Kwanji.com, an online foreign exchange platform, that provides small and medium size businesses (SMEs) with fast and easy access to the best possible exchange rates, has selected Kenya as its first African country to roll out the service.
The UK based company, Kwanji is part of VFX Financial PLC, the leading UK Foreign currency specialist who partnered with Equity Bank Group in Kenya. Through Equity Direct, the company is regulated by the Financial Services Authority as an Authorised Payment Institution. It is licensed to operate in all 27 European countries.
The company has access to 200 countries with a cumulative 165 different currencies.
Operating only online, Kwanji allows users to send money using the internet or a smartphone. Targeting mainly SMEs, the Kwanji platform provides users with direct access to the best possible FX rate through their comparative platform of leading FX brokers. This enables them to access and compare multiple quotes within seconds and conduct international trade and transactions easily and effectively, with minimal paperwork and no hidden fees.
Dr Amit Khosla, Kwanji’s Principal Business Consultant, East and Central Africa, said,
“In our global economy, businesses are increasingly expanding internationally, for new investment and trade opportunities. While global expectations are changing, international payments as standard business practice have not changed with the times.”
The Kenyan-born business strategist added that
“In this context, we also believe that emerging markets represent a real opportunity for businesses to grow,”
Kholsa believes that trading within emerging countries can be expensive with exchange rates and bank charges significantly affecting SME bottom lines.
“every company should be able to send funds and transact globally at the best possible rate”.
In Kenya, Kwanji is targeting the manufacturing, agriculture, infrastructure and financial services sectors.
The first step to using it is to compare forex prices. Using their comparison tool, you can select two currencies you would like to transfer. The you sign-up on the platform where your phone number and email are not requirements. Once you sign-up, your application will be sent for approval. The time frame to receive approval by a broker is about one working day.