Verto, a London-based African fintech startup, is making waves across the continent by solving one of Africa’s biggest economic bottlenecks: cross-border trade. With intra-African commerce accounting for only about 15% of the continent’s global trade, Verto’s platform is disrupting traditional systems by enabling businesses to send and receive payments in local currencies without relying on the US dollar.
The startup’s innovative approach just earned it the prestigious $1 million Milken-Motsepe Prize in FinTech, announced on 7 May during the Milken Institute Global Conference in Los Angeles. Co-founded by Nigerian-British entrepreneur Ola Oyetayo, Verto eliminates high intermediary fees, accelerates transaction times, and supports a wide array of currencies, providing a vital lifeline for businesses navigating Africa’s fragmented regulatory and financial systems.
Speaking to The Africa Report, Oyetayo highlighted the core issue: “One of the biggest barriers to effective trade on the continent is that many African currencies are very illiquid and considered exotic. There’s also extreme volatility. So most people trust the greenback, the US dollar, rather than their local currency.” Verto’s platform turns that problem into a solution by empowering businesses to transact in their native currencies, thereby boosting confidence and sustainability.
By narrowing its financial service offerings, Verto has managed to simplify compliance processes and bypass the heavy ‘Africa risk premium’ that traditional banks impose. “We’ve built an internal risk framework and assessment system that evaluates businesses based on what they do not where they come from,” Oyetayo added.
With growing tension in global trade, especially during the Trump-era tariffs and US-China rifts, Oyetayo sees Africa’s path to resilience in intra-continental commerce. He pointed to the African Continental Free Trade Area (AfCFTA) as a game-changer. “There’s no reason why if I’m doing business in Africa, my supply chain should be 100% dependent on Asia, the US, or Europe,” he said. “These big, fast-growing markets can achieve more by trading among themselves.”
Verto is currently licensed to operate in Nigeria, Kenya, and South Africa, and is in the process of securing licensing in Tanzania. Its expansion signals a growing demand for local currency solutions in emerging markets.
Launched in 2021 by billionaire philanthropists Michael Milken and Patrice Motsepe, the Milken-Motsepe Innovation Prize Program awards bold, practical solutions that address Africa’s economic and environmental challenges. To date, over $6 million has been awarded to 50 global innovators. Past prizes have focused on agri-tech and off-grid energy, with the 2026 prize set to target breakthroughs in artificial intelligence and manufacturing.
Verto’s win underscores its role as a trailblazer in Africa’s digital economy and a catalyst for sustainable, inclusive trade across the continent.
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