Verto, a cross-border payments platform, has launched its Verto Reserve that allows businesses to earn interest on their holdings in G10 and African currencies regardless of their country of incorporation.
Kenya’s BusinessTech reports that Verto customers can earn up 10% interest on funds in their accounts.
According to Verto CTO Anthony Oduu, “We understand that businesses operating globally often hold significant balances in various currencies. Verto Reserve is designed to make those funds work harder.”
These service will allow the firm’s customers to earn interest in key African and G10 currencies, even if they don’t have a local presence in those markets, in various currency wallets and accounts.
With Verto Reserve, customers can seamlessly open interest-earning accounts in Nigerian Naira (NGN), and Kenyan Shilling (KES) eliminating the need to have a local entity in these countries to benefit from local currency interest rates.
Businesses can now manage their cross-border payments and simultaneously take advantage of interest-earning savings and treasury management, all within the platform’s unified platform.
The Reserve product will be offered in partnership with financial institutions partners that have the necessary licenses in Kenya and Nigeria to provide deposit-taking services.
Founded in 2017 by Nigerian-born, British ex-bankers Anthony Oduwole and Ola Oyetayo, VertoFX aims to make cross-border payments seamless starting from Africa and other emerging markets.
In 2019, Verto raised $2.1m to build a cross-border payments platform for Africa and other emerging markets, just months after graduating from YCombinator. In 2021, it raised $10 million Series A investment to expand its geographical reach.
Last year it appointed Dr. Austin Okpagu as its first Country Manager for Nigeria and the broader West African region. Okpagu was the Managing Director at JumiaPay, Okpagu has also worked OPay and Pagatech, where he drove partnership and business development efforts in both respective companies.
Ola Oyetayo, CEO Verto adds that Africa is a continent bustling with entrepreneurial spirit and economic potential, but there are challenges too, especially with cross-border payments.
“Recognizing these hurdles, Verto is on a mission to revolutionise the way businesses operate in this region, offering clear, no-nonsense solutions coupled with a ceaseless drive for improvement,” he said, adding that cross-border payments in Africa have long been fraught with complications – high costs, opaque pricing structures, and sluggish transaction times, to name just a few but Verto is fixing that.
“Verto has stepped into this financial frontier with a refreshingly innovative approach that promises to redefine the status quo. Through smart technology and a deep understanding of the African market’s nuances, Verto has systematically tackled these issues to streamline cross-border payments for both African and Western businesses,” Oyetayo said.
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