For lead role in sustaining Cameroon’s economy: Afriland First Bank wins unrivaled economic empowerment prize.

The bank’s latest distinction was unveiled at the Yaounde Hilton Hotel recently. This was during the historic award night of the Cameroon English Language Newspaper Publishers Association, CENPA.

The ceremony saw in attendance members of government, diplomats, traditional rulers, representatives of civil organisations and industry leaders in the financial world among others.

It is a premium rating that passed through several economic and technology-friendly parameters. 

The CENPA award jury said Afriland First Bank was “singled out for its wide-ranging robust economic resilience effect in financing and restructuring enterprises, especially Small and Medium Sized Enterprises, SMEs and resource mobilisation to finance development”.

Given the seriousness of the award, the jury comprised some of the nation’s best in terms of integrity, influence and character. 

The president of the award jury was international legal icon and anti-corruption lawyer, Barrister Akere Muna.

The Paramount Ruler of the Bafaw and King of Kumba, Senator Nfon Mukete IV Ekoko served as jury secretary. Members were; Esther Omam, Executive Director of the Non-Governmental Organisation, NGO, Reach Out Cameroon and Ngah Christian, CENPA president also Publisher-Editor-in Chief of The Guardian Post.

Afriland First Bank was saluted across the board for marshaling people-focused banking models that have continued to serve even the unserved. 

It is a financial institution with credibility and reputation, not just because of his celebrated indigenous nature but its drive and flexibility in enabling thousands of businesses access financing.

Beyond financing major infrastructural projects within Cameroon and beyond, Afriland First Bank holds the leadership position when it comes to financing Small and Medium-sized Enterprises, SMEs. 

It is the same report card it has with putting established industry experts at the service of startups, companies and other ventures to align them with best practices, restructuring and boosting growth.

Afriland First Bank setting standards 

Afriland First Bank is a financial institution of standards. It holds the International Standard Organisation, ISO, certification for its matchless customer-friendly services across Africa.

Swiss-based testing, verification and certification service provider, the General Society of Surveillance known by its French abbreviation as SGS, has also approved of its standing.

Hitting new records continually 

A report on the financial situation of the indigenous commercial bank for the first quarter of 2024 had shown its balance sheet was over 2,000 billion FCFA. 

It is a feat that had further put the reliable banking institution in a league of its own in the nation’s financial sector.

The figure had further solidified Afriland Bank’s position as a leader in financing the economy despite competition from other institutions. 

The bank has also continued to show innovative and inclusiveness in taking its services closer to the population and offering financing to projects in both the formal and informer sector.

The hold of Afriland First Bank on Small and Medium-sized Enterprises, SMEs, and other sectors, especially startups has 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.

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.

Recent data which the “eCERBER” platform of the Central African Banking Commission, COBAC, released not long ago also testified to the growth and influence of Afriland First Bank.

Afriland First Bank leader in financing economy

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

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

Then, it was yet another unique milestone for Afriland First Bank to have been the first commercial bank to hit 1,000 billion 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 has a reach across 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". 

In the last few months, more gains have been made by the bank in that regards. Afriland First Bank has continued to maintain its exponential influence on financing the economy in the last couple of years. Indicators are showing the trend will continue to be so.

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 then also 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.

Raising champions to sustain economy

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.

About Afriland First Bank

Afriland First Bank was created in 1987 with first offices in Cameroon. The bank has over the years expanded to become a multinational with offices in eight African countries, including in the Democratic Republic of Congo and Ivory Coast. 

Despite these milestones, it has kept a special focus on Cameroon where it is headquartered. 

This story was first Published in The Guardian Post issue N0:3192 of Wednesday August 07, 2024