In a recent episode of the Labari Media Podcast, host Joseph Kuuire sat down with Austin Okpagu, Country Director for Verto in Nigeria, to discuss the rapidly evolving landscape of cross-border payments in Africa.
Verto, a UK-headquartered fintech with licenses across multiple jurisdictions, including the UK, UAE, Nigeria, South Africa, and the US, has positioned itself as a key player in simplifying international transactions for businesses in emerging markets.
What Verto Does—and Does Best
Verto specializes in cross-border payments, enabling businesses—particularly in Africa—to send and receive funds seamlessly across borders. The company supports payouts in up to 50 currencies to nearly 200 countries, with a focus on instant, low-cost settlements.
“We’re building multi-purpose fintech infrastructure that reduces transactional costs and accelerates payment settlement,” Okpagu explained.
Nigeria is one of Verto’s largest markets, reflecting the country’s vibrant entrepreneurial ecosystem and growing demand for efficient global payment solutions.
The State of Cross-Border Payments: Faster, Cheaper, More Transparent
Okpagu highlighted significant progress in the industry over the past five years. Businesses are shifting away from slow, expensive traditional banking channels toward fintech solutions that offer near-instant settlements, real-time tracking, and transparent pricing.
“Payments that once took two to five days are now settling almost instantly,” he noted. Emerging technologies—AI for fraud detection and compliance, and stablecoins for faster settlements—are further accelerating this transformation.
While Verto has not yet launched stablecoin services, Okpagu acknowledged its enormous potential. “Faster settlements and cheaper transfers are non-negotiable for businesses,” he said, adding that the company is actively exploring products to capture this opportunity.
Navigating Africa’s Regulatory Landscape
Regulation remains one of the biggest hurdles for cross-border payment providers. Each African country maintains its own framework, creating fragmentation that slows scaling and product launches.
Okpagu pointed to positive developments, such as the Pan-African Payment and Settlement System (PAPSS), which central and commercial banks are increasingly adopting, and early signs of license passporting (e.g., arrangements between Ghana and Rwanda). Still, progress is gradual.
“Innovation moves faster than regulation,” Okpagu observed. He called for greater harmonization of policies across the continent, streamlined licensing processes, and expanded regulatory sandboxes that allow fintechs to test ideas quickly while remaining compliant.
He praised Nigeria’s Central Bank for creating an enabling environment, contrasting it with markets where licensing can take years.
Verto’s 2025 Wins and Ongoing Evolution
Despite regulatory and operational challenges—particularly around onboarding businesses in markets with limited formal documentation—Verto achieved several milestones last year:
- Launched an AI-powered onboarding system that dramatically reduced processing times while maintaining strict compliance.
- Expanded supported currencies to 50.
- Introduced Verto Atlas, an API-based solution allowing partners to white-label Verto’s payment infrastructure.
- Secured regulatory approvals to enter new markets, including the UAE, additional US states, and Canada.
Looking Ahead: Instant, Seamless, Inclusive
Okpagu is optimistic about the next two to three years. He envisions a future where cross-border payments are as effortless as sending a WhatsApp message—no multi-day waits, no physical bank visits, and no complex processes for small businesses trading across African currencies.
Compliance will be built-in from the ground up, and continental harmonization—similar to Europe’s single-market payment framework—will become reality, boosted by initiatives like PAPSS and infrastructure providers like Verto.
Competition is intensifying, but Okpagu welcomes it. “The opportunity in B2B cross-border payments in Africa is still in its early stages—it’s day one,” he said.
Success, he argued, will belong to companies with robust, scalable infrastructure and deep global banking partnerships, not just flashy apps or large funding rounds.
A Bright Future for African Payments
As Africa’s digital economy grows, companies like Verto are helping bridge the gap between local businesses and global markets.
With instant settlements, broader currency support, and smarter compliance on the horizon, the continent’s cross-border payment ecosystem appears poised for a transformative leap—one that could unlock greater intra-African trade and economic integration in the years ahead.
