Equity Bank has introduced an online platform dubbed EazzyFX, aimed at boosting the digital selling and buying of foreign currencies.
The platform was launched by the bank’s subsidiary in Kenya. Equity Bank has branches in Kenya, Tanzania, Uganda, South Sudan, DR. Congo and Rwanda.
Through EazzyFX, the financial institution hopes to offer a seamless experience in buying and selling foreign currency digitally by eliminating the need for face-to-face or over-the-phone transactions.
Small and Medium companies will now have control over their trading and the platform will also facilitate faster transactions since it allows real-time trading from any location as long as you log into the trading platform.
EazzyFX also allows traders to see the transactions in real-time as well as their trading history.
Speaking at the launch, Equity Bank Managing Director Polycarp Igathe was quoted by media as saying: “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.”
He added, “Our platform promises speed, convenience, security and gives our SME and Corporate customers access to the best deals in the market.”
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On his part Equity Bank Director of Treasury Mr. James Mutuku said: “EazzyFX revolutionizes foreign exchange transactions for businesses, institutions, organizations and individuals.”
He added, according to AfricanMarkets: “With clients becoming more and more discerning, there is a need for utilization of unique innovative technology solutions to enable forex dealers to differentiate themselves. Equity bank is leveraging its digital solutions to drive efficiency in accessing and distributing foreign exchange liquidity in a more seamless and convenient manner.”
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.
EazzyFX can be accessed via the web, but officials say it will soon be integrated into the Eazzy Banking app.
The platform is also expected to be rolled out to other markets like Uganda, Tanzania, Rwanda, and DRC.
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