Verto, a business-to-business cross-border payments company, has formally opened in the United Arab Emirates.
Its goal is to revolutionise how companies manage high-value transactions between the Gulf and emerging markets, especially Africa.
For complex currency transactions, the company, which handles over $25 billion a year for customers like Unilever and Maersk, claimed that its platform provides a quicker, safer, and more affordable option.
Why UAE?
UAE Country Manager Helen Ghebreluul stated that Dubai was an obvious choice for expansion due to its status as a hub for international trade.
“The UAE is a pivotal hub for global commerce, and businesses here demand solutions as dynamic as their operations,” she said.
The Verto platform provides multi-currency wallets, competitive FX rates, quick settlements, and total transaction transparency.
The Dubai Financial Services Authority has granted its Dubai office, housed in the Emirates Financial Tower, a license to offer money services and associated financial activities.
Aims to link Gulf and Asian markets with Africa’s payment challenges
Ola Oyetayo, CEO and co-founder, stated that the expansion would support the company’s objective of connecting Gulf and Asian markets with Africa’s payment challenges.
“We believe in providing global reach with local strength. Wherever a company’s goods go, their payments should follow instantly and securely,” he said.
Verto opens new strategic hub in Nairobi
Verto announced the opening of a new strategic hub in Nairobi, Kenya last month. This action reflects the company’s growing commitment to the East African region and its continuous efforts to make international trade easier for developing nations.
The Nairobi hub, which is situated at The Address, Muthangari Dr., Nairobi, Kenya, will act as the focal point of the company’s activities in East Africa and support Verto’s expanding clientele in the area.
It will improve the customer experience, foster regional alliances, and provide locally customised payment solutions to companies doing business internationally from the new hub.
Significance of Verto’s Nairobi hub
According to Ola Oyetayo, CEO and co-founder of Verto, the new hub signifies a strong commitment to one of the company’s most significant markets, not just a physical expansion.
Oyetayo says Kenya is a strategic gateway for the continent because of its digital infrastructure, entrepreneurial culture, and regional influence.
“As we work to enable seamless trade for businesses in and out of Africa, having a stronger local presence allows us to deliver faster, smarter, and more inclusive solutions to our customers here,” he says.
Verto’s strong performance in African markets and the increasing demand from companies seeking to pay partners, suppliers, and contractors internationally without the customary obstacles of exorbitant fees, delays, and a lack of transparency led to the decision to expand operations in Kenya.