Access Bank Breaks Into Cameroonian Market

0

Access Bank has created a subsidiary in Cameroon with an initial capital of about XAF14.5 billion. The new subsidiary’s headquarters will be in Douala, Cameroon’s economic capital.

According to the legal notice published, the administrative board of the subsidiary constitutes seven members with only one Cameroonian

The members of the board include: Patience Melone, Iyabode Soji-Okusanya, Fatai Oladipo, Abraham Aziegbe, Ibukunoluwa Odegbaike, and Elliz Nzo Azu.

Access Bank Plc will be recorded as the 16th commercial bank to operate in the country, thereby joining United Bank of Africa (UBA), in the Cameroonian market.

Price Water House Coopers has also been selected by Access bank to serve as the institution’s external auditor and will operate in the management of current accounts, savings collection, checks payment and credit granting.

Read also: Join APC now, Tinubu orders Atiku

However, the launch of Access Bank Cameroon’s activities in Cameroon is still subject to the issuance, by the Ministry of Finance and the banking commission COBAC, of various legal notices and authorizations to the bank’s shareholders.

Ayear ago, January 15, 2019, Access Bank Plc’s executive director Victor Etokwu announced that apart from the Cameroonian subsidiary, the banking group would create subsidiaries in two other African countries this year.

With this planned addition, the banking group will boast of 18 subsidiaries in Africa

 

Leave a Reply

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.