London-based fintech and payment solutions firm Verto has inked a deal with UBA Bank in what will offer local startups, small businesses and corporates a platform to send, receive and exchange money in over 190 countries.
Kevin Nganga, Country Director for Verto in Kenya, on Wednesday, said that the partnership will also allow fintech to grow on the $3 billion worth of transactions recorded last year.
The deal is the latest in an economy where fintech services are on the rise as banks and tech firms race to capitalise on growing demand from traders and individuals for cashless 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.
The Kenyan economy has in recent years emerged as a leading force in the digital payments ecosystem, gaining global recognition for its ground-breaking mobile money revolution, more than a decade since the launch of the pioneer fintech solutions – M-Pesa.
Kenya is also leveraging mobile payment technology and has created a robust payment infrastructure that presents promising opportunities for domestic and foreign enterprises seeking to establish a local presence.
The firm is the latest fintech to enter the Kenyan market, months after London-headquartered firm, Unlimit launched operations locally in July.
Digital payment platforms received a major boost three years ago after the outbreak of the Coronavirus pandemic that fueled the push for cashless payments.
Verto has a customer base of at least 3,000 customers with notable ones being MTN, Yoco, and Interswitch.
The firm’s platform holds funds in accounts across 51 currencies, making the firm timely for local firms pursuing global expansion.
Verto focuses mainly on firms in tourism and travel, education, telecommunications, and those plying the importers’ and exporters’ space.
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