Equity Bank recently unveiled an innovative online forex trading platform in a move that seeks to harness the potential of the financial markets in Kenya.
The platform dubbed “EazzyFX” offers a seamless experience in buying and selling foreign currency digitally eliminating the need for face-to-face or over-the-phone transactions. It also allows access to competitive prices on both emerging markets 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 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.
The new EazzyFX capability gives small and medium enterprises (SMEs) and corporates freedom and control over their trading and saves them time since they will now trade real-time from their offices by logging into the trading platform. They will see the transactions real-time as well as their trading history.
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.
“EazzyFX revolutionizes 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. 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 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.
Equity Group chief executive and managing director Dr. James Mwangi announced the group’s 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 its total earnings.
“We have witnessed very encouraging adoption of our digital value proposition across markets and 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. 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.” noted Dr Mwangi.