August 2011

Magnet Bureau de Change (Pty) Ltd, a recently licensed Authorised Dealer in Foreign Exchange with Limited Authority in Namibia, has implemented the Travel Money Exchange (TMX) Online solution from IMX Software as the platform for its retail foreign exchange business. TMX Online is sold, implemented and supported by Business Edge in Sub-Saharan Africa.  IMX is the global leader in banknote trading and travel money technology solutions.

Magnet Bureau de Change, a 100% Namibian-owned Company, recently opened its first branch at Ausspannplatz Plaza in Windhoek. The company provides retail foreign exchange and money transfer services, assisting people in sending and receiving money across the borders of Namibia.

Says Maggie von Luttichau, Managing Director of Magnet Bureau de Change: “We wanted a mature solution that could be flexible enough to accommodate our future growth.  In TMX Online, we found a solution that provides us with centralised control of our operations as well as an integrated module that streamlines reporting of transactions to the Bank of Namibia.  A full range of management and reporting tools enables us to centrally manage and track inventory, products, exchange rates and fees, irrespective of the size and location of our future branch network.”

TMX Online is a web-based Point-Of-Sale application that automates many of the manual tasks traditionally associated with international currency exchange. It processes transactions for products such as foreign banknotes, travellers' cheques and international money transfers.

Hennie Pretorius, Banking Business Unit Director at Business Edge, says: "Magnet Bureau de Change has ambitious plans for future growth.  As a browser-based application, TMX Online can easily be rolled out as the business expands its footprint across the country and the number of products and services it provides."