(Business in Cameroon) – BGFIBank Cameroon has entered a strategic alliance with the Youth Entrepreneurs Guarantee Fund (Fogajeune). The subsidiary of the Gabon-based banking group inked a partnership agreement with the Ministry of Youth and Civic Education on April 24th, introducing two key mechanisms to nurture young business owners: the “Direct Financing Desk” and the “Guarantee Desk.”
The Direct Financing Desk offers funding to young entrepreneurs in line with the conditions of the Special Three-Year Youth Plan. They can access amounts up to CFA25 million at favorable rates of either 0% or 8%. On the other hand, the Guarantee Desk, capped at CFA100 million, provides an avenue for young Cameroonians in business for a minimum of three years, as well as those in the diaspora engaged in joint ventures with local citizens. This initiative enables them to tap into substantial funding for expanding their enterprises through a loan guarantee mechanism established with BGFIBank’s local branch.
This move aligns seamlessly with BGFIBank Cameroon’s overarching mission to foster entrepreneurship and drive the growth of youthful enterprises across the nation. Abakal Mahamat, the bank’s Managing Director, emphasizes their unwavering commitment to entrepreneurial advancement. He highlights their ongoing support for emerging businesses, particularly during the peak of the health crisis, and their recent focus on empowering women entrepreneurs in sectors like cosmetics and agribusiness.
By partnering with Fogajeune, BGFIBank Cameroon aims to solidify its position as a pivotal private sector ally in Cameroon while reaffirming its dedication to innovation and job creation. As part of its 2025 business strategy, the bank aspires to rank among the top two financial institutions in the country concerning substantial private and public financing. To achieve this ambitious target, they rely on operational optimization, financial innovation, and an enhanced customer experience.
With a robust financial standing showcased by a notable increase in total balance sheet figures to CFA594 billion in 2023 from CFA491 billion in 2022, BGFIBank Cameroon is poised to play a key role in fostering entrepreneurship and driving economic growth in Cameroon.
Fogajeune, spearheaded by the government, serves as a strategic and practical initiative to bolster youth entrepreneurship in Cameroon. Tailored to meet the specific needs of project developers and young enterprises, it acts as a facilitator by providing the necessary guarantee to mobilize capital in financial markets or secure funding from traditional banks. By extending this guarantee, Fogajeune actively encourages banks to support innovative projects across critical sectors such as agriculture, digital economy, industry/craftsmanship, and technological innovation, all in line with the priorities set forth by the government to stimulate economic growth and foster job creation.
