Verto, a London-based fintech and payment solutions company, has emerged as a significant player in the Kenyan financial scene by forging an innovative partnership with UBA Bank. This groundbreaking collaboration aims to provide local startups, small businesses, and corporates with a robust platform for seamless international money transactions across 190 countries.
Kevin Nganga, Verto’s Country Director in Kenya, highlighted during the launch event that their strategic alliance with UBA Bank marks a milestone for the fintech sector and acts as a catalyst for future growth. He emphasized the intent to build upon the $3 billion worth of transactions registered last year, showcasing the increasing demand and necessity for efficient and accessible financial solutions.
This collaboration aligns with the upward trajectory of fintech services in Kenya. In a landscape where banks and tech firms compete to meet the escalating demand for cashless transactions, partnerships like this one become crucial for navigating the ever-evolving financial environment.
Nganga addressed the complexities of international trade, especially in dealing with diverse currencies, underscoring Verto’s strategic positioning in East Africa. This move comes at a time when the Kenyan economy stands out as a trailblazer for digital payments, gaining worldwide acknowledgment through innovations like M-Pesa—an over-a-decade-old pioneer of fintech solutions.
Kenya, with its robust payment infrastructure established through mobile payment technology prowess, offers a lucrative terrain for local and foreign enterprises seeking a regional presence.
Following in the footsteps of Unlimit, another London-based fintech firm that commenced operations locally in July, Verto has entered the Kenyan market. The momentum for digital payment platforms surged three years ago at the onset of the Coronavirus pandemic, a catalytic event that drove widespread adoption of cashless transactions.
With a customer base exceeding 3,000, including prominent names like MTN, Yoco, and Interswitch, Verto stands as an industry leader. The strategic positioning of its versatile platform—capable of managing funds in accounts across 51 currencies—offers local businesses eyeing global expansion a distinct advantage.
Verto, primarily focusing on sectors like tourism, travel, education, and telecommunications, as well as importers and exporters, injects another layer of dynamism into the evolving fintech landscape in the Kenyan market. The collaboration with UBA Bank, more than a mere financial partnership, demonstrates Verto’s commitment to fostering global transactional ease for Kenyan businesses while promoting enhanced financial inclusivity.
Kenya, leading the digital payments revolution, underscores its commitment to fostering the growth of innovative fintech solutions by forming partnerships like this one. The Verto-UBA Bank collaboration ushers in a new era of financial possibilities, seamlessly bridging borders for the benefit of local businesses and contributing to economic advancement on a larger scale.