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Aza launches BFX to spur African currencies trade

 

After being granted the first remittance licence by Bank of Uganda three months ago, AZA Africa’s biggest non-bank currency trader has decided to venture into BFX. 

BFX is a B2B (Business to Business) payment platform that leverages AZA’s one of a kind infrastructure to allow companies to use African currencies with less risk, cost and friction.

At the launch of the BFX platform that was held on February 20 at Kampala Serena hotel, forex dealers and other industry players weighed in of their expectations of what the BFX platform will bring to the Ugandan market.

The BFX platform will enable Ugandan small and medium-size enterprises (SME’s) to grow beyond their borders, opening up previously underserved trade markets through a number of pay-in and pay-out channels such as banks and mobile wallets.

The expansion to Uganda is an indicator of AZA’s belief that being one of the world’s most entrepreneurial countries Uganda’s economy is on the rise.

Thomas Yeike, the head of sales for East Africa at AZA emphasized the fact that AZA was coming to Uganda with the idea of setting up for the long term because of the potential the product has showed elsewhere.

“Our commitment to Uganda, East Africa and the wider continent is evident from our investment in building the best and most reliable technology for this market,” Yieke said.

The BFX platform will enable Ugandan small and medium-size enterprises (SME’s) to grow beyond their borders, opening up previously underserved trade markets through a number of pay-in and pay-out channels such as banks and mobile wallets.

“We have created a competitive facility based on world-class technology, reducing settlement time to less than a day and at the best possible rates.

aaronorena@gmail.com 

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