Here is your Forbes Daily Briefing for Saturday, August 24th.

Today on Forbes, this African FinTech is giving workers a better way to send money home.

Benjamin Fernandez launched his FinTech startup Nala in 2018 with the aim of speeding up

money transfers within his native Tanzania.

Over the next two years, the now 31-year-old former television host and Stanford MBA hit one daunting

setback after another.

First, Tanzania's largest telecommunications provider issued Nala a cease and desist letter, cutting

off Fernandez's access to one of the primary pieces of infrastructure he had been using to transfer

money.

Then his co-founder, quit just a week before demo day at Y-combinator,

the startup accelerator Nala had gained entry to in 2019,

after five previous unsuccessful attempts.

Finally, in 2020, the COVID pandemic hit,

reducing the already lackluster demand for Nala's domestic payment service.

Fernandez, Nala's Domestic Payment Service.

Fernandez, Nala's CEO, says, quote,

we had to shut it down.

That was really tough.

We had to do layoffs and clean up the team. Instead of walking away, over the next two years,

Fernandez recast and rebuilt Nala into a cross-border remittance service

that now enables African migrants working in the US and 20 European nations

to send money back home to 11 African countries including Kenya, Nigeria,

...