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Access Bank Plc and the German Desk (DEG) Nigeria have signed a bilateral financial partnership agreement to provide financial support and solutions to the business communities across West Africa. The objective of the agreement is to foster trade development between German companies and local firms within the West African region.
DEG has a history of providing financing and advisory services for private-sector companies operating in emerging markets and developing countries by offering tailor made solutions, including long-term financing, promotional programmes and individual advice that span over 50 years.
Ingo Herbert, consul general of the German Consulate in Lagos, said in his welcome address that the collaboration is about finding the right partner for promoting German businesses in Nigeria and the entire West African region.
According to him, DEG will work towards improving Nigeria’s image in the international community and bring German businesses into Nigeria for a greater diplomatic agenda.
“German Desk is an idea to help enterprises in developing countries gain access to long term finance they need to grow and progress,” he stated.
Herbert Wigwe, group managing director of Access Bank, said in a statement that the partnership will enable the bank provide alternative financial services to its clients which will alter the narrative of the Nigerian-German business.
He opined that DEG will serve as a financial intermediary between German SMEs and their local partners in Nigeria seeking to grow their business and upscale. “We are unlocking opportunities for businesses to thrive across Africa by harnessing opportunities, and opening up the markets for companies to compete,” he stated.
Klaus Helsper, a director at DEG in a statement said the DEG is a pathfinder for financial solutions by bringing together German entrepreneurs, Nigeria entrepreneurs, and strong local bank towards translating and balancing commercial and financial supply and demand. DEG seeks to bridge cultural and financial gap,” he said.
However, it is expected that the partnership will open up Access Bank, the Delegation of German Industry and Commerce in Nigeria (AHK Nigeria), and DEG to offer new financial solutions for German SMEs and their local partners in Nigeria.
Furthermore, the DEG will enable companies gain access to financial support and solutions through a point of contact that combines all products and services offered by Access Bank with the wide network provided by AHK Nigeria.
Under the collaboration, business services will extend to setting up a bank account through trade finance products and transaction banking, extension of credit lines or investment financing for local companies wishing to transact with German companies.
The DEG as a European development finance provider for private sector operators has a portfolio of approximately EUR 8.6 billion financing over 600 customers across 81 countries. In 2016, DEG facilitates new business commitment of approximately EUR 1.6 billion that enable businesses to invest an upscale of more than EUR 6.5 billion.
Enterprises supported by DEG operate in the agribusiness, manufacturing, services sector, infrastructure and the financial sector, based in developing and emerging markets, Germany and other industrialized countries. Therefore, the partnership provides a platform for businesses to explore DEG market knowledge and international network.
BALA AUGIE and Seyi John Salau
