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Key Points
- Africa Golden Bank begins limited operations in Douala ahead of its official launch, marking Samuel Foyou’s entry into the banking sector.
- The bank, licensed by Cobac in 2023, started operations on July 15, 2024, with Foyou as the chairman of the board.
- Africa Golden Bank, Cameroon’s 19th licensed bank, aims to enhance competition and consumer choice in the financial sector.
Africa Golden Bank, a financial services provider led by Cameroonian billionaire Samuel Foyou, has begun limited operations in Douala, Cameroon’s economic hub, ahead of an official launch.
The bank, licensed in 2023 by the Central African Banking Commission (Cobac), kicked off operations on July 15, 2024. This marks Foyou’s foray into the banking sector, poised to shake up Cameroon’s financial landscape.
Africa Golden Bank is currently operating from a single branch in Douala’s Bonanjo district, with its permanent 10-story headquarters still under construction. Foyou chairs the bank’s board of directors. This strategic move is expected to invigorate Cameroon’s financial ecosystem.
Foyou’s Africa Golden Bank poised to shake up Cameroon’s financial sector
Once fully operational, Africa Golden Bank will become the 19th licensed bank in Cameroon, boosting Foyou’s already significant influence in the local economy. It will also be the eighth domestically controlled credit institution, joining established players like UBC, Afriland First Bank, and La Régionale.
Foyou’s entry is expected to spark competition among both foreign and domestic banks, benefitting consumers with a wider range of financial products and services. This move further underscores Foyou’s commitment to expanding his business empire within Cameroon, solidifying his position as a key economic player.
A self-made billionaire, Foyou has amassed his wealth through diversified investments under the umbrella of his family conglomerate, the Foyou Group. The group’s interests span hospitality, food processing, and printing.
Foyou Group: Cameroonian powerhouse making strides in business and luxury
Beyond banking, the Foyou Group is a leading Cameroonian conglomerate with a diverse portfolio encompassing industries like brewing, manufacturing, and hotels. Notable subsidiaries include Unalor, Plasticam, Fermencam, and Brasaf, all significant contributors to the country’s economy.
In 2021, Foyou made waves with the inauguration of a luxurious 237-room, 10-suite, CFA16 billion ($27.5 million) hotel in Douala – the city’s first five-star establishment and only the second in Cameroon after Yaoundé’s Hilton Hotel.
