BMCE Bank of Africa Receives DIFC Category 4 License

BMCE Bank of Africa has received a Category 4 License from the Dubai International Financial Centre (DIFC), which will enhance the services provided by the Moroccan bank to its partners and customers throughout the Middle East and Africa region.

Speaking at the opening of the DIFC branch, Mohammed Agoumi, Delegate general manager of the Moroccan Pan African Bank – Bank of Africa, said the bank, which focuses on financing trade transactions between Africa and Asia, with special focus on China, aims to facilitate $200mn trade finance and investment transactions through their new presence in Dubai in the first year, expected to double on an annual basis over the next three years.

The Dubai branch will operate under the umbrella of BBI Plc UK, which is the Group’s investment arm for dealing with Africa, using best practices.

Agoumi ruled out any cut in the supply chains of trade between China and Africa due to the breakout of the Covid-19, but he expected some kind of delay in the delivery of goods and imports to Africa.

“We will be very complacent with our customers in terms of facilities and payments because we know about the challenges and hardships they face at present. This will be part of our response to support our partners in times of crisis,” he added.

“Investments in Africa are of increasing importance for the Gulf investors. We have presence in more than 34 countries as well as a keynote presence in more than 20 African nations, which enhances our ability to facilitate the access of Gulf investors and banks to African markets,” he pointed out.

BMCE Bank of Africa is one of the largest investment banks operating in the continent. The bank offers services to customers in the Kingdom of Morocco, Nigeria, Ivory Coast, Benin, Ghana, Burkina Faso, Mali, Senegal, Congo Brazzaville, People’s Congo, Burundi, Ethiopia, Kenya, Uganda, Tanzania, Rwanda, Madagascar and Togo.