HubPay launches FX hub to boost Africa-UAE cross border trade

By Gloria Methri

Hubpay, a digital payments provider in the UAE, has announced the launch of its Africa “Collect & Remit” solution. This offering allows businesses with entities and trade partners across Africa to seamlessly send payments to the UAE, driving further cross-border trade, particularly between Asia and Africa.

“Hubpay continues to expand our Forex services for corporate clients, our new Collect & Remit solution is our first product tailored for African businesses, enabling us to service one of the fastest growing geographic sectors across emerging markets,” said Kevin Kilty, Founder and CEO, Hubpay.

The strategic vision of the ‘We the UAE 2031’ initiative, to drive the value of foreign trade and non-oil exports, galvanized by entities like the Dubai Multi Commodities Centre (DMCC), has attracted a new wave of businesses and entrepreneurs to the UAE.

This influx spans a wide range of industries, from soft commodities to cutting-edge smart devices. These businesses don’t just cater to the UAE but also serve the broader region, with a special focus on Africa. Africa’s exponential economic growth has generated immense demand for a variety of products, many of which are predominantly manufactured across Asia.

The UAE, given its strategic logistical position and advanced infrastructure, has long served as the gateway between Asia and Africa. However, there is an absence of comprehensive FX solutions, especially for African businesses, which act as a barrier to growth.

As a FinTech solution provider, Hubpay is now extending its product range to cater to a more extensive international clientele, with a particular emphasis on African businesses. The introduction of the new FX Hub empowers clients to make payments from Africa to the UAE and further to global markets.

Hubpay’s UAE-based FX Hub will enable businesses looking to tap into the burgeoning opportunities in cross-border trade between Asia and Africa.