Equity Bank has today 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 market 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 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.
EazzyFX will offer a much improved alternative to the selection of trading platforms currently available in the market. EazzyFX enables users to transact more efficiently and transparently since real-time prices are displayed on the platform. 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 Group Chief Executive and Managing Director Dr. James Mwangi also announced the Group’s plans to roll out the online trading platform to its banking subsidiaries; in Uganda, Tanzania, Rwanda and DRC, saying that this will further enhance cross border trade and impact directly on the Group’s total earnings.