UK-based fintech Verto taps into Kenya’s Silicon Savannah

London-based payments firm Verto is set to make waves in the African fintech scene with its recent expansion into Kenya, tapping into the country's vibrant Silicon Savannah hub. In an exclusive interview with CNBC Africa, Verto's Country Director, Kevin Ng'ang'a, shed light on the company's strategic decision to enter the East African market and the opportunities it presents for connecting African businesses with global markets. The fintech firm received a license approval in partnership with UBA Bank earlier this year, enabling them to facilitate cross-border transactions in over 190 markets and 49 currencies. This move underscores Verto's commitment to driving penetration in the payments sector and providing tailored solutions for the African market. Ng'ang'a highlighted Kenya's appeal as a tech hub and the conducive environment for fintech innovation, citing the quality of human capital and the country's position as the largest economy in East Africa as key factors in their decision to establish a presence in the region. The rise of the gig economy in East Africa has also caught Verto's attention, with a growing demand for payment solutions to support individual work arrangements. Verto aims to assist global businesses in making seamless payments to professionals in East Africa, thereby fostering employment growth and economic development. Owing to the diverse currency landscape in Africa, Verto emphasizes the importance of partnerships in navigating the complexities of cross-border transactions. With over 20 global banking partnerships, Verto offers a seamless payment and collection platform that supports transactions in multiple African currencies, facilitating business expansion and market access for African enterprises. Looking ahead, Ng'ang'a expressed optimism about the growth prospects for Verto in the competitive African fintech market. He highlighted the facilitative role of government initiatives like the Africa Continental Free Trade Agreement in promoting borderless trade and expanding market opportunities for businesses across the continent. Emphasizing the importance of understanding local contexts, fostering strategic partnerships, and navigating regulatory frameworks, Ng'ang'a offered advice to upcoming fintechs seeking to venture into the African market. Despite global economic uncertainties and geopolitical risks, Ng'ang'a remains bullish about the potential for fintech innovation to drive financial inclusion and economic growth in Africa.