Access Bank, German firms launch platform to boost trade

Access Bank, in partnership with German investment advisor DEG, recently launched the German Desk Nigeria, a platform aimed at providing financial support and solutions for German companies, subsidiaries of German companies, and clients of German companies in Nigeria. The initiative seeks to bridge the gap in trade financing, particularly for small volumes, where traditional banks in Germany may not provide sufficient support, and local Nigerian banks may be hesitant due to unfamiliarity with European clients. The German Desk Nigeria includes a relationship manager who acts as a scout, facilitating business transactions between the two countries. The decision to establish the German Desk in Nigeria was strategic, following the successful launch in Nairobi, as part of a broader effort to expand the presence in both East and West Africa. Recognizing the plethora of business opportunities in Nigeria, especially for German companies, the collaboration aims to capitalize on the momentum generated by Germany's focus on strengthening private sector growth and fostering trade and investment ties with African countries under the G20 framework. DEG Chairman Bruno Wenn highlighted the emphasis on supporting Small and Medium Enterprises (SMEs) in Nigeria, drawing on Germany's experience where SMEs are vital to the economy, driving innovation, creativity, exports, and job creation. The ultimate goal is to empower SMEs in Africa to generate more employment opportunities and contribute to economic growth. Access Bank's involvement in the initiative was a result of the bank's willingness to invest in a new client segment and its extensive network not only in Nigeria but also across other West African countries. The partnership with Access Bank is expected to enhance the range of services offered beyond Nigeria's borders, creating more avenues for business collaboration. In a recent report, a decline in trade relations between Nigeria and Germany was noted, prompting questions on how the German Desk could influence Foreign Direct Investment (FDI) into Nigeria. Wenn expressed optimism that the German Desk would help change the negative perception of Africa as a high-risk continent and showcase the numerous business opportunities available. By improving understanding and awareness, the initiative aims to attract more investors and foster trade partnerships over time. The German Desk Nigeria caters to a diverse range of customers, including companies seeking financial support for product sales in Nigeria, as well as those planning investments in the country. From standard banking services to specialized financial solutions and advisory support on regulatory requirements, the platform aims to serve as a comprehensive resource for companies navigating the Nigerian market. Wenn noted that the initial launch of the German Desk had been met with success, indicating a significant gap in the market that the platform was able to address effectively. The collaboration with the German Chamber of Commerce further strengthens the support network for German companies entering the Nigerian market, offering a streamlined approach to accessing financial and advisory services. Looking ahead, Wenn expressed confidence in the seamless implementation of the German Desk's offerings, citing the positive reception and impact observed thus far. The platform not only benefits the clients but also presents an opportunity for Access Bank to diversify its client base and innovate its product offerings based on the unique requirements and demands of the new segment. The collaborative effort between Access Bank and German firms signifies a promising step towards enhancing trade opportunities and fostering economic growth in Nigeria.