Equity seeks to tap into electronic forex trading

Wednesday September 15 2021
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Officials of Equity Bank at the recent unveiling of the bank's new logo. File photo

By Ismail Musa Ladu

Despite the numerous downside of Covid-19 pandemic on several key economic sectors, the ICT sector continues to not only prove resilient but also a source of solution to many pressing economic problem. 

The banking sector is now looking at harnessing the benefits that come with digitising its processes with Equity Bank, seeking to enhance customer safeguards and innovations. 

Yesterday, Equity Bank became the first bank in the country to introduce electronic foreign exchange trading using mobile phones, among other electronic gadgets. 

With the EazzyFX, which is an electronic channel for settling forex transactions, customers will be able to request for competitive quotes and prices from both emerging markets and major traded currencies

Mr Samuel Kirubi, the Equity Bank managing director, said the platform seeks to drive efficiency in accessing and distributing foreign exchange in a more seamless and convenient manner

Speaking during the launch of the innovation, Equity Bank Director Treasury James Mutuku, said unlike other innovations, EazzyFX has been blended with robust security that will be extremely hard to be breached. 

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The levels of security, he said, have been varied and are impenetrable, noting that successful electronic forex trading will not only be good for Equity but for the country. 

For instance, he said, Kenya, just after one and a half years has close to $600m worth of digital transactions, which signals a shift from traditional to digital forex trading. 

Kenya, he also noted, is now seeking to hit at least $1b worth of digital and online transactions in the next two years. 

Uganda’s banking industry has been slow on adapting online forex trading, which presents serious potential for new innovations. 

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