Dar es Salaam, 16th September 2021…. Equity Bank has today launched EazzyFX, an electronic channel for settling forex transactions and the first of its kind in the Tanzanian financial sector. The new platform will give customers the freedom to execute forex requirements in real-time, safely and securely from the comfort of their offices or homes without having to visit the branch network to initiate forex transactions.
The EazzyFX platform, which is managed by Equity Bank and powered by Thomson Reuters’s Refinitiv, will allow SME and corporate clients to deal on streaming rates, transact in real-time, request for quotes for any forex trade amount, enjoy access to a full trade workflow as well as place multiple trade orders, enabling them to have the freedom and control over their trading.
Speaking during the launch, Equity Bank Tanzania Managing Director, Robert Kiboti said the move is intended to give clients the freedom to execute foreign exchange deals in real-time from the comfort of their offices or homes.
“In today’s world, digital banking solutions such as EazzyFX have proven to be the appropriate solutions that meet the needs of our customers. Businesses, institutions, organizations, and individuals can now leverage EazzyFX to drive efficiency and the growth of their businesses. We are enabling our clients who sell or buy any currencies to do it online without the need to visit forex agents in our branch,” said Kiboti.
Customers will enjoy the best deals and competitive market pricing, real-time streaming of rates across various currency pairs, placing buy and sell orders, getting a history of all forex transactions, viewing settlement accounts set up for forex conversion and so much more. The Bank will continue to offer support to customers through a team of dedicated and qualified Relationship Managers who will champion the signing up and usage of the platform.
Kiboti further added that the platform will also displace the status of exchange rates in Equity, giving clients access to automated rates through their mobile phones, computers, or other gadgets. The lender says that importers and suppliers of goods and services who frequently need foreign currencies to settle their transactions can now leverage on EazzyFX for efficiency and business growth. In addition to currency conversion, he disclosed that the platform will also facilitate the Bank’s clients to send and receive money across continents.
In December 2020, Equity Bank Tanzania unveiled its new look with a renewed commitment to roll out innovative financial solutions geared towards broadening financial access as well as enhance growth and financial inclusion through seamless customer experience. The EazzyFX platform, which is seamlessly integrated, is one of the solutions that will position Equity as a leading bank in Tanzania offering digital banking solutions through accessible and convenient solutions.
The launch of the online forex trading platform follows the recent introduction of a Visa-powered Equity Prepaid card, seeking to push cashless transactions.
About Equity Bank Tanzania
Equity Bank Tanzania began its operations in February 2012 and is a commercial bank licensed and regulated by the Bank of Tanzania (BOT). The Bank is also a member of the Tanzania Institute of Bankers. The Bank has its Head Office located in Dar, with a footprint of 14 branches, and is supported by 3,516 Equity Wakala, 1410 merchants, and a network of 21 ATMs.
Equity Bank Tanzania is a subsidiary of Equity Group Holdings Plc, a financial services company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange. In addition to Equity Bank Tanzania, the Group has banking subsidiaries in, Kenya, Rwanda, Uganda, DRC, South Sudan and a Commercial Representative Office in Ethiopia; with additional non-banking subsidiaries engaged in the provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services.
Equity Group is the largest bank in the region with assets of USD 11.2 billion. It is also the biggest bank in deposits, market capitalization and with a customer base of over 15 million customers. The Group has a footprint of 337 branches, 56,772 Agents, 32,269 Merchants, 697 ATMs and an extensive adoption of digital banking channels. The Banker Top 1000 World Banks 2020 ranked Equity Bank 754 overall in its global ranking, 62nd in soundness (Capital Assets to Assets ratio), 55th in terms of Profits on Capital and 20th on Return on Assets. In the same year, Moody’s gave the Bank a global rating of B2 with a negative outlook same as the sovereign rating of the Kenyan government due to the Bank’s strong brand recognition, solid liquidity buffers and resilient funding profile, established domestic franchise and extensive adoption of digital and alternative distribution channels. Equity Group Holdings Plc is regulated by the Central Bank of Kenya.
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