UAE Exchange Rebrands its Africa Operations as Unimoni

UAE Exchange has announced the rebranding of its Africa operations as “Unimoni”.

Short for ‘Universal Money’, the new brand “Unimoni” reflects the company’s aspirations to strengthen its global presence and provide a broader spectrum of innovative financial services to its customers.

Following the announcement, Unimoni will be launched across Botswana, Kenya, Rwanda, Seychelles, Tanzania, Uganda and Zambia, subject to regulatory approvals.

As part of its Africa growth strategy, Unimoni plans to be present in 14 African markets by the year 2020 and has developed a healthy pipeline of digital payment solutions designed to cater to the specific needs of the African customers.

Executive Director of Finablr and Group CEO Promoth Manghat said that Africa, which is home to some of the fastest growing economies globally, holds tremendous potential and is a critical component of their growth strategy as a group.

“We will continue to invest in enhancing the breadth of our reach and depth of our operations in the African continent. 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 Promoth Manghat.

Through its category-leading brands such as Unimoni, UAE Exchange, Travelex, and Xpress Money, the Finablr network extends across 45 African markets.

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, noted that the next few years will be very eventful for them at Unimoni, as they set out to achieve their ambitious growth strategy.

“We are in advanced discussions with various ecosystem partners including Mobile Network Operators and aggregators to develop new money transfer solutions. These services will be available in four of our seven markets in Africa by the second half of 2018. We are also working on developing our digital capabilities including an online remittance platform, a white-label solution for our corporate customers and an online forex solution,” added Allen Semboze.

Semboze stated that while they were adopting a phased approach towards their growth in Africa, all these offerings will be live by 2020 across all their African markets.

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.