UAE Exchange, a leading global money transfer, foreign exchange and payment solutions brand has re-branded its Africa operations to Unimoni.
The rebranding exercise follows an earlier announcement made by UAE-based businessman and philanthropist, Dr Bavaguthu Raghuram Shetty, Founder and Chairman of the UAE Exchange Group.
In April 2018, Dr Shetty launched Finablr, a holding company which, subject to regulatory approvals, aims to bring together his global portfolio of category-leading financial services brands including Unimoni, UAE Exchange, Travelex and Xpress Money under one umbrella.
Announcing the changes, the Executive Director of Finablr and Group CEO Mr Promoth Manghat said that the company will continue to invest in enhancing the breadth of their reach and depth of operations in the African continent.
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“As a group, we have earmarked USD 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,” said Manghat.
The new name, Unimony, is a compressed name 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.
Speaking about the future expansion plans for its Africa operations, Allen Semboze, Regional Head Africa, Unimoni, said that they intend to bring on board mobile network operators in their venture.
“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,” concluded Semboze.
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