Zenith is considering expanding into Dubai to cater chiefly for its clientele in trade and service sectors; this is according to Peter Amangbo, chief executive of Zenith Bank.
“We are in the process of finalising 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,” Amangbo told CNBC Africa on the side lines of the World Economic Forum (WEF) Africa in Cape Town.
“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.”
Amangbo welcomed the biometric verification system in the financial services sector saying it presented growth prospects in the financial space.
“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,” added Amangbo.
“The biometric verification system will drive the next phase of growth especially in the financial services and even the social system itself.”
Amangbo said the slump in oil prices affected the Nigerian economy but said the price had somewhat stabilised.
“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 stabilised now at a particular range and everyone has come to accept what has happened and we are moving on,” said Amangbo.
“The issue of political risk is very much minimised and we are now focused on the economy.”
Amangbo said Nigeria’s future was bright considering among others the country’s population size.
“When one looks at Nigeria, the prospect of growth is [inevitable] considering the population size which is around 150 million. This size presents opportunities in the infrastructure and other related sectors. It is upon Nigerian to make the environment conducive for investment.”