CFC Stanbic named best foreign exchange provider

Monday February 15 2016

People walk past a CFC Stanbic Bank branch in Nairobi. PHOTO | FILE

People walk past a CFC Stanbic Bank in Nairobi. FILE PHOTO | NATION MEDIA GROUP 

By OTIATO GUGUYU
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Standard Bank subsidiary CFC Stanbic has been named the best foreign currency provider in Kenya in 2015.

The 2016 Global Finance World’s Best Foreign Exchange Providers Awards, also named Standard Bank, Africa’s largest bank by assets as the best FX provider in Africa.

The criteria for choosing the winners included transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies.

"Global Finance also considered input from a panel of experts and feedback from industry analysts, corporate executives and technology specialists," the magazine said its website.

Global Finance Magazine is majority owned by Class Editori Group SpA, an Italian publishing company that produces two financial newspapers, lifestyle magazines, news agencies and digital televisions. The magazine also publishes the world's best banks each year.

HEAVY REVENUES

The foreign exchange market has been growing in Kenya inline with the country's rising international trade numbers providing banks with heavy revenues.

Imports of merchandise into Kenya rose from Sh700 billion in 2012 to more than Sh1.3 trillion in 2015 increasing demand for foreign currency.

Kenya's forex market has continued to deepen helped by rising trade volumes and is largely controlled by banking majors. Among the key players in the Kenyan FX markets are Barclays, Stanchart, KCB, Equity Bank and Citi whose parent firm was ranked the overall best globally.

The annual Global Finance Magazine Awards recognise the leading players in foreign exchange trading in 95 countries and across 9 global regions.