(Business in Cameroon) - On April 28, 2020, Alexis Megudjou, previously Deputy Managing Director of CCA Bank, was appointed Managing Director of the said banking institution operating in Cameroon since its licensing in May 2018.

According to CCA Bank, per the regulations in force, work is underway to obtain a new license that will enable the new appointee to perform his new duties. Alexis Megudjou replaces Charlotte Chekep Kouecheu, who has officially "reached the end of her term."

A well-known manager of Community Credit Africa (CCA), the microfinance institution that became CCA Bank, Alexis Megudjou inherits a fast-growing credit institution. In late May 2019, one year after its mutation from a microfinance institution into a bank, CCA Bank posted a 20% increase in deposits.

Overall, the deposits recorded by the newest bank in the Cameroonian ecosystem rose from XAF174.3 billion in May 2018 to XAF209.3 billion at end-May 2019. Following the same trend, credits rose by 35% year-over-year, up from XAF79.5 to XAF107.3 billion.

"Although the number of ATMs and branches have not changed, it should be noted that despite the great performance achieved in financing the economy, CCA-Bank closed its 12^th month of activity with an impressive over liquidity, with a cash/deposit ratio of 51% as of May 31, 2019," the bank said.

BRM