The licence will allow the UK-headquartered fintech to expand its services across Africa
DKK Partners, an emerging markets and FX liquidity provider, has gained the CONSUMAF licence.
COSUMAF is the supervisory and control authority for the Central African Economic and Monetary Community (CEMAC) financial market.
The CONSUMAF license helps to future proof businesses operating in the Central West Africa region. And ensures a company is compliant with future regulatory and licensing changes.
The licence will allow the UK-headquartered fintech to expand its services across Africa.
DKK Partners opened a hub in Ghana at the end of last year, to add to its operations in Cameroon.
FX and financial services such as IBAN accounts, are much needed in the Africa market, the fintech said.
Founded in 2020 by Dominic Duru and Khalid Talukder, DKK Partners has revenues of more than £100m.
On the licence, Sam Nti, director at DKK Partners, said: “The African market is in need of FX liquidity support to help drive forward business opportunities and support banks or financial institutions offering funding opportunities to import essential goods.
“Certain counties, such as Cameroon, Ivory Coast and Ghana, deal with a large amount of importation. Meaning a lot of goods within the country are priced in foreign currency, rather than local currency.
“DKK Partners understands the opportunity this presents as a forward-looking FX provider. And hopes by gaining the CONSUMAF, we can continue providing Central West African markets opportunities to gain financial help, democratising access to financial services.”
Talukder added: “Acquiring the CONSUMAF licence ensures we are protected against any changes later down the line.
“We hope to support the African financial markets develop, helping businesses manage currency risk in frontier markets.”