DKK Partners, a leading fintech company, which specialises in emerging markets (EM) and foreign exchange (FX) liquidity, has opened a Ghana operation.
The expansion comes following a record year of trading for DKK, with the company’s revenues rising to £63m – up from £3m the previous year. The new operation will be based in The Atlantic Tower building at Airport City, in Ghana’s capital, Accra. The location was chosen by DKK to support prominent banks in the key financial districts of the country.
The new operation has already completed KYC (know your customer) verification for over 50 percent of its customer base which includes market-leading companies and banks. The Ghana operation expects to begin formally trading in the first quarter of 2023 and will continue to onboard key importers with a high demand for FX, following the Bank of Ghana’s withdrawal of FX support in certain industries.
DKK, founded by capital markets specialist Khalid Talukder, previously of UBS, Citi & Deutsche Bank, and Dominic Duru of RBS and Citi, enables businesses to manage currency risk in frontier markets.
Key services include offering virtual IBAN accounts, allowing customers to unlock access to new territories and currencies, as well as EM liquidity, giving direct access to
real-time pricing and execution across the frontier, emerging and G10 market currencies.
Sam Nti, director, of DKK Partners said, “I’m excited to be joining such an ambitious and forward-looking company that combines FX expertise with actual on-the-ground presence.”
“The Ghanaian market deals immensely in the importation and has most of the country’s goods priced in foreign currency and not the local currency. This makes the demand for the foreign currency high, following the Bank of Ghana’s withdrawing of their Foreign Exchange support to banks and other financial institutions to fund the importation of some goods like rice, vegetable oil, and the like. This increases the room of opportunities for DKK to strive and reflects a promising and profitable future for DKK in Ghana.”
Dominic Duru, Co-founder of DKK Partners comments said, “We’re thrilled to welcome Sam to the team to lead our Ghana operation. He brings with him extensive business experience, local market knowledge, and skills to further expand our business at a time when FX services are in high demand.”