Kwanji.com, the online foreign exchange and payments platform that provides businesses with fast and unrestricted access to foreign exchange rates, has picked Kenya as the first African country to roll out its services.
Headquartered in the UK, the company’s goal seeks to level the playing field on international trade and payments by bridging the gap between emerging and traditional markets. Kwanji is working in partnership with leading UK foreign currency specialists, including VFX and local Kenyan banks such as Equity Bank. The company is regulated by the Financial Services Authority as an Authorised Payment Institution and is licenced to operate across Europe and East Africa; under the regulation of CBK and CMA in Kenya for example.
The need for internet and payment related products for businesses is increasing. The latest Communication Authority of Kenya Statistics report (April–June 2105) for the telecommunications sector shows that 73% of Kenya is now online with an estimated 29.6 million internet users in the country per quarter.
“In our global economy, businesses are increasingly expanding internationally, both for new investment and trade opportunities,” said Dr Amit Khosla, Kwanji’s Principal Business Consultant for East & Central Africa. “Whilst global expectations are changing, international payments as the standard business practice have not changed with the times.”
He said emerging markets present a real opportunity for business growth. Dr. Khosla has seen the true cost that trading within emerging economies has on businesses, where FX rates and bank charges significantly affect the bottom line. “We believe that every company should be able to access global markets and as such, send funds and transact globally without being overcharged”.
Kwanji allows users to send money over the web or via an internet optimised smartphone. Focused mainly on small and medium sized enterprises (SME’s), the platform overcomes administrative inefficiencies and bureaucracy. It helps businesses protect and better expand their bottom line by optimising forex pricing on cross border payments, internal treasury and overall FX management.
Saving on average up to 95% on forex charges versus mainstream banks, the system provides users with immediate and direct access to the best possible FX rate through their comparative platform of leading FX brokers. This enables businesses across a variety of sectors to access and compare multiple quotes within seconds and conduct international trades and transactions easily and effectively, with minimal paperwork and no hidden fees.
In Kenya, Kwanji is targeting the manufacturing, agriculture, infrastructure and alternative financial services sectors.