DKK Partners,
a leading FinTech company that specialises in emerging markets (EM) and
foreign exchange (FX) liquidity, has gained the CONSUMAF licence to accelerate
its financial services operations in Africa.
COSUMAF
is the supervisory and control authority for the Central African Economic and
Monetary Community (CEMAC) financial market, which aims to support the
deepening and broadening of the region's financial markets safely.
The
CONSUMAF license helps to future-proof businesses operating in the Central West
Africa region, ensuring the company is compliant with future regulatory and
licensing changes by the governor. It further demonstrated DKK's commitment to the region and to becoming a serious player providing much-needed FX liquidity services
to its clients.
The
news follows DKK Partners opening its Ghana operation, complementing its
existing operations in Cameroon hoping to serve as a hub for the booming
African market by providing much needed FX and financial services such as
virtual IBAN accounts, allowing customers to unlock access to new territories
and currencies, as well as EM liquidity.
Khalid Talukder, Co-Founder of DKK Partners commented: "As DKK Partners
expands across African frontier markets, we understand the importance of
ensuring we are fully eligible to operate in financial markets regardless of
the regulatory framework. Acquiring the CONSUMAF licence ensures we are
protected against any changes later down the line, allowing DKK to continue
disrupting global markets with game-changing technology for years to
come."
"We
are excited to expand our operations further and understand regulations must
not be taken lightly, regardless of what part of the world you operate in. We
hope to support the African financial markets develop, helping businesses
manage currency risk in frontier markets."
Sam Nti, Director, DKK Partners commented: "The African market is in need of Foreign Exchange
liquidity support to help drive forward business opportunities and support
banks or financial institutions offering funding opportunities to import
essential goods. Certain counties, such as Cameroon, Ivory Coast & Ghana,
deal with a large amount of importation, meaning a lot of goods within the
country are priced in foreign currency, rather than local currency."
"DKK Partners understands the opportunity
this presents as a forward-looking FX provider and hopes by gaining the
CONSUMAF, we can continue providing central West African markets opportunities
to gain financial help, democratising access to financial services."
DKK
Partners, founded by capital markets specialist Khalid Talukder, previously of
UBS, Citi & Deutsche Bank, and Dominic Duru of RBS and Citi, enables
businesses to manage currency risk in frontier markets.