Home / Banking / BMCE BOA obtains a 4th category license from the “Dubaï Financial Services Authority”

BMCE BOA obtains a 4th category license from the “Dubaï Financial Services Authority”

BMCE Bank of Africa has obtained a 4th category license from the Dubai Financial Services Authority (DFSA), which will allow the Moroccan group to facilitate commercial and financial transactions of up to 200 million USD. During a ceremony organized recently on the occasion of the opening in Dubai of an office of the BMCE Bank of Africa, the CEO of the group Mohamed Agoumi noted that the Bank, which focuses on the financing of trade between the Africa and Asia, China in particular, aims through this new Office to facilitate trade flows between these two blocks to the tune of 200 million USD for the first year.

This amount should double in the next three years, said the head of BMCE Bank of Africa in a statement. The group, which has been operating in London since 2007, aims to facilitate the establishment of Gulf banks and investors in the countries of sub-Saharan Africa, he added. “Investing in Africa is gaining importance for investors in the Arabian Gulf (…) We are present in 34 countries and 20 groups in Africa, which strengthens our capacity to facilitate the installation of these investors and banks in sub-Saharan markets”, continued Agoumi.

In addition, the CEO of BMCE Bank of Africa has ruled out the probability of a break in the commercial chains between China and Africa, in the wake of the spread of the new Coronavirus, nevertheless anticipating some delays in the delivery of goods. intended for Africa. “We will be lenient with our customers in terms of facilities and repayment terms because we know what they are going through in these difficult times,” he said.

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