Forex dealership gets licence to supply ship's agents

SHIP'S AGENTS now have a new source of foreign currency. The South African Reserve Bank has granted independent forex dealer, Master Currency, a cash to Master transaction authority which enables it to supply money to shipping agents who are responsible for ships' husbandry at ports. The company's previous foreign exchange licence limited it to dealing in travel-related forex. "This is a huge growth opportunity for us," said marketing manager Shamiel Dollie. "With our network of conveniently located forex bureaux around the country, as well as our free delivery services, this authority is a natural progression in our range of forex services," he said. Cash to Master transactions are made when foreign shipping companies transfer money (in dollars) from their country to the local country. This money is used by shipping agents to pay the crew of the ship. "Cash to Master transactions often take place on tight deadlines and because we are not limited by banking hours, the process is generally speedier and more efficient," Dollie explained. Master Currency's services are available in the ports of Cape Town and Durban. The company was started by Zitulele KK Combi in 1995 and is the only black founded and owned foreign exchange dealership in South Africa. It currently controls approximately 12% of the South African foreign exchange market and has 18 bureaux de change placed for optimum tourist convenience throughout South Africa.