Africa > Central Africa > Cameroon > Bank of Africa to begin operations in Cameroon

Cameroon: Bank of Africa to begin operations in Cameroon

2016/01/11

The Pan-African banking group, Bank of Africa (BOA) could begin operations in Cameroon in the next few weeks, its application for authorization to open a subsidiary in the major economy of Central Africa being on the “right track”, the Cameroonian Ministry of Finance announced on Tuesday.

This will be so, the successful development of an application for authorization submitted in 2014 to the national monetary authority and the Central African Banking Commission (COBAC) as well, which is the regulator of the banking sector in this part of the continent.

According to reliable sources, this is a step by BOA in creating a new bank with a capital of 10 billion CFA francs, in which it will be the major shareholder with 76 %, as the other remaining 24 % being open to partners who include Cameroonian investors.

Upon registration in the commercial register and BOA West Africa property lending, the holding company which controls the operation said it had purchased 760,000 shares with a par price of 10,000 francs CFA in the new institution under construction, through the reclassification to the position of equity securities and the payment of the capital of Cameroon BOA.

With this initiative, the group controlled by the Moroccan Bank Group of Foreign Trade (BMCE), intends to get a foothold in central Africa from Cameroon.

This will be the third Moroccan banking group to settle in Cameroon, next Attijariwafa Bank which has as a local subsidiary, Société commerciale de banque (SCB) and Banque Centrale Populaire, owner of Atlantic Bank.

Related Articles

South Africa plays an active role in the AU
2017/07/17 Absence of Zuma and Ramaphosa raises eyebrows, quoted Liesl Louw-Vaudran, a consultant at the Institute of Security Studies (ISS), who said South Africa was “ceding power to other players on the continent, such as Rwanda’s President Paul Kagame and the current AU chairperson President Alpha Condé of Guinea”.
Africa: How to Adapt to Beat Crippling Droughts
2017/07/17 Right presently, 14 million people across southern Africa face going hungry due to the prolonged drought brought on by the strongest El Niño in 50 years. South Africa will import half of its maize and in Zimbabwe as a lot of as 75 % of crops have been abandoned in the worst-hit areas. With extreme weather, such as failed rains, and drought projected to become additional likely as a result of climate change, some farmers are by presently taking matters into their own hands, and pro-actively diversifying the crops they grow.
Africa: Expanded Engagement for Caterpillar - Boosting Sales & Alleviating Poverty
2017/07/16 A strong signal of growing business engagement with Africa by large U.S. corporations was the announcement last September by Caterpillar CEO Doug Oberhelman of plans to invest over $1 billion in Africa over the next five years. Caterpillar is not a new-comer, having begun doing business on the continent in 1926. At last month's U.S.-Africa Business Summit in Washington, DC, David Picard, Caterpillar's regional manager for Africa and the Middle East, described some of the steps that have been taken since last year's announcement. He as well talked about the challenges and opportunities he sees, inclunding Nigeria, where the company has operated since 1948. He was interviewed by AllAfrica's Noluthando Crockett-Ntonga and Ladi Olorunyomi from Premium Times in Nigeria. The interview has been edited for clarity and length.
WHO Africa Health Forum App Leads the Way
2017/07/16 You can meet the majority interesting people at conferences. If you can make your way through the sea of people to get to them. The initial Africa Health Forum organised by the World Health Organisation African region was no different - hundreds and hundreds of enthusiastic participants filling the Kigali Convention Centre in Rwanda, determined to find their way to universal healthcare (UHC) on the continent. The forum promised to examine WHO AFRO's vision for health and development across the continent, explore concrete ways for partners to contribute to the work of the organization, meet the challenges that young people face, and provide a platform to talk about innovative strategies for the public health challenges that Africa just can't seem to shake.
Africa: 'Market Information Gap Threatens U.S.$400 Billion Intra-Africa Trade'
2017/07/14 Access to data across African economies, which has been hindered by the fragmented nature of the respective markets, is currently threatening a $400 billion intra-Africa trade potential. Africa Export-Import Bank (Afreximbank) said the present transactions price at $170 billion remained their due to wide gap in market data, which presently needs to be closed to foster accelerated trade integration. Meanwhile, the size of intra-African trade could be doubled from the current level of about $170 billion per year to almost $400 billion by addressing the issue of availability of market data on the continent.