SMEs and startups are the driving force behind South Africa's economic future, and removing barriers to international trade is crucial for their success. Verto South Africa, a leading cross-border payments provider, says local businesses should be able to compete on a level playing field with businesses from around the world.

South Africa’s SME sector is a cornerstone of the economy, providing an estimated 59% of all employment and contributing significantly to national GDP. However, despite their pivotal role, many small businesses face significant hurdles when attempting to engage in international trade. Traditional banking services often present a formidable challenge, characterized by high transaction fees, slow settlement times, and complex, burdensome paperwork.

"We believe in a world where a South African startup can compete on the global stage without being held back by a payment system designed for a different era," said Cornelius Coetzee, Country Director for Verto South Africa.

"The current landscape of international finance is often costly and complex, and this directly impacts the growth potential of our most innovative businesses. It’s time to democratize international trade by giving SMEs the 'enterprise-grade' tools they need to succeed."

Coetzee highlighted how geopolitical shifts and a changing global economy are creating new opportunities, particularly within Africa. The African Continental Free Trade Area (AfCFTA) is a landmark agreement that promises to create a single market of 1.4 billion people, with a combined GDP of over $3 trillion.

For South African SMEs, this represents a monumental opportunity to expand their reach and diversify their markets. However, without efficient and affordable cross-border payment solutions, these opportunities will remain out of reach for many.

"The AfCFTA agreement is poised to be a game-changer for African trade, but its success hinges on our ability to remove friction for the businesses that need it most – our SMEs and startups," Coetzee added.

"From a business in Cape Town selling goods to a buyer in Lagos, to a tech startup in Johannesburg hiring talent in Nairobi, seamless cross-border payments are the lifeblood of this new, integrated economy."

Verto South Africa is committed to providing a tangible solution to these challenges. The company's platform is designed to offer the speed, transparency, and cost-effectiveness that small businesses need to thrive. Verto's multi-currency accounts, competitive FX rates, and streamlined payment processes eliminate the common pain points associated with international transactions.

The company has a dedicated resources page for startups and has published extensive content on how to successfully enter and navigate emerging markets, as part of its efforts to empower these businesses.

"Our goal is to make global trade as simple as a local transaction," said Coetzee.

"By providing a simple, cost-effective platform that bypasses the complexities of traditional banking, we are not just a payment provider; we are a partner in our clients' growth. We are enabling the next generation of South African economic powerhouses to reach their full potential, one seamless transaction at a time."