Verto seeks early-stage African start-ups for Global Business Award

Verto, the business-to-business (B2B) cross-border payment, foreign exchange (FX) and banking solutions provider has invited applications for its inaugural Global Business Award.

The prize aims to accelerate the growth of early-stage start-ups (those that have been operating for a maximum of two years) from any sector across Kenya, South Africa and Nigeria.

Contestants must demonstrate multiple market operations and connections with international suppliers and Verto said the awardees will be selected based on market impact, innovation and growth potential.

Applications for the award opened on February 6 and continue for the next three months. On October 10, the winner, runner-up and second runner-up will be announced.

They will be awarded $10,000 (about Ksh.1.29 million at current exchange rates), $3,000 (Ksh.388,000), and $2,000 (Ksh.258 million) respectively to scale global expansion and streamline their cross-border operations.

Verto’s Kenya Country Manager Kevin Ng’ang’a told Citizen Digital on top of the capital injection, innovators will get access to mentorship and increased visibility among global investors.

“We will be on the lookout for entrepreneurs using cross-border operations and how they are helping their target markets grow, and those using API solutions to reduce transactional costs and improve market linkages,” he said.

“We are also keen on market challengers solving critical problems that change the African story.”

Ng’ang’a said beneficiaries will also connect with fellow innovators from different markets.

“You could find someone in Kenya is solving a similar problem with the one in Nigeria and it increases your ability to expand operations within multiple jurisdictions on the continent,” he added.

According to the World Trade Organization (WTO), 29 per cent of the global gross domestic product (GDP) is now linked to international trade, and the figure is steadily rising.

In Africa, intra-continental trade is expected to boost income by $450 billion by 2035, highlighting the enormous opportunities available and the growing need for businesses to expand beyond their local markets.

Yet most African businesses have to convert their local currencies into dollars to engage in intra-African trade, which brings about added costs and a lengthy process.

Launched in 2017 and headquartered in the U.K., Verto provides SMEs with solutions that address the lack of liquidity, high transaction fees, and long settlement times associated with cross-border payments.

The company offers businesses a platform to make payments in 49 currencies and receive them in 25 currencies at competitive rates across 190 countries.

“To grow the economy, we have to make moving goods and services seamless, and that includes paying for them. We aim to reduce transaction costs as much as possible, improve access to markets and foster integration between different payment systems,” Ng’ang’a said.