⏱️ Key Takeaways!
- Verto, a London-based fintech, has expanded to Dubai’s DIFC to boost Africa-UAE trade with multi-currency wallets and faster payment solutions.
- The company targets currency volatility and slow settlements, cutting transaction times from days to hours for key routes like UAE-Nigeria and UAE-Kenya.
- Verto’s platform offers FX hedging tools, real-time tracking, and DFSA-approved services to streamline cross-border payments for businesses.
Cross-border payments just got faster for African businesses trading with the UAE. Verto, a London-based fintech specializing in B2B transactions, has set up shop in Dubai’s International Financial Centre (DIFC) to tackle long-standing challenges in currency volatility and payment delays. The move positions Verto as a key player in the booming trade corridor between Africa and the Middle East.
Why Dubai? A strategic hub for Africa-UAE trade
The United Arab Emirates (UAE) has become a critical trade partner for Africa, with bilateral trade volumes surging in recent years. According to the Dubai Chamber of Commerce, non-oil trade between Dubai and Africa reached $80 billion in 2022, a 15% increase from the previous year. Yet, businesses still grapple with slow settlements, high fees, and unpredictable exchange rates—issues Verto aims to resolve.
By establishing its base in the DIFC, a global financial hub, Verto gains access to a regulatory-friendly environment and a network of international businesses. The company’s new office in the Emirates Financial Tower will serve as a launchpad for its multi-currency wallets, FX hedging tools, and accelerated payment rails. These solutions are designed to slash transaction times from days to mere hours, particularly for high-value payments along routes like UAE-Nigeria, UAE-Kenya, UAE-South Africa, and UAE-China.
“Businesses face constant challenges from currency volatility and slow, traditional payment systems. We are providing the tools to mitigate FX risk, accelerate settlements, and optimise cash flow,” said Ola Oyetayo, CEO and Co-founder of Verto.
Tackling the pain points of cross-border payments
Traditional banking channels have long been a bottleneck for African traders. Opaque fees, lengthy settlement periods, and currency fluctuations create liquidity challenges, forcing businesses to tie up capital for days. Verto’s platform addresses these issues with three core features:
Multi-currency wallets allow businesses to hold and transact in multiple currencies without the need for constant conversions. Foreign exchange hedging tools enable companies to lock in exchange rates, shielding them from sudden currency swings—a common problem for importers and exporters dealing with volatile markets like the Nigerian naira or Kenyan shilling. Finally, faster settlement rails reduce transaction times dramatically, improving cash flow for businesses that rely on timely payments.
“The UAE is a pivotal hub for global commerce, and businesses here demand solutions as dynamic as their operations. We ensure that a company’s payments move as fast and reliably as their business,” said Helen Ghebreluul, Verto’s UAE Country Manager.
Regulatory backing and future prospects
Verto’s expansion into Dubai isn’t just strategic—it’s also regulatorily sound. The company has secured authorization from the Dubai Financial Services Authority (DFSA) to provide money services, a critical endorsement that builds trust with businesses operating in the region. This regulatory green light allows Verto to offer its suite of financial tools with confidence, knowing it meets the strict compliance standards of one of the world’s most advanced financial centers.
The implications for African startups and SMEs are significant. With Verto’s solutions, businesses can now navigate cross-border trade with greater ease, reducing the financial friction that often stifles growth. For a continent where intra-African trade remains low at around 15% (according to the African Development Bank), tools that simplify payments could be a game-changer. By connecting Africa more efficiently to global hubs like Dubai, Verto is not just facilitating trade—it’s helping to rewire the financial infrastructure that supports it.
What this means for Cameroon and Africa’s trade future
For Cameroonian businesses, Verto’s move into Dubai could open new doors. Cameroon’s trade with the UAE has been growing, with key exports like cocoa, timber, and aluminum finding markets in the Middle East. However, payment delays and currency risks have often dampened the potential of these trade relationships. With Verto’s platform, Cameroonian exporters could benefit from faster settlements and reduced FX exposure, making it easier to scale operations.
More broadly, Verto’s expansion reflects a larger trend: the shift toward fintech-driven solutions in African trade. As digital payment platforms and cross-border fintech tools become more sophisticated, the barriers that once hindered trade—whether between Africa and the UAE or within the continent itself—are beginning to crumble. For startups and established businesses alike, this evolution means more efficiency, lower costs, and greater access to global markets.
In a region where financial inclusion and trade facilitation remain critical challenges, innovations like Verto’s could be the catalyst for a more connected and prosperous African economy. The question now is not whether fintech will transform trade, but how quickly businesses will adapt to seize the opportunity.
