Access Bank, DIFC to Boost African Business Frontiers

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 Judith Obaze

 Access Bank United Kingdom (UK) branch in partnership with Dubai International Financial Centre (DIFC), one of the leading financial hub in Middle East and South Asia (MEASA), recently went into a partnership to boost African business frontiers across the region.

 

The Deputy Managing Director (DMD), Access Bank, Roosevelt Ogbonna, said the financial institution was always striving to provide alternative to customers.

 “One of the things you need to understand about financial services and customer want, they want alternatives any customers you go to and say this is the only solutions what you are doing is boxing them in,” he said.

 On the partnership, he explained: “What the DIFC provides for us is another alternative and is one that is now celebrated. It has been 15 years on and I think they have demonstrated that they are world class and they can compete with the best economic zones anywhere in the world. 

“We are very glad to be partnering with them, we have a business outlook with DIFC, the last four years has been excellent for us. 

“But unlike most Nigerian institutions who enjoys something and keep quite while not we enjoy it and share it with the rest of the world so that others too can take the benefit and enjoy the reward we have been enjoying in DIFC so we thought is important.”

Speaking at the event, the Chief Representative, International Markets, DIFC, Vikrant Bhansali, described his company as a thriving community with unique lifestyle offerings including an outstanding commercial and residential environment that  comprise seven residential towers, two 5-star hotels, seven renowned art galleries, 112 retail outlets with another 200 on the way.

 

“DIFC has built an enabling ecosystem that inspires innovation and encourages technological disruption which includes forward-thinking regulation: innovation testing license; first-of-their-kind accelerator programmes, DIFC financial tech hive and start-up boot camp, subsidised licensing options; access to a  $100 million fintech fund, and innovative ecosystem of partners and potential investors,” Bhansali said.

He added that DIFC allows  zero per cent tax rate on profit, personal income tax, and 100 per cent profit on foreign ownership with no restriction on foreign talent or employees , no restriction on capital repatriation, international regulatory environment, central location for key regional activities.