B2B cross-border foreign exchange (FX) and payments enabler, Verto has partnered with Xente, a fintech company simplifying finance for businesses in Africa, to offer seamless cross-border payments to Non-Profit Organisations (NGOs) in Uganda.
The African terrain for business can be torrid as it is laden with several challenges especially when transacting and conducting business. The hydra-headed challenges include high transaction fees, long settlement periods and copious paperwork. NGOs have become key actors in the process of development in Uganda, providing services to communities in the fields of healthcare, education, social welfare and poverty alleviation. At Verto, solving the trade and cross-border payment complexities that companies in emerging markets face is a great foundation for building a future of greater financial inclusion for all.
Off the strength of this partnership with Verto, Xente can afford NGOs a seamless cross-border payment method and the ability to track all payments made to their organisation, creating a secure and transparent payment journey for sending and receiving funds. The partnership brings together Verto’s robust cross-border payments solution with Xente’s connectivity in Africa that permits customers to pay verified beneficiaries even in the remotest of places.
Diana Mihaylova, VP Business Development at Verto, said: “At Verto, we’re building modern banking solutions for all businesses around the world, creating a fairer and more inclusive financial ecosystem for those in underserved regions. Through our partnership with Xente, we’re able to support Non-Governmental Organisations with sending and receiving seamless cross-border payments, so they can focus on what matters most.”
Kevin Nganga, Country Lead at Verto, said: “NGOs play a leading role in providing health care, education and many other crucial services all across the African continent. At the same, the non-profit sector continues to grow rapidly in size and importance and we’re incredibly proud of our new partnership with Xente to support development in Uganda.”
Allan Rwakatungu, CEO and Founder of Xente, added: “Xente is committed to providing businesses in Uganda with the payment choices they need at any time. This partnership with Verto perfectly served our mission to connect Ugandan organisations and businesses with the global economy, ensuring they can efficiently and transparently automate payments and simplify finance processes. We’re looking forward to working with Verto to connect Non-Governmental Organisations with the best-in-class technology they provide.”
