Africa’s Payments Maverick: How Benjamin Fernandes Revolutionized Remittances and Became the 2025 Disruptor of the Year

In the evolving landscape of global fintech, few names carry the weight of transformation, resilience, and purpose like Benjamin Fernandes. A Tanzanian-born entrepreneur with a fire for impact and innovation, Fernandes is not just reshaping how money moves across borders—he’s redefining what it means to build for Africa from Africa.

In May 2025, Benjamin Fernandes was honored as Disruptor of the Year at the prestigious Africa CEO Forum in Abidjan. Selected from over 3,000 companies across the continent, this recognition speaks volumes—not only about the success of his ventures but about the sheer scale of his ambition, the sharpness of his vision, and his unwavering dedication to financial inclusion across the Global South.

A Journey Forged in Rejection

Fernandes’ entrepreneurial path has been anything but linear. Long before he was celebrated on stages across the world, he faced relentless setbacks—including six consecutive rejections from Y Combinator, the world’s most competitive startup accelerator.

But instead of quitting, he pivoted.

Originally launched as a USSD-based mobile money app in Tanzania, NALA was born out of a desire to simplify domestic payments. Yet Fernandes quickly realized that the bigger opportunity—and the deeper impact—lay beyond Tanzania’s borders. In 2019, his persistence paid off when NALA was finally accepted into Y Combinator’s Winter cohort, making it the first East African fintech ever to earn that honor.

This wasn’t just a symbolic win. It marked the beginning of NALA’s transformation into a global force.

Building a Billion-Dollar Movement

Today, NALA facilitates over $1 billion annually in remittances to Africa and Asia, empowering the African diaspora with seamless, transparent, and cost-effective financial services. The company operates across 11 African countries, with corridors open from 19 countries in Europe and North America, as well as four markets in Asia. With offices in Nairobi and nearly 150 employees globally, NALA is more than a remittance service—it’s a financial bridge for millions.

But Fernandes didn’t stop at remittances.

Alongside his sister, he launched Rafiki, a payment infrastructure API platform designed to empower African-led businesses by connecting them to the global financial system. Together, NALA and Rafiki are laying the groundwork for what Fernandes calls “payments for the next billion.”

Leading with Legacy, Not Ego

What sets Benjamin Fernandes apart is not just his technical expertise or market penetration—it’s his story.

Before fintech, Fernandes was a national television host in Tanzania. He later became the youngest African admitted to Stanford Graduate School of Business, and the first Tanzanian to attend both Stanford and Harvard Kennedy School. His academic and professional milestones are impressive, but they are also deeply human.

Throughout interviews and keynotes, he often reflects on the emotional and operational challenges that shaped his journey—a cease-and-desist order from Tanzanian regulators in the company’s early days, the sudden loss of a co-founder right before YC Demo Day, and the near collapse of his startup during the COVID-19 pandemic.

These aren’t just moments of adversity. They are the crucibles through which his leadership was forged.

The Vision Ahead

Fernandes has made it clear that he’s not building for exits—he’s building for endurance. His long-term ambition is to scale NALA into Africa’s equivalent of WISE and Visa combined, developing end-to-end infrastructure for collections, disbursements, and embedded finance across the continent.

He dreams of seeing NALA as a publicly listed company in New York within the next decade. But even as he sets his sights on global expansion, his roots remain grounded in service—creating value not just for shareholders, but for the people and communities who have long been excluded from the global financial system.

Why This Moment Matters

In a world obsessed with unicorn valuations and venture rounds, Benjamin Fernandes reminds us what true disruption looks like. It’s not just about numbers on a spreadsheet—it’s about systems redesigned, mindsets challenged, and doors opened for those once left behind.

With NALA and Rafiki, Fernandes is not just creating financial tools—he’s cultivating financial dignity.

He is not just leading a company—he’s shaping a movement.

And he is not just a CEO—he is a blueprint for what Africa’s future can look like when innovation meets purpose.