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Global payments portal to ease Kenyan businesses importing woes

Published on November 04, 2015

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