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 and improve international spending. The 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. This solution is targeted at businesses operating across multiple markets, including importers, exporters, and technology firms.
The Verto 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. The card has zero foreign exchange markups on 10 major currencies, including the US dollar, euro, and pound sterling. Businesses can use the card to spend in major currencies without manually moving funds between wallets or incurring additional foreign exchange conversion costs.
The launch comes as African businesses increasingly operate across multiple markets and face growing costs and complexities associated with international payments. Ola Oyetayo, CEO and co-founder of Verto, said the launch responds to a growing infrastructure gap facing African businesses engaged in international trade. He noted that many companies are still losing value through unnecessary FX losses, delayed settlement, and fragmented banking processes.
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. This gives businesses access to a broad network of international merchants through a single card linked to their Verto account.
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. The partnership with Verto aims to simplify how businesses pay suppliers, manage expenses, and transact internationally while providing the security and global acceptance associated with Visa.
The Verto 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. This solution is particularly important for businesses across East Africa, where the ability to move and manage money efficiently across borders is becoming increasingly important.
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.
Key points
- The Verto Card offers zero foreign exchange markups on 10 major currencies.
- The card is accepted at more than 150 million merchants globally.
- The partnership aims to simplify international transactions for African businesses.
