Africa-Press – Botswana. London-based fintech company Verto, which currently processes over USD 15 billion annually in cross-border payments for corporate clients, has recently opened a new office in Dubai after obtaining a license from the Dubai Financial Services Authority (DFSA) in early 2025. The new hub is designed to provide direct access to dirham liquidity and same-day local clearing.
This expansion presents a significant opportunity for African importers and exporters in countries like Nigeria, Kenya, Ghana, and South Africa to settle Arab Emirates Dirham-denominated invoices without needing to first convert to U.S. dollars. This move comes at a time when many African banks are facing challenges such as dollar shortages, wide foreign exchange spreads, and delays in settlement that can last up to a week.
Verto’s CEO, Ola Oyetayo, explained that the company’s goal is to “wire real-time, multi-currency capability into the corridors that will define Africa’s next decade of growth.” The shift away from legacy systems that route payments through New York reflects Verto’s commitment to enabling faster and more cost-efficient settlement chains that align with modern trade dynamics.
In addition, Verto has announced the launch of its 2025 Africa Startup Awards, which aim to accelerate digital trade across the continent. The finalists—selected from over 300 applicants in fields such as supply-chain finance, digital logistics, and automated FX hedging—will receive access to Verto’s Atlas Suite. This suite of embeddable APIs allows startups to hold over 40 currencies, collect payments through local bank accounts, and disburse funds via domestic rails without the need to build their own infrastructure.
The new Dubai base positions Verto at the center of a rapidly expanding trade corridor between Africa and Asia. The United Arab Emirates has become a key transit point for South-South commerce, with Africa-Asia merchandise flows passing through the Emirates having increased by 35 percent in volume since 2019, according to the IMF’s Direction of Trade Statistics. Verto anticipates that this trend will continue to grow as initiatives like the Pan-African Payment and Settlement System (PAPSS), supported by the Afrexim Bank, gain broader adoption.
Helen Ghebreluul, Verto’s newly appointed UAE Country Manager, highlighted that the company’s DFSA license allows it to hold client funds in AED, USD, EUR, and GBP under a unified regulatory framework. This capability offers African corporate treasurers same-day value, tighter spreads, and built-in compliance—advantages that traditional correspondent banks often struggle to provide.
By establishing regional liquidity in Dubai and integrating African fintechs through its Atlas APIs, Verto is positioning itself as a private-sector complement to the continent’s public financial integration efforts. Analysts believe this strategy could reduce settlement cycles from several days to mere minutes, enhancing the efficiency and resilience of trade between Africa and the Gulf region.
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