Local foreign exchange dealers have been urged to enhance their understanding of the sector and strengthen their financial position to remain competitive in cutthroat business environment.

According to Riyaz Naghoor, UAE Exchange Rwanda chief, sector stakeholders, including forex dealers, need necessary knowledge about local, regional and global market trends to remain competitive.

"It is essential to acquire enough knowledge about the financial industry, especially the foreign exchange sub-sector, to be able to clearly understand market trends for dealers to stay competitive and operate sustainably,” he said.

The official said that limited capital investment and lack of proper understanding of the sector remain big challenges for many dealers.

According to Naghoor, to survive in the rather competitive market, dealers must ensure they raise enough capital and employ qualified people.

Naghoor was speaking in an Interview with The New Times on the sidelines of a corporate social responsibility (CSR) event by UEA Exchange staff at Ndera Hospital in Ndera sector, Gasabo District on Monday. The CSR event is part of activities to celebrate the UAE Exchange 37th anniversary.

Central bank crackdown on black market commendable

Naghoor hailed the central bank move to crackdown on unregistered dealers, saying it has helped streamline the sector and eradicated unfair competition.

The new regulation gazetted on February 22 is part of efforts to promote professionalism and improve ethical practice in the foreign exchange sector, according to the regulator.

The revised regulation also raised the minimum operating capital from Rwf20 million to Rwf50 million, and tasked dealers to install information management systems as well as hire qualified staff.

"We are happy about the move…It is now crucial that stakeholders sharpen their skills and improve their knowledge about the industry to remain competitive. It is beneficial for sector players to always read to broaden their knowledge and understand the sector better. There is a lot of information on the internet that players can use to deepen their knowledge on the forex sub-sector,” he added.

Community initiatives

Meanwhile, UAE Exchange Rwanda has donated an assortment of items to patients at Ndera Hospital worth Rwf500,000.

Innocent Manzi, the firm’s associate business development manager, said: "We believe in giving back to the community and sharing our achievements together.”

He added that the support is part of the company’s ongoing campaign code-named "Anything For a Smile” to celebrate seven years of operations in Rwanda.

Beatrice Umurangwa, a nurse at Ndera Hospital, said the donation supplements the health facility’s efforts to ensure patients receive the necessary care and support.

Established in 1980 in Abu Dhabi, United Arab Emirates Exchange has presence in 32 countries across five continents with more that 750 offices.