Verto, a London-based fintech and payment solutions provider, has partnered with United Bank of Africa (UBA) to officially enter Kenya and the East Africa market, according to an announcement.
The partnership marks a crucial step forward in providing enhanced financial transaction platforms for entrepreneurs, small businesses, and corporations in East Africa, Verto said.
This strategic alliance is particularly targeted at facilitating international trade transactions in Kenya and across over 190 countries in the region.
Kevin Nganga, the Country Director for Verto in Kenya, emphasized the significance of this partnership, noting that it leverages Verto’s existing financial ecosystem, valued at $3 billion last year.
He expressed confidence that this collaboration would bridge a significant gap in Kenya’s international trade transactions, particularly in managing the complexities associated with different currencies.
“By aligning with UBA Bank, Verto is strategically positioned in East Africa to tackle the growing complexities of international trade,” Nganga said.
BusinessDaily, a Kenyan news publication, reported that Verto’s customer base in East Africa is estimated to be around 3000, including notable clients like MTN, Yoco, and Interswitch.
The Verto platform is designed to cater to a diverse range of financial needs, allowing users to hold funds in 51 different currencies.
This feature is particularly beneficial for regional businesses aiming for international expansion, with a primary focus on sectors such as travel and tourism, education, telecommunications, and import/export.
Kenya’s fintech sector has been experiencing rapid growth, driven by the widespread adoption of technology.
This growth has revolutionized financial inclusion in the country, enabling millions of Kenyans to access basic financial services through mobile phones, thereby improving their economic participation and overall quality of life.
The country has established itself as a leading tech hub in Africa, a status further reinforced by the success of M-Pesa. Launched in 2007 by Safaricom, M-Pesa has been a game-changer in digital financial services, positioning Kenya as a prime destination for technological innovations in Africa.