London-based fintech and payment solution, Verto, has reached an agreement with the United Bank of Africa (UBA). The partnership aims to provide a platform for financial transactions catering to entrepreneurs, small businesses in Kenya, and corporations in over 190 countries across East Africa.
Following the deal, Verto’s Country Director for Kenya, Kevin Nganga, stated that the collaboration would take advantage of Verto’s existing financial ecosystem, which was valued at $3 billion last year. He also revealed that the agreement would significantly close a substantial 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.
Kevin Nganga
According to a report by BusinessDaily, a Kenyan news publication, Verto’s customer base in East Africa is estimated to be around 3000. Notable clients include MTN, Yoco, and Interswitch.
Verto’s platform allows users to hold funds in 51 different currencies, creating an excellent foundation for regional businesses seeking international expansion. The company chiefly focuses on enterprises in the travel and tourism, education, telecommunications, and import/export sectors.
Kenya’s fintech sector has been witnessing substantial growth, with the adoption of technology significantly transforming financial inclusion. This has enabled millions of Kenyans to access basic financial services via their mobile phones, improving their lives and overall economic participation.
Kenya has emerged as one of Africa’s prime tech hubs with its embrace of digital financial services, notably exemplified by the success of M-Pesa. Launched in 2007 by Safaricom, M-Pesa has positioned Kenya as a preferred destination in Africa for tech innovations.
In recent months, prominent tech firms like Elon Musk’s satellite internet service, Starlink, and London-based company, Unlimit, have initiated operations in the country, further testifying to Kenya’s growing tech ecosystem.
