Financial technology company Verto has partnered with Visa to launch a multi-currency business card designed to enable African businesses to make international payments directly from their Verto accounts. This card gives businesses direct access to 11 currencies and allows them to make payments in more than 160 currencies through Visa's global payment network. The launch aims to address the challenges faced by African businesses engaged in international trade.
The multi-currency card is targeted at businesses including importers and exporters, technology companies, digital businesses, and professional services firms. Verto co-founder and chief executive Ola Oyetayo stated that African businesses are expanding into international markets, but the financial infrastructure serving them has not kept pace. He cited foreign-exchange costs, payment delays, and banking procedures as some of the obstacles facing businesses engaged in international trade.
The card allows businesses to spend funds held in their Verto currency wallets without first transferring money between accounts or converting currencies before making a payment. This service also eliminates additional foreign-exchange conversion fees on 10 major currencies, potentially reducing costs for businesses that regularly pay suppliers, subscriptions, and other operating expenses overseas.
Visa senior vice president and head of commercial and money movement solutions Shahebaz Khan said that managing multiple currencies should not prevent businesses from expanding internationally. The partnership with Verto aims to help businesses pay suppliers, manage expenses, and conduct international transactions while using Visa's global acceptance network.
The card can be used at more than 150 million merchant locations worldwide that accept Visa cards. Businesses can also fund transactions directly from their Verto currency wallets, helping them avoid unnecessary currency conversions and making it easier to monitor spending.
The currencies available directly on the card include the US dollar, Canadian dollar, Australian dollar, New Zealand dollar, euro, Japanese yen, British pound, Swiss franc, Norwegian krone, and Swedish krona. This allows businesses to make international payments in a convenient and cost-effective manner.
The launch of the multi-currency card comes as businesses across Africa increasingly operate across borders, creating greater demand for payment systems that can handle multiple currencies and international transactions. The partnership between Verto and Visa aims to address this demand and provide African businesses with a seamless payment experience.
Key points
- The card eliminates additional foreign-exchange conversion fees on 10 major currencies.
- The card can be used at more than 150 million merchant locations worldwide.
- The partnership aims to help African businesses expand internationally by providing a convenient and cost-effective payment solution.
