NAIROBI, Kenya, Feb 19 – As African entrepreneurs navigate the challenges of scaling their businesses, access to funding, strategic market entry, and financial efficiency remain key hurdles.
Recognizing these needs, Verto is stepping in with innovative solutions, including the Verto Global Business Award, a program designed to provide more than just financial support.
Recently, Capital FM sat down with its Kenya’s Country Manager Kevin Nganga and below is the conversation:
The Verto Global Business Award is launching at a pivotal time for African entrepreneurs. Beyond the $10,000 prize, how will this initiative provide long-term value for startups and SMEs?
In my view, the Verto Global Business Award is about more than just the immediate financial boost. While the $10,000 is significant, we believe the real value lies in the platform it provides. Winners and finalists gain invaluable exposure, networking opportunities with industry leaders, and access to mentorship that can propel their businesses forward for years to come and even possibly access to Investors as well. We’re building a community of ambitious entrepreneurs, fostering connections that can lead to partnerships, investment, and sustained growth.
Scaling across Africa requires more than funding—it requires strategic market access, regulatory navigation, and financial agility. How is Verto equipping businesses with the right tools to expand globally?
Scaling across Africa and globally is complex. Verto goes beyond just payments. We offer a comprehensive suite of tools and resources. This includes streamlined multi-currency accounts, competitive exchange rates, global payout capabilities (more than 50 currencies) and dedicated support to navigate international regulatory landscapes.
We empower businesses to manage their finances efficiently, reduce transaction costs, and focus on what matters most: growing their business. We are also working on partnerships to help with market access and other expansion-related needs.
What do you believe is missing in Africa’s startup ecosystem that could accelerate the success of more businesses beyond their local markets?
While funding is crucial, I believe a key missing piece is readily accessible mentorship and guidance tailored for cross-border expansion. Many startups have brilliant ideas but lack the experience to navigate international markets, regulations, and cultural nuances. A stronger focus on connecting these businesses with experienced mentors and advisors would significantly accelerate their global success.
Africa’s digital economy is set to reach $712 billion by 2050, but many SMEs still struggle with international transactions. What’s driving this massive growth, and why are payment barriers still a persistent challenge?
The digital economy’s explosive growth is fueled by increased internet penetration (primarily because we have adopted a mobile-first generation), mobile money adoption, and a vibrant entrepreneurial spirit. However, payment barriers persist due to outdated infrastructure, complex regulatory frameworks, and a lack of interoperability between different payment systems. These challenges create friction for businesses, hindering their ability to participate fully in the global marketplace.
Verto is positioning itself as a leader in seamless cross-border transactions. What
specific gaps in Africa’s financial infrastructure is Verto solving, and how does this set
you apart from traditional banking solutions?
Untapped opportunities lie in leveraging these technologies to create innovative
financial products and services tailored to the specific needs of African businesses. For
instance, solutions that facilitate cross-border trade financing, supply chain management, and
access to credit are ripe for innovation. A case in point is a Kenyan Business looking to grow
its footprint in West Africa will face challenges such as currency expansion, the ability to
collect funds. The Verto Platform is able to address these challenges using the local account
collection solution
According to a report by DHL Global, Kenya’s B2B e-commerce sector is growing by
$2.6 billion annually. What payment innovations do you see driving this growth, and
what untapped opportunities should businesses be looking at?
● More Mobile money integrations (Cross border)
● A push towards real-time settlement, powered by API solutions
● Growth in Digital wallets and platforms
● AI-Powered Cross Border Solutions that take into account local nuances
Opportunities:
● Trade Financing and Credit Facilities: Access to trade finance remains a major hurdle
for many SMEs.Fintech companies can leverage digital payment data to offer
innovative financing solutions, such as invoice financing and supply chain finance,
tailored to the needs of B2B e-commerce.
Looking ahead, what major shifts do you foresee in Africa’s financial and trade
landscape over the next five years? How should businesses prepare?
I anticipate greater integration of African economies, driven by initiatives like the
AfCFTA. We’ll see increased adoption of digital currencies and blockchain technology, further
transforming the financial landscape. Businesses should prepare by embracing digital
transformation, investing in technology, and developing strategies to navigate the evolving
regulatory environment. Flexibility and adaptability will be key to success in this dynamic landscape.
