Afriland First Bank consolidates leadership position in financial market.

The figures represent Afriland First Bank’s position as a leader in financing the economy, despite competition from other financial institutions. 
The bank has continued to show innovative and inclusiveness in taking its services closer to Cameroonians and offering financing to projects in both the formal and informer sectors.

The hold of Afriland First Bank on Small and Medium Enterprises, SMEs, on different sectors, especially startups, have in recent years been breathtaking. 

This, among other new services it continues to offer customers, has made Afriland First Bank a financial institution of reference, especially in Cameroon, where it is headquartered.

Reports reveal that the bank’s assets are certain to beat the over 2,000 billion FCFA mark before the year 2024 runs out. 

The figure is projected to hit 2051.08 billion FCFA, at the close of the year, compared to 1,979.35 billion FCFA updated last February. 

The bank is said to have experienced a 3.62% increase in its balance sheet, representing 71.73 billion FCFA in absolute terms.

Afriland First Bank leading by example

The economic, social and financial outlook of Cameroon for 2024, which the Ministry of Finance produced as an annexed to the 2024 Finance Bill, in November 2023, had projected the consistent gains of Afriland First Bank on the financial markets.

The document had indicated that as at June 30, 2023, the balance sheet of Afriland First Bank was at 10,187 billion FCFA. It was an increase of 19.1%, compared to the same period in 2022.

The same report had indicated that Afriland First Bank has an undisputed gap from other financial institutions, in terms of total assets.

The documents from MINFI then put the bank next to Afriland First Bank, Société Générale du Cameroun, with a hold of 14.7%, on the local market.

The next, going by the same document, was the International Bank for Saving and Loans known by its French acronym, BICEC, 8.9 percent; Banque Atlantique Cameroun and Société Commerciale de Banque Cameroun had 8.1% control each; United Bank for Africa, UBA, 7.1%; Ecobank, 6.3%; Commercial Bank of Cameroon, CBC, 6.1%; Credit  Communautaire, d’ Afrique, CCA, 5.6%; and BGFI Bank, 5.2%. 

The details were subject to money financial institutions collectively pumped into the economy. 

At the end of June 2023, outstanding loans stood at 5,060 billion FCFA, up by 12.7%, compared to 30 June 2022. 

According to MINFI, the increase is due to the increase in loans to individuals (+23.7%), public companies (+23.3%) and private administrations (49.1%). Private companies benefited from loans totaling 2,838.4 billion FCFA. 

Afriland First Bank leader in financing economy

As at January 2023, Afriland First Bank, had hit the mark of granting loans to financing the economy to the tune of 1,037 billion FCFA.

At that time, the record was being made with a growth rate of 12 percent, compared to what the bank had attained in this aspect in 2022. 

At that time, it was yet another unique milestone for Afriland First Bank to have been the first commercial bank in Cameroon to hit 1,000 FCFA in financing the economy.

The Deputy Managing Director of Afriland First Bank, Youssouf Bouba, had said at the 9th edition of the International Exhibition for Enterprises, SMEs and Partnerships of Yaounde, PROMOTE, early this year, that the bank covers the 10 Regions of the country.

Then, Bouba said the financial institution was having "an economic financing volume of 1,643 billion FCFA and 1,488 billion FCFA in public savings, collected by 31 December 2023".

Then, he had said the data showed a 62.2% increase, compared to what the bank pumped in to finance the economy in 2022. 

In 2022, the financing volume stood at 1,012.8 billion FCFA, as at December 31 of the same year.

In June 2023, media reports had it that Afriland First Bank recorded a net profit of 22.1 billion FCFA in 2022. 

The profit, compared to that of 2021, is said to have witnessed an increase of 20.6%. The figures were said to be according to a data contained in documents relating to the very first issue of negotiable bonds in March 2023.

Afriland First Bank maintained its exponential influence on financing the economy again in 2023. First Bank's activities will once again be on an upward trend. 

Afriland First Bank keeping the promise

The Deputy General Manager had said at the close of PROMOTE this year that Afriland First Bank will continue to multiply efforts to be at the service of Cameroon’s economic growth. 

He had told stakeholders that whenever the need arises, be it in terms of structural transformation of enterprises, capacity building and boosting financial inclusion in Cameroon, Afriland First Bank will remain at the top.

Youssoufa had said work done in recent times has been yielding fruits as more private enterprises have continued to build capacity and are becoming more resilient.

He restated that since its creation, Afriland First Bank has remained a top player in wealth creation and distribution in the public and private sectors.

Afriland First Bank powering economic growth

In one of his media outings, Afriland First Bank’s Director of Retail Banking and Network, Herve Ayissi, had restated that the financial institution is unwavering in powering growth.

“If we want to have a flourishing economy, we must have champions who are sustaining that economy,” Ayissi had remarked, insisting that Afriland First Bank believes in supporting the economic transformation of SMEs, to sustain growth and wealth creation.