Africaland First Bank, the financial services group founded by Cameroonian businessman Paul Fokam, has surpassed a milestone not achieved by most lenders in Central Africa. The Yaounde-based bank reported total assets of CFA 2,032 billion ($3.6 billion) at the end of 2024, exceeding the CFA 2 trillion mark for the first time and reflecting the bank’s position in the region.
According to the bank’s latest statistics, its asset base increased by 9.3% year-on-year. Revenues also trended in a similar direction. Net profit increased to 28.59 billion CFA francs ($50.75 million), while banking net profit increased to 126.22 billion CFA francs ($224.07 million), reflecting increased activity across its core businesses.
Much of that growth was driven by customers. Deposits rose by 10.1% to CHF1,562.35 billion (approximately $2.77 billion), indicating increased confidence among households and businesses at a time when many economies in the region are under strain. In contrast, lending declined slightly. Loan balances fell by 1.7% to 1.22 trillion francs (about $2.16 billion), a move the bank said reflected a cautious attitude toward credit and close attention to risk.
Africa Rand expands African banking footprint
Founded by Focum in 1987, First Bank of Africaland has steadily expanded beyond Cameroon. It currently operates in nine African countries, including the Democratic Republic of the Congo, Equatorial Guinea, Liberia, South Sudan and Uganda. The group operates 87 branches, 218 ATMs and 386 electronic payment terminals, serving more than 705,000 customers across its network.
Digital banking has become a central part of that expansion. Afriland has invested heavily in electronic channels to facilitate access to day-to-day services, especially in markets where branch coverage remains limited. Focum has often argued that locally owned banks have a responsibility to support the country’s economic growth. The bank said it funneled approximately $2.7 billion into the local economy through loans and other financial activities in 2023 alone.
Africa Rand First Bank is preparing for an expansion phase. In October 2025, it received approval from the Central African Banking Commission (Kovac) to open a branch under the CEMAC single license system. The approval allows Cameroon’s largest financier to enter the Congo, Central African Republic and Chad markets, which it has long targeted, to finance industrial projects. Africaland has expressed interest in Chad from 2022.
Growth extends to banks, small businesses and agriculture
The move marks the bank’s return to expansion within Central Africa after pulling out of Equatorial Guinea several years ago. Under the single license system, new branches can later be upgraded to full subsidiaries, helping to deepen cross-border banking relationships within the region.
Afriland is strengthening its role in development finance beyond personal and corporate banking. In April, it partnered with the International Finance Corporation to expand lending to small and medium-sized businesses in Cameroon, allocating up to $60 million to businesses struggling to secure credit, including women-led businesses.
The bank is also involved in large-scale regional projects, including a $1.2 billion agreement between the Central African Republic and India’s Mahasakti Group to develop 30,000 hectares of sugarcane and cassava, which is expected to boost agriculture and energy production.
