Equity Bank Launches FX Preferential Rate Solution to Digitize Forex Transactions
Equity Bank has launched the FX Preferential Rate Solution, a digital platform aimed at simplifying how customers access and execute foreign exchange transactions, as demand grows for faster and more flexible forex services.
The rollout marks a shift from the traditional model of negotiating foreign exchange (FX) rates, which has typically required customers to visit bank branches or engage Treasury desks via phone calls.
That process has often been time-consuming, with limited access outside banking hours, creating delays for individuals and businesses handling urgent transactions.
Digital Shift in Negotiating FX Rates
The new system enables customers to handle negotiating foreign exchange (FX) rates directly through the Equity Mobile App and online banking platform. By removing the need for in-person visits or manual engagement, the solution reduces turnaround times and expands access beyond standard banking hours.
Users can view and lock in preferential rates in real time, based on transaction size and account profile. Each transaction is assigned a unique reference number, allowing for tracking and improved transparency.
The platform automatically applies discounted rates, with larger transaction values attracting more competitive pricing. Once a rate is confirmed, customers can complete transactions instantly, eliminating delays associated with manual processing.
FX Preferential Rate Solution Targets Broad User Base
The FX Preferential Rate Solution is structured to serve a range of users, from individuals managing travel expenses to corporates handling cross-border payments.
Travellers can access competitive foreign exchange rates for overseas spending, while freelancers and expatriates are able to manage recurring foreign currency transactions more efficiently. Businesses can streamline international supplier payments, while NGOs and development organisations can facilitate disbursements for global projects.
For traders and firms dealing in large-value transactions, the platform introduces a digital approach to negotiating foreign exchange (FX) rates, enabling improved pricing without the delays associated with traditional channels.
Rising Forex Activity in Kenya
The launch comes as Kenya’s foreign exchange market records increased activity. Data from Central Bank of Kenya shows foreign exchange reserves reached $12.5 billion as of January 2026, equivalent to 5.4 months of import cover.
Growth in remittance inflows and cross-border trade has contributed to rising demand for efficient forex solutions across both retail and institutional segments.
Automation and Transparency in FX Transactions
A core feature of the FX Preferential Rate Solution by Equity Bank is its automated pricing model, which adjusts rates dynamically based on transaction value. This replaces the traditional back-and-forth process, giving customers a clear view of rates before execution.
Real-time confirmations and digital tracking are also integrated into the system, reducing uncertainty in time-sensitive transactions where exchange rate movements can affect costs.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
