RMB's expansion plans in Nigeria

South African-based Rand Merchant Bank (RMB) has been making significant strides in Nigeria, with a strong focus on expanding its presence and offerings in the country. The bank recently celebrated five years of operation in Nigeria, emphasizing its commitment to servicing its client base and investing in the local economy. In an exclusive chat with CNBC Africa's Christy Cole at RMB Nigeria’s Business Conference in Lagos, CEO James Formby shed light on the bank's expansion plans and future outlook in Nigeria. Formby highlighted RMB's diverse portfolio of products in Nigeria, including investment banking, global markets, and corporate banking. The bank's offerings cater to a wide range of clients, from corporate entities to institutions operating in the country. Formby emphasized the bank's goal to continue investing in RMB Nigeria, with a growing team of over 50 professionals and plans to enhance its product range. Discussing the potential sectors for inclusive and sustainable growth in Nigeria, Formby underscored the importance of diversification beyond the oil and gas industry. He pointed to the retail, financial, and manufacturing sectors as key areas with significant growth potential. By tapping into Nigeria's vast consumer market, RMB aims to contribute to the country's economic development and attract both local and foreign investments. Formby expressed optimism about Nigeria's economic prospects, citing a potential uptick in growth fueled by factors like a stronger oil price and a burgeoning consumer market. He reiterated RMB's commitment to staying and growing with the Nigerian economy, positioning the bank as a key player in the country's economic landscape. When discussing the attractiveness of the Nigerian business environment for foreign investors, Formby highlighted the appeal of the country's large and youthful consumer market. He noted that as consumer spending increases and the market becomes more educated, opportunities will arise across various sectors, including manufacturing and construction. RMB sees potential in this evolving landscape and aims to leverage its expertise to support clients and drive growth. Looking ahead, RMB is set to introduce online banking functionality in Nigeria, enabling clients to access and transact with the bank through a user-friendly online platform. This move aligns with RMB's strategy to enhance its digital offerings and provide convenient and efficient services to its customers. Overall, RMB's expansion plans in Nigeria reflect a long-term commitment to the country's growth story. With a focus on innovation, diversification, and client-centric solutions, the bank is poised to play a significant role in shaping Nigeria's financial sector and contributing to its economic progress.