WesBank SA committed to establishing in Nigeria- CEO

One of the lubricants that will oil the accelerated take-off and stimulate the growth of locally assembled vehicles in Nigeria is consumer credit purchase scheme to be provided by WesBank of South in collaboration with the Federal Government under the National Automotive Design and Development Council (NADDC). In this interview with Chris de Kock, WesBank CEO), he maintains that the bank remains committed to establishing a presence in Nigeria, amidst suspense and high expectations by Nigerians. MIKE OCHONMA gauged his pulse.

1.Two years after ongoing discussions between National Automotive Council and WesBank on car financing, WesBank is yet to set up in Nigeria. Why? How is WesBank tackling this issue?

The process is well underway, but remains subject to the reciprocal regulatory approval processes in Nigeria and South Africa. There will also be a waiting period following regulatory approval for the establishment of an operating entity. It is not possible to provide an accurate timeframe, but we can confirm that we have begun finalising the license application process.

We would like to note that the commencement of WesBank’s Nigerian operations remains subject to extensive regulatory approvals, the establishment of the required statutory entities and operating platforms.

2.What are the challenges and obstacles facing the dialogue?

WesBank acknowledges that opening operations in any new country is a lengthy process and no specific obstacles have been experienced in our endeavours to date.

3.Is the Central Bank of Nigeria contributing to the delay?

No. The Central Bank Of Nigeria has not contributed to any delay in any way. It has more to do with the intricate and detailed preparation required for this type of business before any final approval is sought from the requisite authorities.

4. Is WesBank threatened by other financing schemes offered in Nigeria? What is your impression about the scheme in locally?

WesBank acknowledges the fact that Nigeria is an advanced and competitive market. With over 40 years of experience in vehicle and asset finance, WesBank is confident that it can be competitive in this market by developing and introducing innovative finance solutions.

5.When is WesBank setting up in Nigeria finally?

As you know, we are engaging with the regulating bodies to set-up our operations in Nigeria. It is not possible to provide an accurate timeframe until final regulatory approval.

6. What are the conditions?

The license application and structure of operation remains subject to regulatory approvals and therefore, until we get approval, we can’t provide any further updates.

WesBank is acknowledged as the leader in Vehicle and Asset Finance with over 40 years’ experience and R162 billion in assets currently under management. WesBank focuses on providing secured finance to the retail and corporate markets, as well as related services such as insurance, fleet management and full maintenance leases. WesBank is the partner of choice for over 80 leading international brands in fields such as original equipment manufacturers (OEMs), insurance providers and oil companies. WesBank is a global company with successful operations throughout Africa as well as the UK.

MIKE OCHONMA