Barclays Africa applies for Nigerian banking licence

Barclays Africa Group has applied for a Nigerian banking licence and wants to take over the Egypt and Zimbabwe units still run by its parent company, it said on Tuesday after reporting higher profits.

This is part of its efforts to get the revenue generated from rest of Africa operations to contribute between 20 per cent and 25 per cent of group revenue in 2016. At present, the rest of Africa operations contribute 19 per cent of group revenue, with the balance coming from South Africa, according to BDlive.

According to the Chief Executive Officer, Barclays Africa, Maria Ramos, the group was awaiting the approval of a licence for its wealth, investment management and insurance operation in East Africa. “We are waiting for confirmation of our licence in Kenya.”

In addition, the group was awaiting a commercial banking and securities trading licence in Nigeria. But the Nigerian approval process was not expected to be concluded speedily.

“We have put in the application,” Ramos said. “I am sure we are going to be getting quite a few questions from the regulators and I don’t expect it to be a quick process.