UAE Exchange rebrands to Unimoni, looks to expand in Africa

UAE Exchange, a leading financial services company, has recently announced the rebranding of its Africa operations to 'Unimoni' as part of a global rebranding exercise. The move is aimed at expanding operations to five new markets in the African region by 2020, with the ultimate goal of reaching underserviced populations. Promoth Manghat, Executive Director of Finablr, joined CNBC Africa to shed light on this strategic transformation. Manghat highlighted that the rebranding signifies a transformative journey for UAE Exchange as it evolves into Unimoni. The new brand name, derived from 'universal money,' reflects the universal nature of the services offered, including money transfer, foreign exchange, and payments. With a strong foundation built over 12 years of operation in seven African markets, the company is optimistic about the prospects the rebranding will unlock. During the discussion, Manghat emphasized the significance of Africa as a key market for Finablr, operating in 45 markets globally and facilitating the transfer of $30 billion annually. Notably, the company boasts a vast network of over 10,000 touchpoints and offers a variety of channels, including online, offline, mobile apps, and partnerships with Mobile Network Operators (MNOs). To support its ambitious growth strategy in Africa, Finablr has committed $100 million over the next decade. This investment is earmarked for immediate short-term expansion in money transfer, foreign exchange, and payment segments, as well as for strengthening its presence in existing markets, expanding to new regions, and diversifying services. The rebranding initiative in Africa is a key milestone in the company's broader strategy to cater to the evolving needs of consumers and tap into the vast potential the continent offers. With a strong focus on innovation, trust, and collaboration with regulators and partners, Unimoni is poised to capitalize on emerging opportunities and drive financial inclusion in Africa.