London-based US$3bn fintech Verto in Kenya London-based US$3 billion fintech Verto in Kenya, partners with UBA

Verto, a fintech and payment solution founded in London has come to an agreement 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.

Commenting 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 US$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.

Kenya’s steady fintech growth

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.

See here why Kenya has been experiencing an influx of tech startups recently.

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 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 the country. – Business Insider Africa


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