Equity Group has today announced an online foreign exchange platform for SMEs and large corporates. Christened EazzyFX, the tool targets to harness financial markets in the country and offer an improved experience in buying and selling foreign currency.
The launch of the platform implies that customers will no longer transact via phone or face to face. At the same time, the platform will allow access to competitive prices on major traded currencies.
“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,” said Mr Polycarp Igathe, MD, Equity Bank.
Besides access to competitive market pricing, the platform features real-time streaming access, as well as prompt tailored request-for-quotation services. Users can also customize their profiles from the dashboard.
Currently, EazzyFX can be accessed via the web, but the lender says the platform will be integrated into the Eazzy Banking app sometime in early 2019.
According to the bank’s Director of Treasury Mr James Mutuku, EazzyFX complements Equity’s goal of digitizing all operations to boost overall efficiency.
“EazzyFX revolutionizes foreign exchange transactions for businesses, institutions, organizations, and individuals. With clients becoming more and more discerning, there is a need for the 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,” noted Mr Mutuku.
Partnership with Thompson Reuters
EazzyFX will use data and other analytics tools to make informed trade decisions. The platform is also hosted by Thomson Reuters Electronic Trading that serves more than 100 banks across the globe.
EazzyFX will also be availed in Uganda, Tanzania, Rwanda, and DRC in the coming days.