial Services is headquartered
LocationHeadquarters
- HQ city
- Serrekunda
- HQ country
- Gambia
Offices8 records
Markets served
NAFA Financial Services business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain
Revenue model
- Money Transfer Services: Transaction-based fees charged for domestic and international money transfers. Customers pay transfer fees to send money across Africa through the company's extensive payout network.
- Mobile Wallet Services: Digital wallet services enabling bill payments, mobile credit purchases, cash power purchases, and bank account linking. Revenue generated through transaction fees on various wallet services.
- Foreign Exchange Services: Currency exchange services for customers transferring money across borders.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels7 records
NAFA Financial Services product offering
Product offeringCore offering
NAFA Financial Services is a licensed Money Transfer Operator (MTO) providing domestic and international money transfers, bank deposits, intermediary services, and foreign exchange across African markets. Its core product is the MyNafa Wallet mobile application (iOS and Android), which enables users to send money, pay bills, receive payments, withdraw money, buy mobile credits, purchase cash power, and link bank accounts. The company operates across 8 African countries with 40,000+ payout locations and serves as the first Gambian-licensed MTO to introduce a Mobile Wallet in The Gambia.
Product overview
NAFA Financial Services operates a platform-plus-services model centered on MyNafa Wallet, a mobile application for money transfers and financial transactions. The company offers four core services: Money Transfer, Bank Deposit, Intermediary Service, and Foreign Exchange. MyNafa Wallet serves as the primary digital interface through which users access these services, enabling send money, pay bills, receive payment, withdraw money, buy mobile credits, buy cash power, and link bank account functionalities. The company operates across 17 African countries with over 40,000 payout locations and serves as the first Gambian-licensed Money Transfer Operator (MTO) to introduce a Mobile Wallet in The Gambia.
Differentiator
Problem solved
Functional benefit
Brands
- MyNafa Wallet: Mobile wallet application for sending money, paying bills, receiving payments, withdrawing money, buying mobile credits, buying cash power, and linking bank accounts.
Products and services
- MyNafa Wallet Mobile wallet application for iOS and Android enabling users to send money, pay bills, receive payments, withdraw money, buy mobile credits, purchase cash power, and link bank accounts. Targeted at individual consumers across Africa needing mobile-based financial services.
- Money Transfer Domestic and international money transfer service allowing users to send funds across 17 African countries including The Gambia, Senegal, Ghana, Nigeria, Mali, Sierra Leone, Liberia, Côte d'Ivoire, Guinea, Cameroon, and others. Targeted at individuals and diaspora workers sending remittances to family members.
- Bank Deposit Service enabling users to deposit money directly to bank accounts as part of the money transfer and payment ecosystem. Targeted at customers needing to transfer funds directly into recipient bank accounts.
- Intermediary Service Intermediary service facilitating transactions between parties in the financial ecosystem. Targeted at customers and partners requiring transaction facilitation support.
- Foreign Exchange Foreign exchange service supporting currency conversion for international money transfers across African markets. Targeted at customers sending money across borders who require multi-currency support.
Companies that use NAFA Financial Services
Customer profileSegments2 records
Ideal customer profiles2 records
NAFA Financial Services technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
NAFA Financial Services partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- BankscoreNAFA has established sub-agency partnerships with Banks in The Gambia, enabling customers to access money transfer services through bank branches. This partnership model extends NAFA's distribution reach and provides banks with additional financial services offerings.
- Micro Finance InstitutionscorePartnerships with Micro Finance Institutions (MFIs) allow NAFA to reach underserved populations through MFIs' local networks, while providing MFIs with money transfer capabilities to offer their customers.
- Licensed FX BureauscorePartnerships with licensed and authorized Foreign Exchange Bureaus in The Gambia extend NAFA's service accessibility. These FX bureau partners serve as payout and receive points for NAFA's money transfer network.
Scale indicators4 records
Recent moves5 records
Expansion highlights6 records
NAFA Financial Services competitors and assessment
Company assessmentBroad incumbents
- Western Union: Global remittance incumbent operating a vast agent network across Africa for cross-border money transfer, overlapping directly with NAFA's MTO and payout-location business model.
- MoneyGram: Large global money transfer operator with strong African agent presence, competing for the same cross-border remittance corridors that NAFA serves.
- M-Pesa (Vodacom / Safaricom): Africa's largest mobile money platform offering transfers, bill payments, and merchant services across multiple countries, a benchmark for NAFA's MyNafa Wallet ambitions.
- Orange Money: Telco-led mobile money and remittance service operating across Francophone West and Central Africa, directly competing with NAFA in countries such as Senegal, Côte d'Ivoire, Mali, and Cameroon.
- MTN MoMo (MTN Group): Pan-African mobile money platform of MTN Group, operating across multiple West and Central African countries with P2P transfers, bill pay, and remittance services comparable to NAFA's offering.
Direct peers
- WorldRemit: Digital-first remittance operator serving African corridors with mobile wallet and bank deposit payouts, directly comparable to NAFA's money transfer and MyNafa Wallet offerings.
- Remitly: App-based cross-border remittance provider with deep African diaspora corridors and mobile-money payout options, competing for NAFA's send-money customers.
- Sendwave: Mobile remittance app focused on African corridors (owned by WorldRemit's parent), competing head-to-head with NAFA's intra-African and diaspora transfers.
- Chipper Cash: Pan-African cross-border payments platform enabling money transfer, mobile wallet, and FX across multiple African countries, highly comparable in geography and product to NAFA.
- Wave (mobile money): Mobile money operator with strong presence in West and Central Africa providing P2P transfers, deposits, and bill pay, overlapping NAFA's wallet and money transfer services.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
NAFA Financial Services social profiles
Digital presenceNAFA Financial Services financial estimates
Financial estimateRevenue estimate
Valuation estimate
NAFA Financial Services leadership team
Management profileNumber of profiles
NAFA Financial Services funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NAFA Financial Services M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NAFA Financial Services
What does NAFA Financial Services do?
NAFA Financial Services is a licensed Money Transfer Operator (MTO) providing domestic and international money transfers, bank deposits, intermediary services, and foreign exchange across African markets. Its core product is the MyNafa Wallet mobile application (iOS and Android), which enables users to send money, pay bills, receive payments, withdraw money, buy mobile credits, purchase cash power, and link bank accounts. The company operates across 8 African countries with 40,000+ payout locations and serves as the first Gambian-licensed MTO to introduce a Mobile Wallet in The Gambia.
Is NAFA Financial Services a public or private company?
NAFA Financial Services is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was NAFA Financial Services founded?
NAFA Financial Services was founded in 2014. It employs 11 to 50 people.
Where is NAFA Financial Services based?
NAFA Financial Services is headquartered in Serrekunda, Gambia.
How does NAFA Financial Services make money?
Three revenue lines are on record. Money Transfer Services are the primary driver. The others are mobile Wallet Services and foreign Exchange Services.
Who are NAFA Financial Services's main competitors?
Broad incumbents on record are Western Union, MoneyGram, M-Pesa (Vodacom / Safaricom), Orange Money and MTN MoMo (MTN Group). Direct peers are WorldRemit, Remitly, Sendwave, Chipper Cash and Wave (mobile money).
Does NAFA Financial Services have an API?
No public API is recorded for NAFA Financial Services.
What industry is NAFA Financial Services in?
NAFA Financial Services's product category is Money Transfer & Remittance Services. Its primary akta.pro industry code is FSAMAIAE, International Money Transfer Operators (MTOs), with a secondary code of FSAMAEAL, International / Multi-Currency Wallets. Its NAICS code is 52211 and its SIC code is 6159.