Zenfinex Enters the Middle East and North Africa (MENA) with a New DFSA License

Zenfinex, a London-based FX and CFDs broker, has obtained a license from the Dubai Financial Services Authority (DFSA) to expand its services in the Middle East and North Africa (MENA), according to an exclusive report by Finance Magnates.

"Zenfinex's DFSA license will allow us to expand our professional and institutional products across the MENA region and align with our growth strategy," said Michel Chabbouh, Zenfinex's MENA CEO.

After expanding into Sierra Leone by acquiring Stochastic Africa, which was licensed by the central bank of Sierra Leone, and rebranding it as Zenfinex Africa, the broker was granted the new license. It got a license from the Seychelles authority earlier this year.

the Financial Conduct Authority (FCA) in the United Kingdom, the Dubai Financial Services Authority (DFSA), the Financial Services Authority (FSA) in Seychelles, and the central bank of Sierra Leone.

Initially established as a boutique broker, Zenfinex is currently expanding to become a global brand. Now that all regulatory licenses have been obtained, the broker will be fully active throughout Asia, Africa, the GCC, Latin America, and the United Kingdom by 2022.

"2022 was a continuation of our efforts to develop a solid platform and infrastructure for long-term scalability and growth," said Nick Cooke, founder and current board member of Zenfinex.

"Our primary objectives have been to establish a world-class global team, a varied product portfolio with more than one thousand instruments, a global regulatory presence, and patented technological offerings that appeal to a global mass audience. As we start the next phase of our expansion and build upon these solid foundations, 2023 will be mainly focused on customer acquisition."

In addition to acquiring licenses, the company recruited several top management leaders, including Alexander Kritiotis as Chief Operating Officer, Zahid Mahmood as Chief Risk Officer, and Joe Tom Nyama as Head of Africa. In addition, it just hired Christelle Haddad as the head of customer support for the MENA area, further strengthening the MENA team. Currently, it has approximately 100 employees, with a few more hires in the works.

In addition, the broker's revenue increased by 1,281 percent in 2021. However, the company's losses climbed to £1.7 million due to higher administrative costs, primarily because it "spent in personnel and infrastructure to enable future expansion."