Business

Verto, UBA Bank to spearhead FinTech innovation in East Africa


NAIROBI, Kenya, Nov 29 – Virto, the London-based fintech that empower startups and small businesses, has announced a partnership with UBA Bank to usher in a new era of financial innovation in East Africa, starting with Kenya.

Verto’s suite of cutting-edge products, spanning foreign bank accounts, instant currency exchange, and international money transfers, is now accessible to individuals and businesses in Kenya through its seamless online platform.

“By aligning with UBA Bank, Verto is strategically positioned in East Africa to tackle the growing complexities of international trade, especially in dealing with different currencies,” stated Kevin Nganga, Country Director Kenya, underscoring the transformative impact of this collaboration on the region’s financial landscape.

Verto’s cross-border platform offers a comprehensive solution, enabling startups, SMEs, and large corporations to effortlessly send, receive, and exchange money in over 190 countries.

With the capability to hold funds in Verto accounts across 51 currencies, the platform is a game-changer for businesses seeking global expansion.

Antony Oduu, Co-Founder of Verto, emphasised the company’s commitment to simplifying cross-border settlements, particularly for the burgeoning gig economy.

“Our instant currency exchange service provides customers with free virtual international bank accounts, ensuring that small businesses, freelancers, remote workers, and content creators in Kenya experience a frictionless payment process.”

The rise of the gig economy in Kenya, driven by a young workforce, increased mobile money adoption, and expanded internet and smartphone penetration, creates a fertile ground for Verto’s solutions.

Verto aims to empower Kenya’s youth by facilitating access to seamless financial transactions and contributing to economic prosperity.

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Data underscores the critical need for interoperability between African currencies, addressing a key pain point for businesses.

Currently, the lack of compatibility often forces Kenyan businesses to resort to the dollar for cross-border transactions, illustrating the necessity for innovative solutions like Verto.

As international trade and supply chains evolve towards global integration, Verto’s services play a crucial role in simplifying complex and expensive international payments, particularly in emerging markets like Africa.

While many fintech solutions focus on consumer-centric peer-to-peer payments, Verto is pioneering solutions tailored for the B2B market, representing 30% of global imports and 45% of total employment in emerging markets.

With a client base exceeding 3,000, including industry giants like MTN, Yoco, and Interswitch, Verto reported a staggering 70% growth in transaction volume last year, surpassing $3 billion.

Bolstered by this success, Verto anticipates tripling this volume within the next 12 months as it expands its offerings.

Antony Oduu revealed, “We have received over $30 million in monthly deposit requests per company, reflecting the confidence our clients place in Verto for operational purposes such as payroll and payouts.”

This robust demand further underscores the transformative impact Verto has on the operational efficiency of businesses.

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