Equity Bank, a licensed commercial bank in Kenya, earlier this week unveiled its online foreign exchange (forex) trading platform, dubbed “EazzyFX.” The platform is targeted towards small to medium enterprises (SMEs) and large corporations.
EazzyFX aims to give market participants a better alternative to the current selection of trading platforms in Kenya. The platform allows traders to digitally buy and sell foreign currencies and removes the need for face-to-face or over-the-phone transactions. This saves companies trading forex time and gives them more control over their trades.
Through the platform, companies have access to competitive prices for emerging markets and major currencies. Some of the key features for EazzyFX include profile personalization, where traders can choose their preferred currency pairs to monitor them, trade and deal insights, competitive market pricing and more.
EazzyFX “Revolutionizes” Forex Transactions for Traders
Speaking during the launch, Equity Bank Director of Treasury James Mutuku said that EazzyFX “revolutionizes” forex transactions for traders.
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“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,” he added.
The EazzyFX trading platform is hosted by Thomson Reuters Electronic Trading. At present, the platform has launched in Kenya, but according to the Chief Executive and Managing Director of Equity Group, James Mwangi, the company plans to roll out the online trading platform to its banking subsidiaries in Uganda, Tanzania, Rwanda, and DRC.
Equity Bank Kenya Managing Director Polycarp Igathe said: “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.”