The ceremony, held on Friday, November 21, in Lagos, brought together investors, industry leaders, media, and entrepreneurs to celebrate startups enhancing local industries and strengthening Africa’s footprint in global commerce. 

The winners, Dingpay, Aquatrack, and Growwr, were presented with cash prizes ranging from $2,000 to $10,000, alongside access to international suppliers and the infrastructure to scale beyond local markets.

Dingpay, a fintech innovator creating an “offline-first” digital wallet that consolidates bank cards, identity documents, tickets, and payments, claimed the $10,000 grand prize. 

Speaking on the win, co-founder Itohowo Udofia said, “We are honoured to be recognised as the winner of the Verto Award. This prize will enable us to scale faster, strengthen our operations, and unlock new market opportunities. It’s an incredible validation of our work, and we’re excited for what comes next.”

Aquatrack, an agritech startup providing AI-driven farm management tools for fish farmers, and Growwr, a platform enabling businesses to hire, manage, and pay pre-verified African tech talent efficiently, also walked away with commendable support to boost their growth.

The Verto Awards 2025 selection process, rigorous and thorough, involved a panel of distinguished judges assessing each startup’s innovation, scalability, feasibility, and potential market impact. 

The judging panel included Dotun Adekunle, COO/CTO of OPay; Ime Enang, CEO of The Conversationalist Limited; Omotayo Idowu, group head, Commerce & SME of Providus Bank; Soibi Ovia, partner at DAO Law; and Austin Okpagu, country manager, Verto Nigeria.

Ola Oyetayo, Verto’s co-founder and CEO, commented on the initiative: “This inaugural edition of the Verto Award has revealed just how much innovation, resilience, and global ambition exist within Africa’s early-stage startup ecosystem. 

“The calibre of founders we’ve seen this year has been exceptional. As these businesses grow, expand, and strengthen international ties, we remain committed to providing the financial infrastructure that helps turn their global ambitions into reality.”

Since its launch in February 2025, the Verto Award has aimed to spotlight startups with sector-agnostic potential, supporting them both financially and in gaining visibility, as well as granting access to the tools needed for cross-border growth.

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The new hub, located at 21 Ahmed Onibudo Street, brings more than 25 staff onshore. It will oversee customer support, drive product development targeting West African markets, and enhance collaboration with banks, payment service providers, and regulators.

Verto said the decision to open in Lagos follows growing demand from businesses seeking an on-the-ground partner rather than a fully remote platform.

Over the years, Verto “has supported over 5,000 Nigerian and African businesses” and “processes more than $25 billion USD in annual global transactions today across 200+ countries and 49 currencies.”

How Verto Wants to Transform Global Payments for Fintechs, Online Marketplaces

Co-founder and Chief Executive Officer, Ola Oyetayo, noted the scale of the business, saying, “We do about $3 billion a month in transaction volume, you know. So it’s a lot of volume, 49 currencies.”

Country Director for Verto Nigeria, Austin Okpagu, described the launch as a long-term commitment to the Nigerian market.

“As Africa’s largest and most innovative fintech hub, Nigeria offers a dynamic environment for digital trade, entrepreneurship, and financial innovation, making it the natural anchor for Verto’s West African operations. 

“This hub allows us to respond faster to client needs, craft solutions tailored to local markets, and work even more closely with regulators and financial partners across the region.”

Oyetayo traced Verto’s beginnings to his years in the United Kingdom, where he began informally matching Nigerians abroad who wanted to invest at home with those in Nigeria who needed to pay for goods and services overseas.

“That’s really how Verto started, on WhatsApp, people would come to me saying, ‘I need $10,000,’ and I’d find someone who needed naira. I matched both of them together,” he said.

That origin story revealed why physical presence is now important. For several years, Verto deliberately maintained a low profile in Nigeria, preferring to prove its model first while navigating changing financial regulations. 

However, customers increasingly wanted local access, a physical office where they could resolve issues, speed up onboarding, and interact with a responsible team, especially amid Nigeria’s volatile FX cycles.

Local partners also backed the decision, as the CEO from Paga described the working relationship as creative and solution-driven:

“We’ve been able to call on you guys and say, here’s what we’re thinking about. Can we think about it together? And they’ve been very creative about how to resolve.”

A technology customer added that Verto’s pricing structure and reliability had simplified operations:

“Within a month, at least, making transactions and payments to suppliers all around the world… I like the fact that I don’t have to haggle. The price is the price. Could it be better? Can always be better, right? But it makes it so much easier for my team to validate their pricing, knowing that there’s one place they get the pricing and they plug it in, and it makes our workflow a lot more.”

At the launch of the new Verto Lagos office, the company outlined three operational priorities for its Lagos team: stronger customer relationships, tailored product development (including the rollout of Verto Atlas), and enhanced naira liquidity through deeper partnerships with local banks and payment processors.

The CEO stressed that the office represents a sustained investment, not a publicity move. He also emphasised the importance of trust and compliance, noting that the company values reliability over short-term pricing gains.

The event, featuring live product demos, customer testimonials, and open discussions about collaboration, brought together long-time customers, banking partners, regulators, and fintech stakeholders.

Verto said the Lagos team will focus on improving onboarding times, expanding collection and payout solutions, and optimising account services in the coming months.

The new office is a focus from a purely digital, global fintech model to a hybrid approach, platform scale supported by local expertise. In Nigeria, where trust and physical presence are essential to business relationships, that transition could prove decisive.

The new Verto Lagos office is located at 21 Ahmed Onibudo Street, Victoria Island. The company operates globally with offices in London, Cape Town, Nairobi, Pune, Dubai, New York, and Malta, and supports over 49 currencies across multiple African and international markets.

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VertoFX is a global financial technology firm delivering enterprise grade cross-border payments, FX and banking solutions across emerging markets.

The move reinforces the company’s long-term commitment to the country and the broader West African region.

Okpagu brings a wealth of extensive experience from a number of Nigeria’s most prominent fintech platforms including OPay and Pagatech, where he drove partnership and business development efforts in both respective companies.

In his new role at VertoFX, Okpagu will spearhead VertoFX’s newly opened offices in Victoria Island, Lagos, to achieve on-ground business growth targets, foster strong relationships with local stakeholders and implement tailored solutions to Nigerian customers’ needs and requirements.

Speaking on Okpagu’s appointment and VertoFX’s new physical presence in Nigeria, Ola Oyetayo, Co-Founder and CEO of VertoFX shared,

“We are delighted to welcome Austin as our first Country Manager for Nigeria. Austin’s proven expertise in the payments sector and deep understanding of the local economic market make him the ideal candidate to take charge of our operations in West Africa.”

He continues,

“With our on the ground presence in Nigeria, we are strongly positioned to better serve our customers, support local businesses, and contribute to the economic development of the region; moving in line with our vision to become the leading provider of B2B cross-border payment solutions in Africa.”

VertoFX’s cutting-edge technology enables businesses of all sizes to make secure and seamless cross-border payments, convert between 50 currencies at competitive exchange rates and instantly send and receive money in over 200 countries.

Since launching operations in Nigeria in 2017, the company has built an impressive portfolio of clients, including some of the largest enterprises doing business in Africa, who rely on the company’s innovative and reliable financial services for their local and international business needs.

Commenting on his new role Dr. Austin Okpagu, Country Manager at VertoFX Nigeria, stated, “It’s an honour to be joining the VertoFX team in their mission to become the go-to financial services partner for businesses operating in Nigeria and on the global scale.”

He added, “During recent and especially complex macroeconomic conditions, VertoFX has stood out with its ability to provide urgently needed financial solutions to Nigerian enterprises, helping them stay resilient in the face of adversity. I look forward to working closely with key public and private stakeholders in the Nigerian financial sector to further enhance our offerings, targeting a deep and lasting positive impact for local founders and business owners.”

Over the past year, VertoFX has facilitated over $2.7 billion in cross-border transactions for Nigerian corporations.

During the same time period, the company experienced a staggering 75% increase in the number of Nigerian enterprises using its platform for their international payment needs.

At a time where the Nigerian market is affected by currency restrictions and local exchange controls necessitated by tough global economic conditions, currency devaluations and inflation, these figures reinforce VertoFX’s focus on providing reliable solutions for its customers.

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