Verto, a leading business-to-business (B2B) cross-border payment, foreign exchange (FX), and banking solutions provider, has launched its inaugural Global Business Award, inviting applications from early-stage startups in Kenya, South Africa, and Nigeria. The initiative aims to accelerate the growth of businesses that have been operational for a maximum of two years and are demonstrating significant market impact, innovation, and potential for expansion.
Applications for the award opened on February 6 and will run for three months, culminating in the announcement of the winners on October 10. The top three startups will receive cash prizes to support their global expansion efforts: $10,000 (approximately Ksh.1.29 million) for the winner, $3,000 (Ksh.388,000) for the runner-up, and $2,000 (Ksh.258,000) for the second runner-up.
Beyond financial support, Verto’s Kenya Country Manager, Kevin Ng’ang’a, emphasized the additional benefits for winners, including mentorship and increased visibility among global investors. He highlighted that the competition seeks entrepreneurs who are utilizing cross-border operations to grow their target markets and those integrating API solutions to reduce transaction costs and improve market connectivity.
“We will be on the lookout for market challengers solving critical problems that change the African story,” Ng’ang’a said. He added that successful startups will also have the opportunity to network with fellow innovators from different regions, fostering collaboration and regional expansion.
The significance of cross-border trade in Africa is underscored by the World Trade Organization (WTO), which states that 29% of the global gross domestic product (GDP) is linked to international trade, with this figure steadily rising. In Africa, intra-continental trade is expected to increase income by $450 billion by 2035. However, many African businesses face challenges in cross-border transactions, as they often have to convert local currencies into U.S. dollars, increasing costs and prolonging processing times.
Verto, founded in 2017 and headquartered in the U.K., addresses these challenges by providing solutions that enhance liquidity, lower transaction fees, and shorten settlement times. The company enables businesses to make payments in 49 currencies and receive payments in 25 currencies across 190 countries at competitive rates.
Ng’ang’a stressed the importance of streamlining payment processes to facilitate economic growth. “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.”
The Global Business Award presents an opportunity for emerging African startups to scale their operations internationally, contributing to the continent’s growing role in global trade. Interested entrepreneurs can submit their applications before the deadline to compete for funding and mentorship that could shape their future success.
