BARCLAYS BANK TANZANIA LAUNCHES 3 MONTHS CAMPAIGN ON FOREIGN EXCHANGE

Barclays Bank Tanzania Head of Markets Corporate and Investment Banking, Esther Cecil Maruma (centre), addresses journalists at a media conference in Dar es Salaam yesterday during the launching ceremony of Barclays three months campaign on foreign exchange. Customers will get up to 50 percent discount on all cross border transfer fees and good prices when doing foreign exchange. Looking on left are Liability Product Manager, Innocent Chonya and Barclays Bank Tanzania, Head of Products, Consumer Banking, Oscar Mwamfwagasi.

Barclays Bank Tanzania through its foreign exchange trading platform dubbed BARX Africa has launched a three-month campaign to offer its customers a value pack of foreign exchange services.

According to Barclays Head of Markets, Corporate and Investment Banking, Ms Esther Maruma, the services include best prices in foreign exchange, up to 50 percent discount on all cross border transfer fees and secure electronic trading.

“The platform will increase convenience for our business and corporate customers as they will get an opportunity to view live foreign exchange rate that move with the market, instant trading capability and place orders for foreign exchange at desired prices,” pointed out Ms Maruma.

Among other packed services include access to local currency like regional and foreign during 9am to 4pm, access to the Group of 10 (G- 10) currencies execution capabilities in 24 hours a week and will be able to get entry into the Barclays Global Research on currencies, commodities and industries.

Ms Maruma noted that BARX Africa is not a payment system and the risks are limited driven by the customer’s internet access. The system involves secure trading with embedded per dealer limits, each foreign exchange deal and order requires approval as per company policy.

However the system also possess an automated confirmation process and inter account settlement within the bank’s accounts as well as email alerts or prompt to up to 10 employees in any company.

“Audit trail available of your business’ trading history including the trade dates, type of trades and transaction amounts, company dealer who executed the transaction and printable deal tickets with unique identity cards for further processing needs,” she said.

Barclays Head of Products, Oscar Mwamfwagasi, said BARX Africa is the multi-award winning foreign exchange trading platform from the bank that delivers a cutting-edge technology customised for local markets.

It is a secure internet based trading platform that has been around for over 15 years across Barclays Global and tested in Barclays Africa Group Limited. “The prices that will be offered are very competitive compared with other foreign exchange rates,” he noted.

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