Afriland First Bank, sets up shop in Kampala, Hamadou Bayo to be its CEO

Following a license to operate a commercial bank, on September 12th, 2019 Afriland First Bank has set up its offices in Kampala.

The offices are located on Buganda Road in the city centre.

CEO East Africa understands that a Mr Hamadou Bayo, a Cameroonian and the bank’s former Managing Director in Liberia has been appointed as its first Managing Director. 

“Our new commercial banking license in Uganda will enable us to offer universal banking services to a various range of clients, be they Individuals, Corporate or Institutions,” reads a statement posted on the group’s website.

“Afriland First Bank Uganda will remain faithful to the group’s philosophy of action: the Pact of Success. Dear Ugandans, we are committed to guaranteeing the success of your business by bringing not only the financing but also experience and necessary support to turn your ideas into reality,” further said the statement.

Afriland First Bank opened its doors in Cameroon in 1987, under the name “Caisse Commune d’Epargne et d’Investissement” (CCEI). On 21st March 1994 the bank then changed names to CCEI Bank and again rebranded on 1st January 2002 to become Afriland First Bank.  

The bank is a full-service bank in Cameroon, with subsidiaries in the Democratic Republic of the Congo, Equatorial Guinea, Guinea, Liberia, South Sudan, São Tomé and Príncipe, Zambia and Uganda.  

The bank as at end of December 2016, was valued at €2.98 billion. It was founded by Paul Fokam Kammogne, a Cameroonian billionaire, who still remains it Chairman and CEO.

Uganda has not had a green-field banking operation since 2014 when Commercial Bank of Africa set up shop.

Afriland First Bank, joins a largely top-heavy industry where more than 80% of the industry assets and profits are concentrated amongst the top 10 banks. Due to the nature of the industry, it has taken new banks banks up to between 8 and 10 years to become profitable.