Verto, a fintech and payment solution founded in London has agreed with the United Bank of Africa (UBA) to provide a platform for financial transactions for Kenyan entrepreneurs, small-scale businesses in the East African country, and corporations in over 190 countries.
Following comments on the deal, the Country Director for Verto in Kenya, Kevin Nganga noted that the partnership would leverage Verto’s already-established financial ecosystem worth the $3 billion the company recorded last year. He also disclosed that the deal is closing a huge gap in Kenya’s international trade transactions.
“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,” Mr Nganga said.
Verto’s customer base in the East African country is estimated to be somewhere around 3000, with significant clients including MTN, Yoco, and Interswitch, according to a report recently issued by the Kenyan news publication, BusinessDaily.
The company’s platform enables its users to hold money in 51 different currencies, thereby rendering the foundation for regional businesses looking to expand internationally.
Verto primarily targets businesses in the travel & tourism, education, telecommunications, and import/export industries.
There has been steady fintech growth in Kenya, has Kenya has been experiencing significant growth in its fintech sector. This tech adoption has played a transformative role in financial inclusion, allowing millions of Kenyans to access basic financial services through their mobile phones.
Kenya currently stands as one of Africa’s leading tech hubs. Its adoption of digital financial services, particularly with the success of the mobile money platform M-Pesa. M-Pesa, launched in 2007 by Safaricom has positioned the country as one of the go-to regions in Africa
It is noteworthy that in the past few months, huge tech companies such as Elon Musk’s satellite internet constellation Starlink and London-headquartered firm, Unlimit have launched operations in Kenya as a place of choice for Investment.
