(Business in Cameroon) – Afriland First Bank is taking a significant step in expanding its presence in West Africa. Through its holding company in Togo, Afriland has invested CFA26 billion to establish a new bank in Mali. The financial group has submitted its application for authorization and expects to receive approval by the end of 2024.
“Everything is almost finalized. The company has already been created and registered. We’re just waiting for the official go-ahead,” said a source within the bank.
The Mali venture is spearheaded by Afriland First Holding (AFH), the group’s new investment arm. AFH was founded by Cameroonian billionaire Paul Kammogne Fokam and plays a key role in driving the bank’s West African expansion.
“This is the most advanced project under AFH’s portfolio,” shared a source close to Fokam.
This new branch in Mali is just the beginning. Afriland aims to strengthen its footprint across West Africa, with AFH taking the lead in this ambitious growth plan.
Afriland’s expansion efforts are deeply tied to Togo, where AFH was established in 2022. For the first time, the group has set up a holding company outside Europe and Switzerland. Explaining the decision, Paul Kammogne Fokam highlighted Togo’s favorable business environment. “The vision of Togo’s President to make the country a hub for wealth creation influenced our choice,” Fokam said after meeting President Essozimna Gnassingbé on November 1.
Beyond Togo’s business-friendly climate, its strategic location makes it a key investment hub. Lomé is now Afriland’s second major operational base after Geneva.
Afriland’s expansion comes as West Africa undergoes significant socio-political and economic changes. The formation of the Sahel States Alliance (AES) by Mali, Burkina Faso, and Niger has disrupted the region’s traditional dynamics.
Political and security concerns aside, monetary tensions between AES members and the Economic Community of West African States (ECOWAS) have created uncertainty. AES has even hinted at creating its own currency, which could reshape the financial ecosystem of the region. Afriland’s move reflects a strategic response to these shifts. With Lomé positioned as a neutral and business-friendly hub, the bank is well-placed to navigate the evolving landscape.
“Togo has become a vital bridge, maintaining strong relations with both AES member states and other ECOWAS nations,” noted analysts close to Fokam.
Afriland’s bold investment in Mali and its strategic positioning in Togo demonstrate its commitment to adapting to West Africa’s changing dynamics and seizing new opportunities.
