Cameroonian billionaire Samuel Foyou gets green light to launch bank

Cameroonian billionaire Samuel Foyou is poised to make a significant mark in the banking industry with the imminent launch of Africa Golden Bank, following the approval granted by the Cameroonian Ministry of Finance.

This pivotal development signals a new era in Cameroon’s financial landscape as Foyou prepares to bring his entrepreneurial prowess to the forefront of the nation’s banking sector.

The Ministry of Finance’s recent approval follows the nod from the Cobac (Central African Banking Commission), which serves as the regulatory authority for the banking sector in the Cemac zone. This critical milestone was achieved on March 20, 2023, as Cobac gave its resounding agreement to establish the Africa Golden Bank.

Foyou’s strategic entry into the banking sector is poised to inject vigor into Cameroon’s financial ecosystem.

The forthcoming Africa Golden Bank will become the 19th banking institution operating within the nation’s borders, elevating Foyou’s substantial influence within the local economy. Moreover, it will be the eighth credit institution under national capital control, joining the ranks of UBC, Afriland First Bank, La Régionale, CBC, NFC, BCPME, and CCA Bank.

This bold move by Foyou is expected to ignite a wave of competition among both multinational and national banks, promising consumers a broader range of financial services and options.

Foyou’s commitment to expanding his business empire within Cameroon is further demonstrated by this endeavor, solidifying his position as a dynamic and influential figure in the nation’s economic landscape.

Foyou, consistently ranked among Cameroon’s richest individuals, derives most of his fortune from diversified investments and businesses through his family conglomerate, Foyou Group. His interests span various industries, including hospitality, food, and printing.

The Foyou Group, a leading conglomerate in Cameroon, boasts a diverse portfolio encompassing banking, industrial enterprises, brewing, and hotels. Notable subsidiaries of the Foyou Group include Unalor, Plasticam, Fermencam, Sotrasel, Biscuiterie Samuel Foyou, Brasaf, and Krystal Group, contributing significantly to the country’s economic landscape.

In 2021, Foyou made headlines with the inauguration of a remarkable CFA16-billion ($27.5 million) five-star hotel in Douala. Featuring 237 rooms and 10 suites, this establishment became Douala’s first of its kind and only the second in Cameroon, following the Hilton Hotel in Yaoundé.