Afriland First Bank, Visa seal deal to up digital payments.

The strategic three-year accord, dubbed the Growth Agreement, was signed at the bank’s headquarters in Yaounde, Wednesday March 11. 

It is described as the first standalone agreement of its kind between Visa and a local bank in Central Africa.

It was inked by the Deputy Director General of Afriland First Bank, Hervé Ayissi, and Visa’s CEMAC Regional Director, Inès Amani. Senior officials from both institutions lived the signing ceremony. 

Officials said the partnership is designed to accelerate digital payment adoption, reduce reliance on cash, and bring more Cameroonians into the formal financial system through modern, secure, and accessible payment solutions. 

Agreement to address low banking penetration…

Speaking during the signing ceremony, Afriland First Bank’s Deputy Director General, Hervé Ayissi, said the agreement forms part of efforts to address the country’s low banking penetration and heavy reliance on cash transactions.

He noted that formal banking penetration stood at roughly 20 per cent, rising to between 35 and 45 per cent when mobile money and microfinance are included. Such figures, he said, lag well behind comparable African economies.

“Financial inclusion is not an abstract concept. It is, concretely, for households and individuals, the guarantee of access to financial services,” Ayissi said. 

He cited data showing that between 90 and 95 per cent of daily transactions in Cameroon are conducted in cash from markets and retail to transport and public services.

The bank official disclosed that cash accounts for more than 80 per cent of total transaction value even with ongoing government dematerialisation efforts.

Ayissi said in the informal sector, which represents approximately 70 per cent of GDP, electronic payments are described as marginal or non-existent in many segments.

He drew comparisons with other markets such as Kenya, which records a formal banking rate of 45 per cent and a mobile-inclusive rate of 83 per cent, while Morocco stands at 56 and 68 per cent respectively. 

South Africa, he said, reaches 70 and 85 per cent while Kenya’s cash transaction share is 55 per cent against Cameroon’s 90 per cent.

“This reality constitutes a considerable brake on growth and the formalisation of the economy,” he said, adding that the cash-heavy system raises transaction costs, limits access to financing for informal actors, and creates logistical and security risks.

What the deal delivers

Quizzed what Visa would bring concretely, Ayissi said the primary purpose was not merely technical as the commitment of the bank is to promote financial inclusion.

“Every solution that goes in the direction of bringing the majority of our fellow citizens into the formal banking system Afriland First Bank will be the first to support it,” he said.

He added that the agreement would help lower the cost of entry into the banking system for those currently excluded, potentially reduce banking fees, and make digital solutions available to anyone across the country, regardless of location. 

Ayissi confirmed that Visa would bring significant financial and technical contributions to the partnership. He, however, declined to disclose specific figures.

Deal key of bank’s digital transformation strategy

For Afriland First Bank Director Director, Célestin Guela Simo, the accord is a cornerstone of the bank’s digital transformation strategy.

“This strategic partnership with Visa constitutes an important step in the implementation of our digital transformation strategy,” he said, adding that the agreement was aligned with the bank’s Afriland Horizon 2030 plan, which makes digitalisation a key lever for growth and customer experience improvement.

A regional first

Ayissi underscored the significance of the deal’s regional dimension, noting that it is the first autonomous agreement of this type between Visa and a bank in the Central African sub-region. 

He said the signing sent a strong signal of Afriland’s leadership and its capacity to attract and engage top international partners.

According to him, the partnership also lays the groundwork for deeper engagement at the level of the wider Afriland First Group, as the group continues to consolidate its governance and expand across the continent.

Visa’s strategic rationale

Visa’s CEMAC Regional Director, Inès Amani, said the partnership was grounded in a shared vision of a payment ecosystem that is modern, secure, inclusive, and rooted in local realities.

“We are not coming to impose our models. We are coming to co-create with the teams of Afriland First Bank,” Amani underscored. 

She described Cameroon as a priority market for Visa in Central Africa and in the broader Francophone region, pointing to the energy of local entrepreneurs and growing confidence in digital payments as drivers of potential.

Amani noted that the partnership had already moved into operational mode, with a two-hour working session held the day before the signing. She said Visa’s teams were fully committed to making the collaboration a lasting success.

Visa Vice-President and Managing Director for Francophone and Lusophone West and Central Africa, Ismahill Diaby, said in a statement that the partnership reflected a shared ambition to accelerate the bank’s digital transformation and strengthen the payments ecosystem in Cameroon. 

He said the two institutions would work together to stimulate innovation, broaden access to secure digital payments, and support Afriland’s long-term growth strategy in a rapidly evolving market.

The article was first published in The Guardian Post Edition No:3729 of Thursday March 12, 2026