DKK Partners, a leading fintech company which 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 region and to become 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.
