Nigeria is not necessarily among first priorities for FX brokerages wishing to establish presence outside their traditional jurisdictions, however for Alpari, the African nation has recently become host to the successful Russian FX giant.
Alpari Nigeria opened its doors on June 11 this year, one week after having released full details to retail clients on the method of conducting business with the firm, including full banking facilities for the deposit of client funds with a choice of four Nigerian banks, First Bank, GT Bank, Diamond Bank and Access Bank.
In order to mark the entry into the Nigerian market, Alpari held an opening launch at the Sheraton Hotel in Lagos.
Indeed, a very interesting and somewhat bold move by Alpari, with Nigeria having played a peripheral part in retail FX, particularly participated in by local introducing brokers in the region, which bring client accounts with small deposits to Western brokers.
Since the demise last year of Liberty Reserve and arrest of its founder, it has become increasingly harder for prospective clients in Nigeria to send funds into overseas bank accounts, as many do not have international credit cards, and often banking organizations outside Nigeria are reluctant to accept FX account funding payments from within Nigeria.
By operating from within the country and holding client funds in Nigerian banks, Alpari stands itself in good stead to revive the retail FX market as a well-recognized brand in the region.