UAE Exchange, one of the world’s leading money transfer, exchange and payment brands, announced Monday (July 23rd) that it has renamed its activities in Africa under the name “Unimoni”.
According to Promoth Manghat, executive director of Finablr and CEO of the group who was speaking at an official ceremony in Nairobi, Kenya, the new identity, “Unimoni”, which stands for “Universal Money” , reflects the desire to strengthen its presence worldwide and to provide a wider range of innovative financial services to its customers.
Following this announcement, Unimoni will be launched in Botswana, Kenya, Rwanda, Seychelles, Tanzania, Uganda and Zambia, subject to regulatory approvals. As part of its growth strategy in Africa, the brand plans to be present in 14 African markets by 2020, and has developed a portfolio of digital payment solutions to meet the specific needs of customers on the continent.
This brand change follows an earlier announcement by Dr. Bavaguthu Raghuram Shetty, a UAE-based businessman and philanthropist, founder and chairman of the UAE Exchange Group. In April 2018, he launched “Finablr”, a holding company which, subject to obtaining regulatory approvals, aims to consolidate its global range of financial services brands into one entity, including Unimoni, UAE Exchange, Travelex and Xpress Money.
For Finablr’s Executive Director, “Africa is the continent with some of the fastest growing economies in the world. It has tremendous potential and is an essential part of our growth strategy as a group. ”
“We will continue to invest to increase our reach and intensify our activities on the continent. Our group has earmarked $ 100 million for investments to support our growth and development efforts in Africa over the next decade. With Unimoni, we will offer seamless connected experiences to our customers and lay the groundwork for sustainable development and inclusive growth in the various African markets, “said Promoth Manghat.
The Finablr network covers 45 African markets. With 29 branches in Africa, Unimoni plans to significantly increase its presence in the retail sector in the coming years.
prospect
In presenting future expansion plans for his Africa operations, Allen Semboze, Unimoni’s Africa regional director, said, “The next few years will be very eventful for Unimoni as we have set ourselves an ambitious growth strategy. “. And to announce that the company is in advanced discussion with various ecosystem partners, including aggregators and mobile network operators, to develop new money transfer solutions.
“These services will be available in four of our seven African markets in the second half of 2018. We are also developing our digital capabilities, including an online transfer platform, a white label solution for our business customers, and an online Forex solution.” . While adopting a phased approach to our development in Africa, all these offers will be online by 2020 in all our African markets, “he continued.
