logoBC
Yaoundé - 02 April 2020 -
Finance

Nigerian Access Bank enters the Cameroonian market

Nigerian Access Bank enters the Cameroonian market
  • Comments   -   Tuesday, 14 January 2020 12:40

(Business in Cameroon) - Nigerian banking group Access Bank just created a subsidiary in Cameroon. With an initial capital of about XAF14.5 billion, the new subsidiary’s headquarters will be in Douala, Cameroon’s economic capital.  

The administrative board of this subsidiary is constituted of seven members with only one Cameroonian, the legal notice published for the creation indicates. These members are Patience Melone, Iyabode Soji-Okusanya, Fatai Oladipo, Abraham Aziegbe, Ibukunoluwa Odegbaike, and Elliz Nzo Azu.

Created for a duration of 99 years, the bank has chosen Price Water House Coopers as its external auditor and will operate in the management of current accounts, savings collection, checks payment and credit granting.

As required by the rules in force, the launch of Access Bank Cameroon’s activities in Cameroon is still subject to the issuance, by the Ministry of Finance and the banking commission COBAC, of various legal notices and authorizations to the bank’s shareholders.

If it succeeds in launching its subsidiary in Cameroon, Access Bank Plc will become the 16th commercial bank to operate in the country and will meet one of its compatriots, United Bank of Africa (UBA), on that market. Let’s note that it is entering the Cameroonian market some years after the departure of another Nigerian group, Oceanic Bank International namely.

Some years ago, Oceanic Bank International took over 54.5% of Union Bank of Cameroon’s (UBC) assets saving it from bankruptcy. However, in 2011, Ecobank had to buy Oceanic Bank International’s assets in UBC, which is a well-rooted bank in the Anglophone regions of Cameroon.

Let’s note that last January 15, 2019, Access Bank Plc’s executive director Victor Etokwu announced that apart from the Cameroonian subsidiary, the banking group would create subsidiaries in two other African countries this year. The banking group will then have 18 subsidiaries in Africa.

cameroon-launches-campaign-for-its-xaf220-bln-fundraising-operation
Today April 1st, Cameroon launched a campaign for its XAF220 billion fundraising operation via bond issuance. On various media, the Ministry of Finance,...
external-debt-cancellation-cameroon-could-be-relieved-of-xaf6-650-bln-of-debt
At the end of the 3rd extraordinary meeting of the steering committee of the CEMAC Economic and Financial Reforms Programme (Pref-Cemac), CEMAC Ministers...
cameroon-targets-98-financial-inclusion-with-the-national-payment-switch
Substantially increase financial inclusion from the current 40% to 98%, which is the mobile penetration rate in Cameroon. This is one of the objectives of...
covid-19-cemac-countries-invited-to-postpone-implementation-of-any-new-corporate-taxation-measure-to-2021
The Ministers of Finance and Economy of the CEMAC region discussed the "economic and financial impacts of Covid-19 on CEMAC's economies and outline of...

Mags frontpage


Business in Cameroon n85: March 2020

Minim Martap«It might be the best bauxite ever at the moment»


The necessary reform of Cameroonian public firms


Investir au Cameroun n95 Mars 2020

Minim Martap« Peut-être la meilleure bauxite au monde à ce jour »


La nécessaire réforme des entreprises publiques camerounaises