Equity Unveils Online Forex Trading Platform Across East Africa
Equity Bank has rolled out “EazzyFX” an online forex trading platform in a quest to provide SMEs and Corporates freedom and control over their trading, as well as allow access to competitive prices on both emerging market and major traded currencies.
The new platform that will allow users to trade real time seeks to offer a seamless experience in buying and selling foreign currency digitally eliminating the need for face-to-face or over-the-phone transactions.
Other prominent features of the online platform include tailored request-for-quotation facilities and Insights on all trades and deals. Users are able to personalize 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.
Speaking during the launch, Equity Bank Director of Treasury Mr. James Mutuku noted that the successful launch of EazzyFX stems from a fundamental rethink and commitment by the bank to extend to its customers a futuristic capability that is simple to use, versatile and world class putting customers at a vantage point when making forex trading decisions.
“With clients becoming more and more discerning, there is need for utilization of unique innovative technology solutions to enable forex dealers 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,” Mr. Mutuku said.
EazzyFX will offer a much 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. 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 Mr. 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,” added Mr. Igathe.
The group also plans on rolling out the online trading platforms to its subsidiaries, adamant 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% 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. The new platform will also be availed in Uganda, Tanzania, Rwanda and DRC where the bank has presence.