Benjamin Fernandes, founder and CEO of the financial technology company NALA, has highlighted the challenges he and many others face following new U.S. visa restrictions imposed on Tanzanian nationals and other countries. Despite building a successful American-backed company, Fernandes now operates from abroad after the United States enacted a presidential proclamation barring most Tanzanians from entering the country.
Fernandes, who first received a scholarship to attend the University of Northwestern-St. Paul in 2010 and later earned an MBA from Stanford, said he became a beneficiary of the American education system and venture capital ecosystem. NALA, based in Palo Alto, California, provides cross-border payment services that help immigrants and businesses send money internationally to support families and enterprises. The company serves more than 500,000 customers and has raised over $60 million from prominent U.S. investors including Y Combinator, Accel, and Bessemer. Fernandes noted that NALA pays U.S. taxes, and key decisions are made on American soil.
However, as of January 1, 2026, a presidential proclamation added Tanzania to a list of 24 countries subject to new entry restrictions, resulting in the suspension of business-visitor, student, exchange, and other visa types for nationals from these countries. Existing visas remained valid until expiry but are no longer renewable, and no new visas are being issued. Fernandes’ business visa expired on July 10, effectively barring his return to the United States.
The U.S. government justified the restrictions by citing higher rates of visa overstays among Tanzanian nationals compared to other countries. Fernandes rejected this reasoning, emphasizing that he has complied fully with U.S. immigration laws for 17 consecutive years and poses no security risk. He stated that the blanket ban penalizes law-abiding individuals regardless of their compliance.
Fernandes also applied for an individual waiver based on the “national interest” clause in the proclamation, which allows exceptions, but his request was denied. He argued that exceptions should apply to entrepreneurs who create American jobs and work closely with U.S.-based investors and partners.
The visa restrictions also put the futures of Tanzanian students at risk, including those admitted to top U.S. universities like Harvard, who are now unable to attend despite scholarships. Fernandes pointed to the broader impact on immigrant founders, highlighting statistics showing that nearly 60% of privately held billion-dollar startups in the United States have at least one immigrant founder, contributing significantly to American job creation.
Fernandes cited examples of successful entrepreneurs from countries now under the restrictions, such as Nigerian founders Tope Awotona of Calendly and Adebayo Ogunlesi, who have made major contributions to the U.S. economy. He expressed concern that current policies may prevent the next generation of innovators from entering the country.
As a Tanzanian national running an American company from abroad, Fernandes called on the United States to reconsider its policies and continue its tradition of embracing talent and innovation from around the world.