“There is a huge opportunity in Africa”

IIPM : EXECUTIVE EDUCATION

SUDIP BANDYOPADHYAY, CHIEF EXECUTIVE OFFICER, RELIANCE MONEY

Can you please elaborate on your plans for the African market? Where and how much do you plan to invest in this continent?
Having established our base at Lagos in Nigeria we are already in the African market for quite some time now. This base has been operational since July 2008. We plan to further extend our operations to few other countries in Africa over the next six months.

Critics say Africa is fast becoming the testing ground for India Inc.’s ‘brand’ war with corporate China? What’s your take on the issue?
As far as financial services industry is concerned, there are no Chinese Companies in Nigeria and hence this question is not relevant for us as of now and for the Indian financial industry as a whole.

In the past, business in Africa has been very slow when compared to its global counterparts. Do you think this is the right time to enter this market? There is certainly a huge opportunity in Africa. We have selected Nigeria as our base since this country has the largest population in Africa (about 140 million). Nigeria also has the 7th largest Oil reserves in the world. Moreover, for the last 15 years this country has a democratic set up. Having been under British rule (Nigeria gained independence in 1960) the laws are almost similar and foreign investments are welcome by the Nigerian government. Even the financial services market is under developed and this way the opportunity is certainly significant.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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