Verto and Visa launch multi-currency cards for African businesses

Kampala, Uganda | THE INDEPENDENT | Global cross-border payments platform Verto, in partnership with Visa, has launched a multi- currency corporate card aimed at helping African businesses reduce foreign exchange costs, improve international spending and operate more efficiently across global markets.

The Verto Card allows businesses to spend directly from their existing Verto currency balances without having to move funds between accounts or convert money before making payments.

Verto operates in Uganda, providing cross-border business-to-business foreign exchange and payment services.

The new card gives businesses access to 11 currencies directly through their Verto wallets and access to more than 160 additional currencies through Visa’s global payments network, with zero foreign exchange markups on 10 major currencies.

The launch comes as African businesses increasingly operate across multiple markets and face growing costs and complexities associated with international payments.

Businesses can use the card to spend in major currencies including the US dollar, euro, Japanese yen, pound sterling, Swiss franc, Canadian dollar, Australian dollar, New Zealand dollar, Norwegian krone and Swedish krona without manually moving funds between wallets or incurring additional foreign exchange conversion costs.

Businesses can also collect major global currencies such as USD, EUR and GBP and settle transactions in Ugandan shillings.

The solution is targeted at businesses operating across multiple markets, including importers, exporters, technology firms, digital businesses and professional services companies that manage international suppliers, subscriptions and operational expenses.

Reducing FX costs

Ola Oyetayo, CEO and co-founder of Verto, said the launch responds to what he described as a growing infrastructure gap facing African businesses engaged in international trade.

“African businesses are expanding across borders faster than the financial infrastructure supporting them. Increasingly, the challenge is not market access, but how money moves. Many companies are still losing value through unnecessary FX losses, delayed settlement and fragmented banking processes that directly affect profitability and growth,” Oyetayo said.

He said the Verto Card is designed to give businesses greater control over international spending while reducing some of the friction traditionally associated with cross-border trade.

The card is accepted at more than 150 million merchants globally wherever Visa credit or debit cards are accepted, including merchants that require credit-card payment rails.

This gives businesses access to a broad network of international merchants through a single card linked to their Verto account.

The card allows businesses to fund transactions directly from their existing Verto multi-currency wallets, helping reduce unnecessary currency conversions while improving visibility and control over international spending.

The platform also includes spend controls, instant card issuance and enhanced transaction security.

Supporting expansion

Shahebaz Khan, Visa’s Senior Vice President and Head of Commercial and Money Movement, said managing multiple currencies should not become a barrier for businesses seeking to expand internationally.

“Managing multiple currencies should not be a barrier to growth for businesses looking to scale internationally,” Khan said.

He said the partnership with Verto is intended to simplify how businesses pay suppliers, manage expenses and transact internationally while providing the security and global acceptance associated with Visa.

For businesses across East Africa, the ability to move and manage money efficiently across borders is becoming increasingly important as companies expand into new markets.

International suppliers, subscriptions and operational expenses increasingly require businesses to make payments across different currencies and jurisdictions.

The Verto Card is designed to address this need by linking international spending to businesses’ existing multi-currency balances.

The launch forms part of Verto’s broader expansion of its global treasury and payments infrastructure, supporting businesses across emerging markets as they scale across borders and pursue new opportunities globally.

By combining Verto’s multi-currency payment infrastructure with Visa’s global acceptance network, the partnership is seeking to give African businesses a more streamlined way to manage international spending as their operations become increasingly global.

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