Imagine you need to import machinery from China or India. Normally, you would need to take your shillings and exchange them for dollars prior to paying the supplier. A similar process would occur on the receiving end, with the dollars exchanged for the supplier’s currency.
These multiple foreign exchange conversions, and the costs associated with this, have direct bottom-line implications for both the buyer and seller. To address this challenge, a new online foreign exchange and payments platform has launched in Kenya. Two weeks ago, UK-based Kwanji said it is setting up in the country to help importing businesses transfer money to overseas destinations directly and in under two days. Read more. Source| Standard Digital