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Multi-Currency Transfers to East Africa slashed to £1
Equity Direct (a partnership between the Equity Bank Group and VFX Financial PLC) today announced that it is extending its low-cost online money transfers to East Africa to include the transfer of EUR, GBP and USD.
In addition to local currency transfers in Kenyan Shillings, Ugandan Shillings, Rwandan Francs, customers in Australia, UK and Europe can now send Euros, Sterling and U.S Dollars to Equity Bank accounts denominated in those currencies as well as to other banks in Kenya using the Kenyan RTGS system. Transfers of any of the aforementioned currencies to Equity Bank accounts are charged a fixed transaction fee of £1 irrespective of value. Transfers to other banks and mobile money schemes are capped at a maximum of £4.
Nick England CEO of VFX Financial PLC commented that “this is one step further on the journey to democratise remittances that was started 3 years ago in conjunction with Dr James Mwangi and Equity Bank in Nairobi. Today, we provide absolute transparency in the time it takes for transactions to arrive in East Africa, the fees charged and the exchange rates applied. No other money transfer service offers such convenience, speed and value for money in transferring funds to family and friends in East Africa”.
Dr James Mwangi Managing Director and C.E.O Equity Bank Group commented “I commend our Diaspora Banking division and our partners at VFX Financial PLC in pioneering the low-cost delivery and convenience of the Equity Direct money transfer service. We will continue to work together to bring further value to customers in the diaspora and their beneficiaries in the East African region over the coming months”.
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