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- UAE Exchange is considering the growth of commercial presence in Africa as Unimoni
- Unimoni means "universal currency"
- The expansion will be phased but will be complete by 2020
Transfer Solution UAE's internal monetary exchange, one of the largest remittance services in the Middle East, is rebranding its African operations and will now be known as "Unimoni" in its non-UAE locations.
The rebranding announcement was broadcast by Promoth Manghat, executive and group leader of the newly formed Finablr Holding Company, at a ceremony in Nairobi, Kenya, attended by regional Unimoni officials. , partners and guests.
As Finablr – created last April by the merger of UAE Express and Travelex, companies controlled by billionaire founder Bavaguthu Raghuram Shetty – the brand new, Unimoni, is a portmanteau. While Finablr is a contraction of "Financial Enabler", Unimoni is a contraction of "Universal Money". The brand is designed to strengthen the company's presence on the continent and provide a wide variety of new financial services to African customers.
Subject to regulatory approvals, Unimoni plans to enter 14 African markets by 2020, including Botswana, Kenya and Rwanda, Seychelles, Tanzania, Uganda and Zambia. To facilitate the expansion, the company has already developed a sound portfolio of digital transfer services tailored to the needs of its African users.
Elaborating on the new development, Manghat said: "Home to some of the fastest growing economies in the world, Africa has tremendous potential and is an essential part of our growth strategy as We will continue to invest in expanding our scope and depth of operations on the African continent.As a group, we have invested $ 100 million to support our growth and development efforts. Expansion in Africa over the next decade. "
As Unimoni, the company aims to offer connected and transparent experiences to its customers and to prepare for sustainable development.The Finablr network benefits from more than four decades of Experience in the industry and, thanks to its prestigious brands – including Xpress Money, Travelex and UAE Exchange and, now, Unimoni – becomes a formidable global presence It is already expanding in 45 African markets, while Unimoni alone has 29 agencies in Africa, each offering cross-border services and low-cost foreign exchange services. With this week's announcement, she clearly intends to expand her commercial footprint over the next five years.
However, that is not all: it is also investing in innovative customer-focused technology solutions and working intensively with ecosystem partners. "
Allen Semboze, Unimoni's regional director in Africa, said the next few years will be very eventful for Unimoni, who is overcoming its ambitious expansion strategy. "We are in advanced discussions with various ecosystem partners, including mobile network operators and aggregators to develop new money transfer solutions," Semboze added, adding that the new services will be available in four African markets. the second half of this year. At the same time, he added that the company was actively developing its digital capabilities to include an online payment interface, a white label solution for its corporate clients and an online currency solution. The approach will be staggered, he said, but all offers will be live on all of Africa's Unimoni markets by 2020.
To learn more about the exchange UAE, read this article.
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