UAE Exchange rebrands to Unimoni to cater for African market

(L-R) Allen Semboze, Regional Head Africa of Unimoni, and Promoth Manghat, Executive Director of Finablr. PHOTO: COURTESY.

Nairobi, KENYA: A leading global money transfer foreign exchange and payment solutions UAE Exchange, has announced the rebranding of its Africa operations as ‘ UNIMONI’.

Unimoni which is a short name for ‘Universal Money’ is a digital payment solution designed to cater to the specific needs of the African customers.

Speaking during the launch in Nairobi on Friday, Executive director of Finablr of Group CEO, Promoth Manghat, said they are planning to invest USD 100 million (sh10billion) to expand its Africa operations over the next decade.

He said, Unimoni plans to be present in 14 African markets by the year 2020 and it will be launched across Botswana, Kenya, Rwanda, Seychelles, Tanzania, Uganda and Zambia subject to regulatory approvals.

“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.

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.

Additionally, the brand is also making aggressive investments in customer-focused technology innovations as well as collaborating with ecosystem partners to provide an enhanced service proposition to its customer base.

Speaking about the future expansion plans for its Africa operations, Allen Semboze, Regional Head Africa, Unimoni, said they are in advanced discussions with various ecosystem partners including Mobile Network Operators and aggregators to develop new money transfer solutions where the services will be available in four of the seven markets in Africa by the second half of 2018.

He added that they are also working on developing digital capabilities including an online remittance platform, a white-label solution for the corporate customers and an online forex solution.

The rebranding exercise follows an earlier announcement made by noted 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.