Magnet Bureau de Change, one of Namibia’s fastest growing foreign exchange and money transfer bureaus, is relying on TMX-online from IMX Software to power its expansion across the country. IMX Software is the global leader in currency trading and travel money technology.

Magnet Bureau de Change has opened six bureaus in Namibia since it established its first branch in Windhoek in 2011. In addition to providing forex services for all travel-related needs, Magnet Bureau de Change provides Western Union money transfers services in Namibia, enabling the transfer of funds to and from Namibia through the Western Union network..

From the very beginning, TMX-online has facilitated the company’s expansion by making it easy and fast for the company to roll out new branches. Magnet Bureau de Change has its head office at Ausspannplatz in Windhoek as well as branches at Hosea Kutako International Airport, Swakopmund, Walvis Bay, Ongwediva and Outjo, and plans to soon open a new branch in Rundu.

TMX-online automates transactions involving travel-related products and services, including cash, money transfers, pre-paid cards and travellers’ cheques. Because it is a browser-based solution, it offers lower support and maintenance costs, and the software can be quickly and easily rolled out to any new branch with a PC and an Internet connection.

With TMX-online’s centralised position monitoring, the company knows exactly what its overall foreign currency exposure is at any time, despite the fact that its branches are separated by massive distances in Namibia.

Says Maggie von Luttichau, Managing Director at Magnet Bureau de Change: “TMX-online gives us real-time, centralised control over, and visibility into, our branch networks. Because it is simple and fast to deploy, it also provides us with the ability to rapidly expand our business into new markets. TMX-online gives us the high levels of efficiency and the simple administration we need to compete effectively in our market.”

“We have tailored TMX-online to the needs of customers in Africa, giving them centralised control of their operations as well as streamlined reporting of transactions to central banks,” says Hennie Pretorius, General Manager at IMX South Africa. “A full range of management and reporting tools enables our clients to centrally manage and track inventory, products, exchange rates and fees, irrespective of the size and location of their future branch networks.”