When Verto, a London-based financial technology company, cut the ribbon on its new Nairobi office this week, executives framed the move as a milestone in their quest to revolutionize cross-border payments. The hub, located at The Address on Muthangari Drive, is intended to serve as the company’s anchor in East Africa, a region that Verto’s leaders describe as central to their global ambitions.
“As we work to enable seamless trade for businesses in and out of Africa, having a stronger local presence allows us to deliver faster, smarter, and more inclusive solutions to our customers here,” said Ola Oyetayo, Verto’s chief executive and co-founder.
The announcement comes at a moment when Africa’s fintech industry is at once booming and under pressure. Cross-border payment systems have proliferated in the past five years, with startups touting faster settlement times, more currencies, and fewer fees. But many of those promises run headlong into the continent’s regulatory fragmentation, unpredictable currency markets, and the slow uptake of digital payment systems outside major cities.
Verto, founded in 2018, has built its reputation on offering businesses in emerging markets the ability to move money across 170 countries in 49 currencies. Its executives say Kenya, with its digital infrastructure and entrepreneurial culture, was a natural choice. Yet the challenges that come with operating in the country may complicate those ambitions.
Kenya’s fintech landscape is both crowded and fragile. Companies like Cellulant, Chipper Cash, and Flutterwave have already poured resources into cross-border payments, only to run up against compliance bottlenecks and trust issues among businesses wary of unfamiliar platforms. Regulators, meanwhile, have grown cautious as fraud cases pile up and lawmakers debate tighter oversight of foreign firms offering financial services.
James Njoroge, Verto’s operations manager in Kenya, sought to position the hub as a vote of confidence in the country’s ecosystem. “We’re thrilled to officially open our new hub in Nairobi. This isn’t just a workplace; it’s a base for innovation, collaboration, and creating lasting impact. Kenyan businesses face unique challenges when trading internationally. With our expanded presence, we’ll be even better equipped to support them with accessible, reliable, and efficient financial tools tailored to their needs,” he said.
Mr. Njoroge also promised investments in local talent, with the new office expected to host teams in operations, compliance, customer support, and partner engagement. In theory, that commitment could boost employment and skills development in a sector where global players often prefer to parachute in expatriate staff. Whether those pledges translate into meaningful, long-term opportunities for Kenyans remains to be seen.
The company celebrated its launch on Sept. 24 with banking partners, journalists, customers and team members present — a glossy event that underscored the optimism surrounding Africa’s fintech boom. Yet beneath the fanfare lies a more sobering reality: cross-border finance remains one of the most difficult arenas in which to deliver lasting innovation.
High transaction costs, inconsistent regulation, and currency volatility continue to plague businesses that trade across African borders. Even the African Continental Free Trade Area, touted as a game-changer for easing commerce, has been slow to harmonize financial frameworks. In that environment, fintechs like Verto are caught between their bold marketing claims and the messy mechanics of how money actually moves.
For now, Verto’s Nairobi hub is less a proof of dominance than a wager: that East Africa’s financial future can be reshaped by foreign-backed digital platforms. The company insists that its technology and network give it an edge. Its critics counter that until regulators, banks, and businesses align, promises of “seamless” trade may remain more aspirational than real.