I&M Bank’s FX Trading Platform Promises Instant Forex Settlement for Kenyan Businesses
For years, corporate treasury in Kenya operated on a dependency model. If a Finance Manager wanted to convert currencies, they were tethered to the banking hours and the availability of a dealer on the other end of a phone line. This traditional process, while functional, inherently placed the control of the transaction execution in the hands of the bank.
With the launch of I&M FX DIRECT, the dynamic has fundamentally shifted. By moving foreign exchange from a relationship-based phone negotiation to a digital-first interface, I&M Bank is not just offering a tool; they are handing the controls back to the client.
The launch represents a significant departure from the standard phone-based model that has long dominated the region’s corporate banking sector. By introducing Straight-Through Processing (STP) technology, the bank aims to replace manual interventions with a system that offers automated, error-free execution.
For decades, price discovery in the Kenyan forex market has been opaque. Businesses typically relied on verbal quotes from bank dealers, often with a lag between the agreed rate and the final settlement.
Kihara Maina, Interim CEO of I&M Bank Kenya, described the new platform as a move toward democratizing treasury operations.
“We are empowering our business clients by giving them direct control over their forex trades,” said Maina. “We want to encourage the adoption of electronic forex trading over traditional methods by showing the benefits of speed, transparency, and control.”
The platform is designed to address specific inefficiencies in manual trading. According to the bank, the new system offers features that allow corporate finance managers to bypass the bank’s manual desk entirely for standard transactions.
Key functionalities driving this shift include:
- Real-Time Price Discovery: Instead of requesting a quote, clients have access to live, streaming currency rates. This allows treasurers to see market movements in real-time and lock in competitive spreads instantly.
- Automated “Smart” Orders: The platform supports Advanced Order Management, enabling businesses to place limit orders that execute automatically when the market reaches a specific target. This feature allows for 24/7 trading, executing deals even when bank branches are closed.
- Full Suite Dealing: Users can independently lock in both Spot deals for immediate settlement and Forward deals to hedge against future volatility.
The platform is targeted at businesses and individuals transacting a minimum volume of $50,000 per month. Its release follows I&M Bank’s recent extension of its partnership with Mastercard, signaling a broader strategy to digitize its payment and treasury ecosystems.
By integrating Straight-Through Processing, the bank is positioning itself to capture a larger share of the corporate market that demands speed and auditability. The technology ensures that once a client clicks to trade, the order is settled instantly without human interference, effectively eliminating the risk of manual errors and processing delays.
Interested clients can currently onboard by contacting the bank’s Global Markets division.
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