UAE Exchange plans to rebrand as Unimoni

In Summary

July 16, 2018—UAE Exchange, a leading global money transfer, foreign exchange and payment solutions firm, has […]

July 16, 2018—UAE Exchange, a leading global money transfer, foreign exchange and payment solutions firm, has come up with a new brand name, ‘Unimoni’, to reflect aspirations to strengthen its global presence and provide a broader spectrum of innovative financial services to its customers.

Manghat said they will spend $100 million during the next two years to support their African market expansion.

Short for ‘Universal Money’, ‘Unimoni will be launched across Botswana, Kenya, Rwanda, Seychelles, Tanzania, Uganda and Zambia, subject to regulatory approvals. As part of its Africa growth strategy, Unimoni plans to be present in 14 African markets by the year 2020, and has developed a healthy pipeline of digital payment solutions designed to cater to the specific needs of the African customers.

Unimoni is part of the Finablr stable based in Abu Dhabi, UAE and which also includes, Travelex and Xpress Money, The Finablr network extends across 45 African markets. With 29 branches in Africa offering affordable money transfer and foreign exchange services, Unimoni plans to significantly increase its retail footprint over the coming years.

Allen Semboze, Regional Head Africa, Unimoni, said last week in Nairobi,  “The next few years are going to be very eventful for us at Unimoni, as we set out to achieve our ambitious growth strategy. We are in advanced discussions with various ecosystem partners including Mobile Network Operators and aggregators to develop new money transfer solutions.”

“These services will be available in four of our seven markets in Africa by the second half of 2018. We are also working on developing our digital capabilities including an online remittance platform, a white-label solution for our corporate customers and an online forex solution. While we are adopting a phased approach towards our growth in Africa, all these offerings will be live by 2020 across all our African markets,” he said.

Finablr executive director, Promoth Manghat, Executive Director said: “As a Group, we have earmarked $100 million in investments to support our growth and expansion efforts in Africa over the next decade. As Unimoni, we will facilitate seamless and connected experiences for our customers and pave the way towards sustainable development and inclusive growth of the various African markets.”

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