EBID, Afriland First Bank sign $17.7 million deal to support SMEs in Côte d’Ivoire  

The ECOWAS Bank for Investment and Development (EBID) and Afriland First Bank Côte d’Ivoire S.A., a banking unit of the Afriland First Group founded by Cameroonian banker Paul Fokam, have signed a 10 billion CFA francs ($17.7 million) financing agreement aimed at expanding credit access for small and mid-sized businesses in Côte d’Ivoire. 

The agreement was concluded on May 20, 2026, at EBID’s headquarters in Lomé, Togo. It is designed to ease funding pressures facing micro, small and medium-sized enterprises (MSMEs) and mid-sized firms across sectors that remain central to the Ivorian economy.

Financing aimed at real economy sectors 

Under the facility, funds will be deployed to businesses operating in health care, education, agro-industry, manufacturing, trade, construction, services and technology. The focus, both institutions said, is to support companies that typically face limited access to long-term credit despite their role in employment and domestic production. 

The financing is expected to help firms expand operations, improve working capital positions and invest in equipment and productivity upgrades. It also targets stronger integration of local suppliers into regional value chains across West Africa. 

Rather than broad corporate lending, the structure is intended to support smaller firms with tailored credit lines that reflect the uneven access to finance across the region’s private sector.

Officials highlight private sector role in growth 

Speaking at the signing ceremony, President and Chairman of the Board of Directors of EBID George Agyekum Donkor said the agreement reflects the lender’s focus on private sector development as a driver of regional growth. 

He said EBID is prioritizing financing that supports job creation and helps firms scale operations in ways that strengthen long-term competitiveness across West Africa. 

Afriland First Bank Côte d’Ivoire Managing Director Christian Fogaing Kammogne said the credit line will allow the bank to expand its support for small and mid-sized enterprises, which remain central to economic activity in Côte d’Ivoire. 

He added that the partnership aligns with efforts to widen financial access for businesses that often operate outside traditional lending structures, particularly in agriculture-linked services and trade.

Broader development and regional integration goals 

Beyond direct lending, the facility is expected to support broader economic outcomes, including job creation, business expansion and stronger supply chains within Côte d’Ivoire and the wider ECOWAS region. 

The initiative also fits within EBID’s Growth, Resilience and Optimisation (GRO) strategy, which focuses on channeling capital toward projects that support industrial activity, diversification and cross-border trade within West Africa. 

Officials said the approach reflects a continued shift toward financing that prioritizes measurable economic impact rather than solely balance-sheet expansion.

Afriland First Bank’s footprint and structure 

Afriland First Bank was founded in 1987 by Cameroonian banker Paul Fokam and has expanded across multiple African markets, including Equatorial Guinea, Côte d’Ivoire, Liberia, South Sudan, Uganda and Zambia. The group operates 87,000 branches and serves a customer base of more than 700,000 clients across the continent. 

Afriland First Bank in 2025 partnered with IFC to unlock $60 million in SME funding in Cameroon.

Afriland First Bank Côte d’Ivoire has expanded its presence in the country since entering the market in the early 2000s, building on acquisitions and partnerships that strengthened its position in the domestic banking sector.

The lender has increasingly focused on SME financing, agriculture-linked lending and digital banking channels as part of its broader growth strategy in West Africa.

The bank has also expanded its SME financing activities through partnerships with international development institutions. In 2025, Afriland First Bank worked with the International Finance Corporation to unlock $60 million in lending for small businesses in Cameroon, reinforcing its broader regional strategy.

Christian Kammogne Fogaing, son of founder Paul K. Fokam, heads the Côte d’Ivoire unit, overseeing commercial strategy and SME-focused lending operations.

Institutional Background 

EBID is the financial arm of the Economic Community of West African States. Headquartered in Lomé, it provides financing for both public and private sector projects across its 15 member countries, with a focus on infrastructure, industrial development and regional integration. 

The latest agreement forms part of its broader strategy to deploy capital toward high-impact sectors that support regional trade, job creation and economic diversification across West Africa.