KEY POINTS
- Afriland First Bank expansion into Congo, Chad, and CAR.
- Cobac approval strengthens regional financial integration.
- IFC partnership supports SMEs and women-led firms.
Cameroonian millionaire Paul Fokam started Afriland First Bank, and it is now going to expand its reach in the region after getting permission from the government to create additional branches throughout Central Africa.
The Central African Banking Commission (Cobac) gave the go-ahead under a new single-license system that lets banks work smoothly in all six member states of the Central African Economic and Monetary Community (CEMAC).
Afriland First Bank is opening branches in new CEMAC markets
The license lets Afriland First Bank expansion happens, the biggest bank in Cameroon, open branches in Chad, Congo, and the Central African Republic. These markets have been a part of its growth strategy for a long time, especially in countries where it currently funds industrial and agricultural initiatives.
The development shows that Afriland is back in the business of regional growth after leaving Equatorial Guinea. The CEMAC single-license scheme allows branches to become full subsidiaries later on, which will make the region’s financial sector even more integrated.
Yvon Sana Bangui, Governor of the Bank of Central African States (BEAC), said in a statement in February 2025, “The new framework allows banks already licensed in one CEMAC member state to extend activities to another.”
Afriland First Bank supports long-term growth
Afriland First Bank has grown into one of Central Africa’s top banks since it opened in 1987. It now has branches in nine countries, including the Democratic Republic of Congo, Liberia, and Uganda. There are 87 branches and more than 200 ATMs at the bank, which serves more than 700,000 people.
Afriland has made digital innovation a top priority in order to make financial services more available in all of its markets. The company also continues to support African-led development. It put $2.7 billion into local economies in 2023 alone, which shows how committed it is to national growth.
Billionaires Africa reports that this year, the bank also put more emphasis on development finance. In April, it worked with the International Finance Corporation (IFC) to make more loans available to small businesses in Cameroon. Up to $60 million was set aside for businesses run by women.
Afriland has helped the Central African Republic and India’s Mahasakthi Group reach a $1.2 billion deal to turn 30,000 hectares of land into farmland for cassava and sugarcane. This project is intended to increase food and energy production in the CAR.
