Cameroonian tycoon Paul Fokam’s bank supports the local economy with $2.7 billion in 2023

by MMC
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Afriland First Bank, the financial services group founded by Cameroonian billionaire Paul Fokam, has injected a substantial sum of $2.7 billion into the Cameroonian economy in 2023.

The announcement was made by Youssouf Bouba, Deputy General Manager of Afriland First Bank, during the 9th edition of the International Business, SME and Partnership Exhibition (Promote) in Yaoundé.

“Afriland First Bank is a Cameroonian bank with Cameroonian capital, covering the 10 regions of the country with 75 branches. Our volume of financing for the economy reached 1.643 trillion FCFA ($2.71 billion), with 1.488 trillion FCFA ($2.46 billion) of public savings collected as of December 31, 2023,” Bouba said. .

This substantial injection into the local economy represents a significant increase of 62.2 percent compared to the previous year, highlighting Afriland First Bank’s increased commitment to Cameroon’s economic development.

The bank further consolidated its position as the national market leader with a market share of 19.2 percent in deposit collection and a market share of 21.5 percent in credit by the end of 2022.

Afriland First Bank, founded in 1987 by Fokam, has expanded its reach beyond Cameroon, operating subsidiaries in the Democratic Republic of Congo, Equatorial Guinea, Guinea, Liberia, South Sudan, Sao Tome and -Principle, in Uganda and Zambia. Fokam, recognized as one of the richest men in Africa, has been instrumental in the bank’s success since its inception.

Afriland First Bank’s financial achievements are attributed to a robust strategy and effective management. The rental activity in particular recorded remarkable growth, with outstandings reaching 73.8 billion CFA francs ($122.27 million) at the end of 2022, an increase of 74.5% compared to the previous year. .

With a network comprising 196 ATMs and 320 electronic payment terminals at the end of 2022, Afriland First Bank continues to innovate to meet the diverse financial needs of its customers nationwide. The bank’s success under Fokam’s leadership highlights its continued commitment to boosting economic activities and fostering development across the country.

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