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

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

The announcement was made by Youssouf Bouba, deputy managing director of Afriland First Bank, during the 9th edition of the International Business, SME, and Partnership Exhibition (Promote) in Yaounde.

“Afriland First Bank is a Cameroonian bank with Cameroonian capital, covering all 10 regions of the country with 75 branches. Our financing volume for the economy reached CFA1.643 trillion ($2.71 billion), with CFA1.488 trillion ($2.46 billion) in public savings collected by December 31, 2023,” Bouba said.

This substantial injection into the local economy represents a significant surge of 62.2 percent compared to the previous year, underscoring Afriland First Bank’s heightened dedication to the economic development of Cameroon.

The bank further solidified its position as a national market leader with a 19.2 percent market share in deposit collection and a 21.5-percent market share in credit at the close 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 Príncipe, Uganda, and Zambia. Fokam, recognized as one of Africa’s wealthiest men, has been instrumental in steering the bank’s success since its inception.

The financial achievements of Afriland First Bank are attributed to a robust strategy and effective management. Notably, leasing activity recorded a remarkable surge, with outstanding amounts reaching CFA73.8 billion ($122.27 million) at the end of 2022, marking a 74.5-percent increase 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 the leadership of Fokam highlights its ongoing commitment to driving economic activities and fostering development across the country.