[ACCI-CAVIE] In January 2020, the Nigerian banker Access Bank announced the creation of a subsidiary in Cameroon. However, the exercise of its activities was still subject to obtaining certain regulatory approvals. This issue is closely monitored by the African Centre for Competitive Intelligence analysts.
The Nigerian group Access Bank announced that it has obtained its license to operate as a bank in Cameroon. It should therefore become the 16th bank in the country.
According to information from the bank, a delegation from Access Bank Cameroon Plc, led by its managing director, Ibukun Odegbaike, went to Yaoundé during the week of March 21 to meet with Louis Paul Motazé, the Cameroonian Minister of Finance.
“Mrs. Ibukun Odegbaike was accompanied by Mr. Ellis Nzo and Mr. Armel Fabrice Tchoumbou, respectively Deputy General Manager and Financial Director. This visit follows the approval of Access Bank Plc to operate as a universal bank in Cameroon,” says the bank.
With an initial capital of nearly 14.5 billion FCFA, Access Bank Cameroon will be headquartered in Douala, the country’s economic capital.
Created for a period of 99 years, the bank will operate in the management of current accounts, the collection of savings, the payment of checks, the granting of credit, etc. It has chosen PricewaterhouseCoopers as its external auditor. Currently, Access Bank operates through a network of more than 735 branches and outlets in 13 countries across continents. It has more than 45 million customers.
By Sylvain Andzongo