FairFX, a UK-based, multi-currency payments service, announced today that it has expanded its international payments service into the domestic South African market via a tripartite agreement with Morgan West Ltd and Mercantile Bank.
FairFX has identified South Africa as an exciting growth market for its services.
FairFX offers services to retail and business customers. Its cloud-based peer-to-peer payments platform enables personal and business customers to make currency payments in a range of currencies and countries and across a range of FX products through one integrated system.
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Although services providing foreign exchange into the South African rand (ZAR) to send into South Africa are widely available, converting ZAR into other currencies for movement out of South Africa is more challenging and demands a local footprint, which FairFX is now offering.
Commenting on the launch of its service, FairFX CEO, Ian Strafford-Taylor, said: “With a large number of international businesses and people transiting to and from South Africa, FairFX has identified the country as an exciting growth market for its services. We envisage this strategic move to be a potential gateway into other parts of Africa as demand grows from businesses and travellers looking for more efficient money transfer solutions, and of course better value.”
Under the new service, customers will have access to FairFX’s telephone dealing desk, with a personal account management service to support them when transferring funds to and from South Africa.
FairFX is also seeking to expand its presence in South Africa further through delivering a full-service offering, including currency cards.