Verto’s push to win Africa’s cross-border payments market is the focus of this edition of Business Day Spotlight.
Host Mudiwa Gavaza is joined by Cornelius Coetzee, country director for Verto SA.
Verto is cross-border payments provider that enables businesses to send and receive money in more than 170 countries, and convert between 49 currencies.
According to Coetzee, Verto has succeeded in helping to reduce intermediary fees and speed up settlement times in complex currency transactions and channels.
He says this a critical factor for helping businesses operating across Africa.
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“Traditional cross-border payments have been a headache for businesses; they are slow, expensive and lack transparency. Our white paper even highlighted a 40% reduction in cross-border payment costs through digital solutions. Platforms like Verto are tearing down those barriers. We are talking near-instant settlement, dramatically lower fees and real-time FX management”
During the discussion, the payments executive highlights Verto’s business model; challenges and opportunities for cross-border payments in Africa; and the partnerships underpinning the company’s service.
Coetzee is of the view that Africa’s digital finance landscape could be a global benchmark in 10 years.
“Cross-border payments will be near-instant and remarkably affordable, igniting unprecedented regional trade. Access to credit will be massively expanded through alternative data and AI [artificial intelligence]. Africa will be seen not just as an adopter, but a true global leader in financial innovation and inclusion,” he says.
Business Day Spotlight is a MultimediaLIVE Production.
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