UAE Exchange, a provider of remittance and bill payment solutions, has renamed its African operations as Unimoni.

The new name, which stands for ‘universal money’, represents the company’s plan to strengthen its payment business across the globe.

The rebranded business is set to expand to Botswana, Kenya, Seychelles, Rwanda, Tanzania, Uganda and Zambia, pending regulatory nod.

With plans to expand to 14 African countries by 2020, Unimoni will provide different digital payment solutions designed specifically to fulfil the requirements of African customers.

Further, the brand is also expected to invest in new technologies and partner with industry stakeholders to enhance services.

Subject to regulatory approvals, UAE Exchange parent Finablr plans to encompass all financial services brands including Unimoni, UAE Exchange, Travelex and Xpress Money under a single entity.

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Finablr executive director Promoth Manghat said: “Home to some of the fastest growing economies globally, Africa holds tremendous potential and is a critical component of our 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 $100m in investments to support our growth and expansion efforts in Africa over the next decade.”