businessincameroon.com

The rush for African banks in Cameroon continues with the installation of four new banks by the end of this year.

By Achille Mbog Pibasso, Douala

The banking sector in Cameroon is the subject of a real interest. After a difficult period in the early 2000s, marked by a profound restructuring, now appears to be a period of great enthusiasm from the banking institutions. These are national, African and Western, especially French.
However, the most outstanding penetration is the one of the African banks. Besides the four mainland banks already present in Cameroon in less than ten years, namely Ecobank, UBA, Attijariwafa and Bank Atlantic, four new banks should adjust them by the end of the year, according to sources close to the Banking Commission of Central Africa (COBAC).
These include the Gabonese bank and the Franco-Gabonese BGFI Bank, whose approval for opening a branch in Douala has already been given. This financial institution, which belongs among others to Pascaline Bongo, the daughter of Gabonese President Omar Bongo Ondimba which died last June on 8th, has high ambitions for Cameroon and the sub-region. Its development plan would include an expansion into other cities from the main office in Douala, a real locomotive in the light of the dynamism of the economic capital of Cameroon, which concentrates more than one third of the resources of the Economic and Monetary Community of Central Africa (CEMAC).

Diversity

Two Nigerian banks are also announced for next months. Intercontinental Bank of Nigeria, which ranks among the top five banks in Nigeria and which CEO Chris Alabi has recently completed a visit to Cameroon to increase awareness among authorities and business community. These exchanges were also intended to seek local partners to enter the capital of the bank, whose short-term goal, according to its director, is to cover at least the second place nationally in Nigeria.
Another Nigerian bank, which could be the third to move to Cameroon at some point in the next two years, is Oceanic Bank. Very well installed in Eastern Nigeria, bordering Cameroon, the bank would also be interested in taking over the Cameroonian bank First Trust Savings and Loans. The premises of the former bank, located in the heart of business district Akwa, in Douala, would house the headquarters of Oceanic Bank.
Both banks are appearing after the installation, two years ago, of the Union Bank of Africa (UBA), which already has a dozen branches across the country, including four only in Douala. Last arrival expected is the South African one, Skye. The file should be completed this July, assures us COBAC.
The arrival of these new African banks expands the competitiveness of the Cameroonian market.