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    HomePartner ContentVertoFX Processed $2.5B in Nigeria in 2023, Names First Country Manager to...

    VertoFX Processed $2.5B in Nigeria in 2023, Names First Country Manager to Lead Local Growth

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    VertoFX, a global financial technology firm specializing in enterprise-grade cross-border payments, FX, and banking solutions across emerging markets, has announced the appointment of Dr. Austin Okpagu as its first Country Manager for Nigeria. This strategic move underscores the company’s long-term commitment to Nigeria and the broader West African region.

    Dr. Okpagu brings a wealth of experience from his previous roles in Nigeria’s fintech sector, most recently as Managing Director at JumiaPay. His career also includes significant contributions to prominent fintech platforms like OPay and Pagatech, where he was instrumental in driving partnership and business development efforts. At VertoFX, Dr. Okpagu will lead the newly established office in Victoria Island, Lagos, focusing on achieving business growth targets, fostering strong relationships with local stakeholders, and delivering tailored solutions to meet the specific needs of Nigerian customers.

    Ola Oyetayo, Co-Founder and CEO of VertoFX, expressed his enthusiasm about Dr. Okpagu’s appointment: “We are delighted to welcome Austin as our first Country Manager for Nigeria. His proven expertise in the payments sector and deep understanding of the local economic market make him the ideal candidate to take charge of our operations in West Africa.”

    Oyetayo further highlighted the strategic importance of this move: “With our on-ground presence in Nigeria, we are strongly positioned to better serve our customers, support local businesses, and contribute to the economic development of the region. This aligns with our vision to become the leading provider of B2B cross-border payment solutions in Africa.”

    VertoFX’s innovative technology enables businesses to make secure and seamless cross-border payments, convert between 50 currencies at competitive exchange rates, and instantly send and receive money in over 200 countries. Since launching operations in Nigeria in 2017, the company has developed an impressive portfolio of clients, including some of the largest enterprises operating in Africa. These clients rely on VertoFX’s reliable financial services for their local and international business needs.

    Dr. Okpagu shared his excitement about his new role, stating, “It’s an honor to join the VertoFX team in their mission to become the go-to financial services partner for businesses operating in Nigeria and globally. VertoFX has demonstrated its ability to provide crucial financial solutions to Nigerian enterprises, helping them remain resilient amidst complex macroeconomic conditions. I look forward to collaborating with key public and private stakeholders in the Nigerian financial sector to further enhance our offerings, aiming for a deep and lasting positive impact on local founders and business owners.”

    Over the past year, VertoFX has facilitated over $2.7 billion in cross-border transactions for Nigerian corporations. During this period, the company experienced a 75% increase in the number of Nigerian enterprises using its platform for international payments. These figures highlight VertoFX’s dedication to providing reliable solutions amid currency restrictions, local exchange controls, currency devaluations, and inflation affecting the Nigerian market.

    Founded in 2017 by Ola Oyetayo and Anthony Oduwole, both ex-global bankers born in Nigeria, VertoFX was part of Y Combinator’s 2019 winter cohort. The company is a global B2B financial technology firm that enables businesses of all sizes to access enterprise-grade cross-border payments, FX, and banking solutions. Utilizing a purpose-built tech infrastructure and payment rails, businesses can instantly send and receive money in over 170 countries and convert between 49 currencies. Today, VertoFX supports over 4,000 businesses, from startups and SMEs to large corporate companies, facilitating millions of dollars in transactions annually.

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