Paul Fokam’s Afriland Bank signs $57 million deal to boost access to Sharia-compliant financing

Afriland First Bank, Cameroon’s largest lender founded by businessman Paul Fokam, has signed a declaration of intent with the Islamic Corporation for the Development of the Private Sector (ICD) to structure a €50 million ($57.4 million) syndicated financing facility aimed at supporting private sector growth in the country.

The agreement, signed on July 29 in Baku, Azerbaijan, on the sidelines of the Islamic Development Bank Group’s Annual Meetings, marks a new milestone in the partnership between the two institutions. Hervé Ayissi, Deputy General Manager of Afriland First Bank, signed on behalf of the Cameroonian bank.

Expanding access to Islamic finance

The proposed facility is designed to boost access to Sharia-compliant financing and channel additional capital to businesses, particularly small and medium-sized enterprises (SMEs). Target sectors include agriculture, agro-industry, healthcare, manufacturing, and transport, key drivers of Cameroon’s economic activity.

Afriland First Bank said the initiative will enhance financing access, strengthen business competitiveness, and deepen the role of the private sector in economic growth. It also aims to support productive investments that generate value while advancing financial inclusion.

Ayissi described the agreement as a significant achievement, noting that its signing during the Islamic Development Bank Group’s Annual Meetings underscores the bank’s growing recognition within the global Islamic finance ecosystem.

“The fact that Afriland First Bank figures among the institutions selected to conclude agreements with the ICD constitutes a mark of confidence and international recognition of our Islamic finance model,” he said.

He added that the facility would improve the bank’s capacity to mobilize Sharia-compliant resources and scale financing for businesses operating in strategic sectors. The initiative aligns with Cameroon’s National Development Strategy (NDS30), which focuses on accelerating industrialization, economic transformation, and private sector development.

The new arrangement reinforces a partnership that has become a consistent source of capital for private sector investment in Cameroon. Afriland First Bank noted that the continued collaboration reflects sustained confidence from international development finance institutions in its ability to deploy funding effectively across productive sectors.

Building on a strong partnership

Founded in 1987 by Paul Fokam, Afriland First Bank has grown into one of the region’s leading financial institutions, operating 87 branches, 218 ATMs, and 386 electronic payment terminals across Cameroon, serving more than 705,000 customers. It continues to expand with a footprint in nine African countries including the Democratic Republic of Congo, Equatorial Guinea, Liberia, South Sudan, Uganda, and Zambia. 

The €50 million ($57.4 million) facility builds on an existing relationship between Afriland First Bank and the ICD, which has already delivered four financing lines totaling €63 million ($72.4 million). The bank remains Cameroon’s largest financial institution by market presence. As of December 31, 2025, it had mobilized more than CFAF1.2 trillion ($2.1 billion) in funding for private enterprises. Its loan portfolio stood at CFAF1.67 trillion ($2.92 billion), with customer deposits reaching CFAF1.95 trillion ($3.42 billion), while total assets were valued at CFAF2.55 trillion ($4.47 billion).

Headquartered in Jeddah, Saudi Arabia, the ICD is a multilateral development finance institution mandated to promote private sector investment through Islamic finance across its 56 member states. The planned facility highlights the shared commitment of both institutions to expand financing opportunities and support sustainable economic development in Cameroon.