Peter Amangbo, the CEO at Zenith Bank, made the announcement of the bank’s intended move to set up shop in Dubai. A move currently geared to cater to the needs of the bank’s clientele dealing in trade and services industries.
At the World Economic Forum (WEF) Africa taking place in Cape Town, Amangbo in a sideline comment. Said, “We are in the process of finalizing the establishment of an office in Dubai. Dubai will be a subsidiary of Zenith Bank UK as the country will be a gateway into Asia.
Because the volume of business between Nigeria and many Asian countries has increased over time, we believe that Dubai would be a very good point to service our customers especially when it comes to trade and services.”
The Bank seems to be quite pleased with the biometric verification system serving Dubai’s financial sector, saying it open new avenues for the growth in the financial space.
Amangbo said, “The biometric verification number system itself as a project is a very loadable one and would be a very good foundation for Nigeria through which it can drive growth in the banking business even to the unbanked
The biometric verification system will drive the next phase of growth especially in the financial services and even the social system itself.”
Amangbo also delved into the oil crisis in Nigeria, recognizing the existence of the problem but further adding that the prices have since stabilized:
“There is no doubt that the impact of the oil prices was quiet significant in terms of activities in business in Nigeria and other oil-producing countries. Things seem to have stabilized now at a particular range, and everyone has come to accept what has happened and we are moving on. The issue of political risk is very much minimized, and we are now focused on the economy.
When one looks at Nigeria, the prospect of growth is (inevitable) considering the population size that is around 150 million. This size presents opportunities in the infrastructure and other related sectors.”