Home » Cameroonian billionaire Paul Fokam’s Afriland First Bank eyes Chadian market

Cameroonian billionaire Paul Fokam’s Afriland First Bank eyes Chadian market

by Mfonobong Nsehe

Afriland First Bank, a multinational financial institution founded by Cameroonian billionaire Paul Fokam, is looking to expand into Chad.

According to a report by Financial Afrik, a delegation of executives from the bank paid a visit to the Chadian Minister of Finance and Budget, Tahir Hamid Nguilin, on May 11.

Their discussions focused, among other things, on the entry of the Cameroonian bank into Chad.

“Both parties are optimistic about the realization of this project,” Nguilin said.

For their part, the banking group’s representatives said Chad is a country with enormous economic potential. “It is a market with promising development prospects which benefits from a unique geostrategic position with a robust population,” a senior bank official was quoted as saying.

Afriland First Bank was founded by Fokam in Cameroon in 1987 under the name “Caisse Commune d’Epargne et d’Investissement.” Its first branch was opened and became operational on July 1, 1988. Today, it operates subsidiaries in Democratic Republic of the Congo, Equatorial Guinea, Guinea, Liberia, South Sudan, Sao Tome and Príncipe, Uganda and Zambia.

Fokam is one of the richest men in Africa, with a fortune that Forbes Afrique estimated at more than $800 million in 2020.

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