When it comes to moving money across Africa’s borders, traditional banks have long left businesses facing high fees, slow transactions, and regulatory red tape. Verto, a fintech company focused on simplifying cross-border payments, wants to change this.
In a recent interview with TechArena, Kevin Ng’ang’a, Kenya General Director at Verto, shared the company’s journey in Kenya, its role in supporting businesses to navigate global tariffs and currency hurdles and his vision for unlocking the full potential of African trade.
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Verto’s Journey in Kenya
Verto has been operating globally for seven years, four of which have been in Kenya. The company offers businesses a multi-currency platform that supports transactions across 49 currencies and over 150 countries worldwide.
“Our mission is to simplify payments in Africa,” Kevin explained. “We do this through our proprietary technology that enables large enterprises, medium-sized companies and SMEs to make affordable and transparent payments across borders.”
Verto started its Kenya operations after receiving regulatory approval from the Central Bank of Kenya in 2022. Since then, its Nairobi team has grown to around 30 people, and its product offerings have expanded beyond traditional foreign exchange.
“We now have pay-by-links, virtual cards to help manage business expenses and even Verto Reserve, an interest-bearing product allowing customers to earn returns on their balances,” Kevin noted. “That product is now available across Kenya, Nigeria, and the UK.”
Tariffs and Market Uncertainty
Kenya’s exporters face rising costs due to US tariffs, especially in sectors like textiles and agriculture. Kevin acknowledged this challenge.
“A 10% tariff on exports that were previously duty-free reduces competitiveness. Exporters must either pass those costs on or accept lower margins,” he said.
Verto steps in to help businesses weather this unpredictable landscape with competitive FX rates, multi-currency accounts, and faster settlement times.
“One of the most important things we offer is rate stability and the ability for African businesses to hold money in different currencies,” Kevin explained. “This lets them manage volatility better and plan for the long term.”
That flexibility is critical for companies that need to pay suppliers across borders without losing money on fees or delays.
Africa–China Trade Opportunities and Inter-African Growth
With a growing middle class and over 1.3 billion people, China is becoming an even bigger trade partner for African exporters. Kevin recently met with the Chinese Chamber of Commerce, which expressed interest in imports like dried chilies, avocados, and macadamias, so long as they can find consistent, trusted suppliers.
“Trade with China is a huge opportunity,” Kevin noted. “Verto plays a vital role by making sure African exporters can receive payments efficiently and securely from Chinese buyers.”
He also spoke about the long-standing challenges that hold back intra-African trade, like different currency regulations and fragmented legal systems across borders.
“You have countries with fixed exchange rates and others with floating rates. Even business law varies greatly,” he explained. “That complexity is one of the reasons trade between African countries is often low.”
Yet Kevin is optimistic. Recent progress with initiatives like the African Continental Free Trade Agreement (AfCFTA) gives Verto an opportunity to standardize payments further and make cross-border trade smoother.
How Verto Cuts Costs and Risks
One of Verto’s main selling points is its technology-driven efficiency. Businesses can save up to 80% in transaction costs compared to traditional banks.
“We help businesses manage their funds across multiple African currencies,” Kevin said. “That means they can pay suppliers in local currency, whether it’s Kenya shillings, Nigeria naira or South African rand, without going through the US dollar as a middleman.”
And Verto’s system is built to scale easily as companies grow. After signing up and completing KYC checks, clients can use Verto’s web platform or mobile app to make transfers themselves or delegate to different team members.
Verto is also serious about security and compliance. The company holds seven licenses globally and invests heavily in anti-money laundering protocols, real-time transaction monitoring, and data encryption.
“All payments are checked against sanction lists in real time,” Kevin explained. “And we use AI-powered fraud detection to proactively prevent bad actors.”
That investment in safety is critical, especially as fintech grows more competitive across Africa.
Asked about the biggest misconception around African fintech, Kevin was quick to respond. “There’s this outdated view that Africa is high-risk and lacks innovation,” he said. “That couldn’t be further from the truth. From fintech to insurance and agriculture, there are incredibly innovative companies creating world-class solutions here.”
When asked what policy change could best help African trade thrive, Kevin called for regulatory harmonization across borders.
“A single passporting license would make a huge difference,” he suggested. “If a company is compliant and licensed in one African country, that status should be recognized in others, just like in Europe. That would dramatically reduce friction for fintechs and businesses.”
Kevin believes African trade will only flourish further as platforms like Verto help companies navigate the complexity of cross-border business.
“Our goal,” Kevin concluded, “is to make moving money across Africa and into Africa as fast, affordable, and transparent as possible. That’s the key to unlocking the continent’s economic potential.”
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Also Read: Verto Wins $1 Million FinTech Prize for Enabling Cross-Border Payments in Africa
