NAIROBI (Xinhua) --
Kenya’s Equity Bank on Tuesday launched an
innovative online foreign exchange (forex) trading platform that
will allow traders to access emerging market and major traded
currencies at competitive prices.
James Mutuku, Equity
Bank Director of Treasury told Xinhua in Nairobi that the
platform dubbed “EazzyFX” offers a seamless experience in buying
and selling foreign currency digitally thereby eliminating the
need for face-to-face or over-the-phone transactions.
“The solution is
targeted to serving small and medium enterprises (SMEs) and
large corporates with a view of easing the amount of time they
use to get their orders completed,” Mutuku said.
Equity Bank began in
Kenya in 2004 and has since opened subsidiaries in Rwanda,
Uganda, Tanzania, South Sudan and Democratic Republic of Congo (DRC).
Mutuku said that the
new EazzyFX capability gives 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
He added that the
digital platform will also enable forex traders to see their
The bank official
said that other key features of the online service include
real-time streaming access, competitive market pricing and
immediate tailored request-for-quotation facilities while
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,” he
“Equity Bank is
leveraging its digital solutions to drive efficiency in
accessing and distributing foreign exchange liquidity in a more
seamless and convenient manner,” Mutuku said.
Equity Group chief
executive officer James Mwangi said that the bank plans to roll
out the online trading platform to its banking subsidiaries,
because it 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. Ninety-seven percent of all
bank transactions are happening outside the traditional brick
and mortar branches,” said Mwangi. Enditem
partners to launch payment service to China
NAIROBI (Xinhua) --
Kenya’s Family Bank has inked a partnership deal
with international financial technology firm SimbaPay to launch
an instant money transfer service from the east African nation
Family Bank chief operations officer, said the funds will be
sent through messaging service WeChat and thus help boost
“This is a huge
milestone for us and our customers. We are glad to extend, more
so to our SME customers, a solution that offers an instant,
reliable, traceable and affordable channel to send money to
their suppliers and business partners in China,” Kamau said in a
Using QR codes,
SimbaPay developed a third-party payment aggregator that enables
funds delivery into WeChat’s billion subscribers.
SimbaPay, more than 7 million customers and businesses in Kenya
will now access SimbaPay’s international money transfer service
to send money to China’s WeChat Pay from Family Bank’s PesaPap
mobile banking application and USSD service.
WeChat, which has
more than a billion subscribers, is the largest payment and
social media app in China.
therefore connects Africa’s largest mobile money ecosystem to
China’s largest payment service in real-time,” said SimbaPay.
It said traders in
Kenya already use WeChat to communicate with their suppliers in
China, hence this solution will be faster and less expensive as
all a user requires when sending money to China is the
recipient’s mobile phone number.
“Money sent by
Family Bank customers and non-customers via the SimbaPay service
is instantly delivered to WeChat Pay recipients in Chinese yuan.
This service offers the sender a chance to review the
transaction and exchange rate applicable before releasing the
payment,” said SimbaPay.