New cross border finance service from UK launched
26 March 2014, 08:52
Nairobi - Equity Bank has partnered with VFX Financial to launch a real time, cross-border money transfer from United Kingdom to Kenya.
The service, Equity Direct, is a multi-currency service which will enable individuals and corporates in the UK to send money to any account at Equity Bank in the region.
According to company officials, the service can be accessed online through a secure portal, www.equitydirect.co.ke.
The platform offers very competitive foreign exchange rates with a very affordable cost of money transfer.
“We are delighted to deliver such a convenient and transparent low cost remittance solution which results in more money arriving to Kenya from the UK faster and easily,” said Nick England, Chief Executive Officer of VFX.
He further added that the uptake of Equity Direct during the pilot phase had been positive.
“UK residents have been able to remit millions of shillings in the last three months of piloting. We therefore are positive this is what the market has been waiting for. A low cost remittance solution,” he said
Transaction fees start at £1 with a maximum fee of £4, and there are no deductions or charges on arrival at the Equity Bank account.
The costs and exchange rates are clearly displayed for customers to see prior to a transaction - providing a level of transparency rarely seen in money Transfer, according to officials.
“Equity Bank is a key player in facilitating remittance to Kenya. We want our customers in and out of the country to have the different options of remittance that is most convenient to them,” said Dr James Mwangi, Group CEO of Equity Bank.
– CAJ News
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