Equity Bank launches online forex trading platform

Equity Bank Uganda customers who need foreign currencies to settle their transactions are set to enjoy seamless and convenient service provision following the launch of an online foreign exchange trading platform, dubbed EazzyFX.

The platform, which is hosted by Thomson Reuters's Refinitiv Electronic Trading, allows the bank’s customers, particularly SMEs and corporates, to digitally buy and sell foreign currencies, removing the need for face-to-face or over-the-phone transactions.

Speaking at the launch at Serena Kampala Hotel on Tuesday, the bank’s managing director, Samuel Kirubi described the EazzyFX launch as a testament of the bank’s commitment towards investing in digitization for the benefit of its customers.

“This platform will revolutionize foreign exchange transactions for businesses, institutions and individuals,” he said.

Kirubi noted that with clients becoming more and more discerning, there is a need for the utilisation of unique and innovative technology solutions to enable forex dealers to differentiate themselves.

L-R Simon Muyobo, head of treasury, Equity Bank Uganda, James Mutuku, Equity group director treasury, Samuel Kiroki, MD Equity Bank Uganda and Micheal Seguya, ED commercial during the launch

He added that the new platform will drive efficiency in accessing and distributing foreign exchange liquidity and give the bank’s customers freedom to execute foreign exchange deals in real-time from the comfort of their offices or homes.

"People no longer have to visit our branches or make phone calls to buy or sell any currencies; they can now comfortably do that from wherever they are,” Kirubi said.

According to Kirubi, 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 and viewing settlement accounts set up for forex conversion, among others.

The online forex trading platform is Equity’s latest innovation as it seeks to become the leader in digital banking solutions.

The Group’s Director of Treasury James Mutuku said the platform saves traders trading forex time and gives them more control over their trades.

Through the platform, customers will have access to competitive prices for emerging markets and major traded currencies.

Some of the key features for EazzyFX include profile personalisation, where traders can choose their preferred currency pairs to monitor them, trade and deal insights and competitive market pricing, among others.

“With clients becoming more and more discerning, there is need for utilization of unique innovative technology solutions to enable forex dealers to 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,” Mutuku said.

Uganda is the third subsidiary within Equity Group to launch EazzyFx following similar launches in Kenya in 2018 and Rwanda in June 2021.