Afriland First Group, a leading multinational financial institution led by Cameroonian banking magnate Paul Fokam, has entered into a mutually beneficial interbank cooperation agreement with Gabonese-based BGFI Holding Corporation.
The newly established partnership between Afriland First Group and BGFI Holding, signed on Jan. 20, 2023, aims to foster mutually beneficial cooperation in the areas of co-financing of projects, international trade, and shared research.
This collaboration is expected to greatly enhance the participation of local nationals in the financing of significant projects within the CEMAC region, consisting of Cameroon, Republic of Congo, Gabon, Chad, the Central African Republic, and Equatorial Guinea.
Under the terms of the interbank cooperation agreement, the two companies will optimize their human resources by seconding staff or teams and sending personnel for training in the respective training centers.
Fokam-led Afriland and Gabonese-based BGFI disclosed that the agreement results from the identification, by the two umbrella companies, of opportunities in terms of co-financing of projects, international trade, and shared research.
Joseph Toubi, executive vice-president of Afriland First Group, said the interbank cooperation agreement with BGFI Holding Corporation reflects the company’s ongoing commitment to promoting cooperation and growth in the service of Africa and increasing its share of global resources.
With a fortune of more than $800 million, according to Forbes Afrique, Fokam ranks as one of the wealthiest men in Africa. The Cameroonian billionaire businessman and banking magnate founded Afriland First Group in Cameroon in 1987 as “Caisse Commune d’Epargne et d’Investissement.”
Over the years, the group has grown to become one of the largest financial services providers in Francophone Africa, with subsidiaries and operations in multiple countries, including the Democratic Republic of the Congo, Equatorial Guinea, Guinea, Liberia, South Sudan, Sao Tome and Principe, Uganda, and Zambia, as well as representative offices in Europe and Asia via France and China.
Recently, Afriland announced the launch of Afriland First Holding, an investment holding company, in Togo. This strategic move is part of the group’s plans to acquire stakes in companies and key investment projects across West Africa, positioning the company as a major player in the region’s economic development.
