(Business in Cameroon) - The Nigerian banking group Access Bank announced it has obtained the license to open a subsidiary in Cameroon. As part of this new move, a team from Access Bank Cameroon Plc. led by the Country Managing Director, Ibukun Odegbaike, recently paid a courtesy visit to the Minister of Finance Louis-Paul Motazé, at the Ministry of Finance in Yaoundé.

The Managing Director Ibukun Odegbaike was accompanied by Access Bank Cameroon’s Country Deputy Managing Director, Ellis Nzo Asu, and the Head of Financial Control, Armel Fabrice Tchoumbou. The visit was occasioned by the licensing of Access Bank Plc as a Universal Bank in Cameroon,” the bank reported.

Access Bank Cameroon will be headquartered in Douala, the economic capital. Initial capital is about CFA14.5 billion and the Board of Directors has seven members, only one of whom is a Cameroonian national, according to the legal notice published for this purpose. The other members, besides Ibukun Odegbaike, are Patience Melone, Iyabode Soji-Okusanya, Fatai Oladipo, Abraham Aziegbe, Ibukunoluwa Odegbaike and Elliz Nzo Azu.

Created to operate for 99 years, the bank will operate in the management of current accounts, savings collection, payment of checks, granting of credit, etc. Price Water House Coopers will serve as the external auditor. Currently, Access Bank operates through a network of over 735 branches and outlets in 3 continents and 13 countries. It has over 45 million customers.

Sylvain Andzongo