Verto Expands to Dubai: A New Era for Cross-Border Payments

Introduction to Verto

London-based fintech company Verto has made a significant move by opening a new office in Dubai. This expansion follows the acquisition of a license from the Dubai Financial Services Authority (DFSA) in early 2025. Verto is already processing over USD 15 billion annually in cross-border payments for corporate clients, and this new hub aims to enhance its services by providing direct access to dirham liquidity and same-day local clearing.

Benefits for African Importers and Exporters

The establishment of Verto’s Dubai office presents a unique opportunity for businesses in Africa, particularly in countries like Nigeria, Kenya, Ghana, and South Africa. These companies can now settle invoices denominated in Arab Emirates Dirham (AED) without the need to convert to U.S. dollars first. This is especially beneficial given the current challenges many African banks face, including dollar shortages, high foreign exchange spreads, and lengthy settlement delays that can extend up to a week.

A Vision for Modern Trade

Verto’s CEO, Ola Oyetayo, articulated the company’s vision to “wire real-time, multi-currency capability into the corridors that will define Africa’s next decade of growth.” This shift away from traditional payment systems that often route transactions through New York is a testament to Verto’s commitment to creating faster and more cost-effective settlement processes that align with the evolving landscape of global trade.

Launch of the Africa Startup Awards

In addition to its Dubai expansion, Verto has announced the launch of its 2025 Africa Startup Awards. This initiative aims to accelerate digital trade across the continent. The awards will recognize finalists selected from over 300 applicants in various sectors, including supply-chain finance, digital logistics, and automated foreign exchange hedging. Winners will gain access to Verto’s Atlas Suite, a collection of embeddable APIs that enable startups to manage over 40 currencies, collect payments through local bank accounts, and disburse funds via domestic channels without the need to develop their own infrastructure.

Strategic Positioning in Trade Corridors

Verto’s new base in Dubai places it at the heart of a rapidly growing trade corridor between Africa and Asia. The United Arab Emirates has emerged as a crucial transit hub for South-South commerce, with merchandise flows between Africa and Asia increasing by 35 percent in volume since 2019, according to the IMF’s Direction of Trade Statistics. Verto expects this trend to continue, especially as initiatives like the Pan-African Payment and Settlement System (PAPSS), supported by the Afrexim Bank, gain traction.

Regulatory Advantages and Client Benefits

Helen Ghebreluul, Verto’s newly appointed UAE Country Manager, emphasized that the DFSA license allows the company to hold client funds in AED, USD, EUR, and GBP under a unified regulatory framework. This capability provides African corporate treasurers with same-day value, tighter spreads, and built-in compliance—features that traditional correspondent banks often struggle to offer.

Enhancing Trade Efficiency

By establishing regional liquidity in Dubai and integrating African fintechs through its Atlas APIs, Verto is positioning itself as a vital partner in the continent’s public financial integration efforts. Analysts suggest that this strategy could significantly reduce settlement cycles from several days to mere minutes, thereby enhancing the efficiency and resilience of trade between Africa and the Gulf region.

Conclusion

Verto’s expansion into Dubai marks a pivotal moment for cross-border payments, particularly for African businesses. With its innovative approach and commitment to modernizing trade, Verto is set to play a crucial role in shaping the future of financial transactions across continents.