Nothing seems to stop him in his hegemony from 1986 until today. In 2022, Afriland First Bank increased its capital from 20 billion CFA francs to 50 billion. A real masterstroke for this bank created by Paul K Fokam. Indeed, it was in 1986 that the registration of this financial structure as a limited liability company took place with the deposit of a capital of 300 million CFA francs. At that time, the project was hailed, especially since the bank came into existence amid the international commodity crisis and bank failures. One thing leading to another, the structure weaves its web in the world of finance. A year later, it obtained commercial banking approval. In 1988, the young banking establishment launched its activities in Yaoundé, then in 1995, it opened its headquarters building located in Yaoundé-Hippodrome.
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In 2002, Afriland First Bank strengthened its roots in African identity and moved to Equatorial Guinea to create CCEI BANK, the first and only bank in the country at the time. In 2008, Afriland First Group was created in Switzerland. An umbrella company which aims to fill the need for an identical general policy in all the banks of the network and defines the framework of a more proactive extension policy, according to its leaders. In 2010, Afriland First Bank conducted with panache the bond loan of 200 billion CFA francs at the rate of 5.6%, the subscription rate amounted to 120%, for a first attempt, it was a masterstroke for this bank which has become essential in the financial country in Cameroon. In 2017, it increased its capital from 15.8 to 20 billion CFA francs.
Digitalisation
Afriland First Bank’s digital transformation began in 2018, in particular with the development of the Sara digital banking application. A change that has been a resounding success because the bank’s total balance sheet will cross the threshold of 1000 billion CFA francs. In 2019, created Afriland Bourse et Investissement, a subsidiary immediately approved by the Financial Markets Supervisory Commission (Cosumaf) to carry out three main categories of activity, namely structured financing, stock market intermediation and financial engineering. In addition, Afriland First Bank is introducing cash deposit terminals and allowing its customers to carry out their deposit transactions independently and in complete security.
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In 2021 launch the bank expands its pan-African network in Uganda. Currently, it is present in 9 African countries and also has three representative offices in Beijing, Pointe Noire and Paris. The bank continues its territorial network, in the first quarter of 2023 – in particular on March 15 – the bank carried out its very first issue of negotiable debt securities on the securities market of the Bank of Central African States. This inaugural operation relates to negotiable medium-term notes with 7 years of maturity. The amount of 20 billion CFA francs sought from investors was raised without great difficulty.
Afriland First Bank could very successfully complete, according to its managers, the first issue of negotiable debt securities in Central Africa, from the 2nd stage of the operation which will take place in the second half of 2023. In the meantime, the bank is also deploying in the social.
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