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Kenya

Equity Bank launches online forex trading platform

Group Director for Treasury James Mutuku says the platform offers a seamless experience in buying and selling foreign currency digitally eliminating the need for face-to-face or over-the-phone transactions/file

NAIROBI, Kenya, Nov 27 – Equity Bank has launched a new online forex trading platform dubbed EazzyFX in a move that seeks to harness the potential of the financial markets in Kenya.

Group Director for Treasury James Mutuku says the platform offers a seamless experience in buying and selling foreign currency digitally eliminating the need for face-to-face or over-the-phone transactions.

Additionally, it also allows access to competitive prices on both emerging market and major traded currencies.

Among the key features of the online service include real-time streaming access, competitive market pricing and immediate tailored request-for-quotation facilities.

Insights on all trades and deals are also available.

Users can personalise their profiles detailing their preferred currency pairs from the main dashboard in order to monitor a specific currency or to compare particular currencies against others.

“EazzyFX revolutionises foreign exchange transactions for businesses, institutions, organizations and individuals. With clients becoming more and more discerning, there is need for utilization of unique innovative technology solutions to enable forex dealers differentiate themselves,” Mutuku said.

EazzyFX will offer improved alternative to the selection of trading platforms currently available in the market.

The platform enables users to transact more efficiently and transparently since real-time prices are displayed on the platform.

On the other hand, the bank will use the data and other analytics tools to make appropriate trade decisions with a view of giving clients value for money.

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EazzyFX is hosted by Thomson Reuters Electronic Trading, which currently has over 100 banks across 56 countries globally already benefiting from its e-commerce FX trading platform.

Equity Bank Kenya Managing Director Polycarp Igathe noted the platform would contribute significantly to improved efficiency for the customer.

“In eliminating the need for face-to-face transactions, businesses are assured of greater ease in buying and selling foreign currencies without being restricted by geography and time. Our platform promises speed, convenience, security and gives our SME and Corporate customers access to the best deals in the market,” Igathe said.

Equity Group Chief Executive and Managing Director Dr James Mwangi announced plans to roll out the online trading platform to its banking subsidiaries, saying that this will further enhance cross border trade and impact directly on the Group’s total earnings.

“We have witnessed very encouraging adoption of our digital value proposition across market and across channels. 97 per cent of all bank transactions are happening outside the traditional brick and mortar branches. We shall continue to leverage on innovation to meet the evolving needs and aspirations of our customers across the East and Central Africa region. With the EazzyFX solution, SMEs and Corporates can now enjoy convenient online trading. We will be availing this solution not only in Kenya but in Uganda, Tanzania, Rwanda and DRC, where we are present,” Mwangi said.

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