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LONDON’S DEPUTY MAYOR FLAGS BANKING HURDLES FOR NIGERIAN TECH – PROMISES SOLUTION
7 months ago
The initiative is positioned as a move towards a more flexible, partnership-driven regulatory regime that benefits both economies.
The Mayor of London, Sadiq Khan, declared a UK-Nigeria tech and culture alliance.
Howard Dawber, Deputy Mayor of London, highlighted persistent difficulties Nigerian businesses face when trying to open accounts in London banks.
Dawber was part of the London trade mission delegation to Nigeria and talked to newsmen during the visit to Lagos.
Account opening in London is a major barrier for many credible Nigerian businesses with strong international track records. They are finding it “really difficult” to set up bank accounts in London, limiting their ability to transact and expand in the UK financial ecosystem, Dawber noted.
He said that the issue is creating roadblocks for seamless cross-border financial transactions, especially tech startups.
Dawber acknowledged that UK (and broader international) banking regulations are sometimes applied too rigidly, creating additional hurdles even for established companies.
Commitment to Change
The visit was part of broader efforts to deepen London-Nigeria economic ties, facilitate more trade, and harness the dynamism of Nigeria’s rapidly growing tech scene. London aims to help bring successful Nigerian startups into the UK market, while supporting British business expansion into Nigeria.
London authorities are actively working with UK regulators to find “technical solutions” that would improve risk assessment for Nigerian companies. More so, to make it easier for high-performing firms to access London’s financial services.
Dawber highlighted the need for cooperation between Lagos and London officials to simplify cross-border payments recognizing wider African trade challenges. These include payment bottlenecks and infrastructure gaps.
London’s strict adherence to global regulatory rules, while ensuring reliability, can also unnecessarily hinder legitimate business. London is keen to address this for mutual economic benefit, he noted.
London’s leadership is aware of and working to resolve the banking and regulatory barriers that slow Nigerian businesses’ access to UK markets, with a view to boosting cross-border trade, innovation, and investment between the two vibrant tech hubs.
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