• Visa and Afriland First Bank signed a strategic agreement to expand electronic payments in Cameroon.
• The partnership aims to support financial inclusion and accelerate the adoption of digital payment tools.
• Cameroon’s low banking rate and limited payment infrastructure highlight the market’s growth potential.

Global payments company Visa and Cameroon’s Afriland First Bank signed a strategic agreement in Yaoundé on March 11 aimed at accelerating financial inclusion and expanding electronic payments in the country.

The partnership, called a “Growth Agreement,” is presented by both institutions as the first standalone agreement of this kind between Visa and a local bank in Cameroon. The goal is to broaden access to modern, secure, and accessible payment solutions for consumers and businesses.

Through the agreement, Visa and Afriland First Bank plan to deepen their collaboration to support the Cameroonian bank’s commercial strategy and strengthen its position in a payment market undergoing rapid change. For Visa, partnering with one of the country’s largest banking institutions also offers an opportunity to expand its footprint in a market with strong growth potential.

Inès Amani, Visa’s regional director for the CEMAC region, said the agreement reflects a shared vision between the two institutions to promote more modern, secure, and inclusive payment systems tailored to local needs.

Expanding the Digital Payments Ecosystem

According to Ismahill Diaby, Visa’s vice president and general manager for Francophone and Lusophone West and Central Africa, the agreement aims to strengthen Cameroon’s digital payments ecosystem.

Working together, the two partners plan to drive innovation, expand access to secure digital payment solutions, and support Afriland’s long-term growth strategy in a rapidly evolving financial market.

By leveraging Afriland First Bank’s network and customer base, Visa hopes to accelerate the adoption of its payment technologies and reinforce its presence in the country’s financial ecosystem. For the bank, the partnership is presented as a tool to advance financial inclusion and accelerate the digital transformation of its services.

Ayissi Dieudonné Hervé, deputy chief executive officer of Afriland First Bank, said the alliance reflects the bank’s commitment to expanding access to formal financial services. Any solution that helps bring more citizens into the formal banking system will receive the bank’s support, he said, adding that the partnership should strengthen Afriland’s contribution to widening financial access in Cameroon.

A Market With Significant Room to Grow

The initiative also fits within Afriland’s Horizon 2030 strategic plan, which places digitalization at the center of the bank’s transformation and customer experience strategy.

It comes at a time when banking penetration in Cameroon remains relatively low. According to the Professional Association of Credit Institutions of Cameroon, the country’s banking rate stands at about 28%.

The potential for growth remains significant. A 2023 report by the central bank shows that Cameroon has only 1,739 electronic payment terminals for about 1.4 million bank cards in circulation, alongside 24.86 million mobile money accounts nationwide.

This gap between the rapid growth of mobile wallets and the limited electronic payment infrastructure highlights the challenge for banks and international payment providers: better connecting digital usage to formal payment networks.

Amina Malloum