Managing Director of FX Africa Foreign Exchange, Darren Jenkins-Ferrett

The transformation of FX Africa into the Travelex Retail Foreign Exchange brand in South Africa is about so much more than just changing the sign above the door, says Darren Jenkins-Ferrett, Managing Director of FX Africa Foreign Exchange.

“It’s a complete mindset change from a traditional banking style operation into proper consumer retail. We will give the South African consumer a new experience in foreign exchange – one that is part retail theatre and part professional consultation. After all, money is a serious business.”

Jenkins-Ferrett believes that customers and staff alike will benefit from the transition as FX Africa raises its game to meet the exacting standards of Travelex and take advantage of their worldwide knowledge base. Since the South African Reserve Bank gave approval, in July, for FX Africa to become the retail business partner with Travelex, it has been a case of “all hands to the pump” as the management of FX Africa took on the mammoth task of launching this global brand into the local market.

Everything has had to be changed before the official launch on 22 August – shop signage, stationery, staff uniforms, training, systems and advertising. However, the most important change, is how the management and staff adapt the way they think about themselves – as part of a successful global family.

Jenkins-Ferrett muses: “I promised the Chairman of Travelex that we would live, breathe and eat the brand. It’s a promise I intend to keep and, in order to achieve that, all of us at FX Africa need to live out the Travelex core values.”

The partnership will become immediately visible through the store rebranding programme which will see FX Africa’s 22 locations in South Africa getting a complete makeover. Securing the Travelex retail brand for FX Africa was quite a coup for the FX Africa team and a departure from Travelex’s normal mode of operation, which is to open their own corporately owned offices in new territories.

“It means that FX Africa has a big responsibility towards upholding the reputation of the Travelex brand. Travelex have invested a lot of trust in us and we are keen to show Travelex that their faith is well founded,” he says.

Although a lot of work has already been done in preparation for the launch, the FX Africa team realise that the real hard work will only start afterwards. The aim is to be the number one retail foreign exchange operator in South Africa. “There are a lot of challenges ahead to achieve our goal, but when I look at the team we have here, I know that we’re equal to the task.”