Kenya’s Equity Bank has unveiled plans to invest in Cameroon as part of its expansion scheme, which would allow it reach out to other African countries. With investment in several subsidiary companies in Uganda, Tanzania, Rwanda and South Sudan, the Kenyan bank has said it would open offices in ten other countries on the continent.
To successfully implement this operation, Equity Bank plans to invest about 1,298 billion CFA francs, the first phase of which will require 909 billion CFAR francs. The Bank also intends to enter the Central African market through the Democratic Republic of Congo (DRC), a country which is part of the first phase of the bank’s expansion program, while Cameroon is scheduled for the third phase.
For the past few years, Cameroon’s banking market has been increasingly attracting investors, including Ecobank, UBA, Attijariwaffa Bank and Atlantique Bank.