Verto South Africa Advocates for Smoother Cross-Border Payments to Empower Local SMEs
In South Africa, small and medium-sized enterprises (SMEs) and tech startups are critical for economic growth. Removing obstacles to international trade is therefore paramount to their success. Verto South Africa, a prominent cross-border payments provider, is calling for policy changes that will allow local businesses to compete globally on an equal footing. They advocate for removing the hurdles that currently impede efficient international transactions.
The Need for Streamlined International Payments for South African Businesses
South Africa’s SME sector is a significant employer, accounting for roughly 59% of all jobs and a substantial portion of the country’s Gross Domestic Product (GDP). Despite their importance, SMEs often encounter significant challenges when engaging in international trade. Traditional banking services frequently prove cumbersome, with high transaction fees, lengthy settlement times, and complex bureaucratic procedures. These antiquated systems can severely hamper the growth of businesses looking to tap into international markets, which is particularly relevant in the burgeoning African tech sector, which increasingly relies on global partnerships.
“We envision a scenario where a South African startup can thrive on the global stage without being held back by an outdated payment system,” stated Cornelius Coetzee, Country Director for Verto South Africa.
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