Afriland First Bank and Visa on Wednesday signed a three-year strategic “Growth Agreement” aimed at accelerating digital payments and expanding financial inclusion in Cameroon.
The agreement, concluded at the Maison de la First Bank in Yaoundé on March 11, represents the first standalone partnership of its kind between Visa and a local Cameroonian bank. It is designed to support the development of modern, secure, and accessible payment solutions while encouraging wider adoption of electronic payments across the country.
Under the partnership, Visa’s global digital payments infrastructure will be combined with Afriland First Bank’s local banking network to expand access to financial services for households, businesses, and public institutions.
Hervé Ayissi, Deputy Director General of Afriland First Bank, said the agreement addresses structural challenges in Cameroon’s financial system, particularly the heavy reliance on cash. The country’s banking penetration stands at around 20 percent, and including microfinance and mobile money services, overall financial inclusion is estimated at 35 to 45 percent.
“Many citizens, young entrepreneurs, companies and artisans remain outside the formal financial system. This agreement supports our goal as a leading bank to bring more people into banking,” Ayissi said.
Cash continues to dominate daily transactions across markets, retail trade, transport, and local services. Experts cited during the ceremony estimate that 90 to 95 percent of daily payments in Cameroon are conducted in cash, with cash representing more than 80 percent of the total value of transactions. The informal sector, which contributes roughly 70 percent of the country’s gross domestic product, remains largely unbanked and under-served by electronic payment systems.
The partnership will provide technical and financial support to expand digital payment solutions, making banking more accessible nationwide. “This convention will reduce the cost of access to banking services and provide digital solutions that allow individuals wherever they are in the country to operate within the banking environment,” Ayissi said. He added that the collaboration also aims to gradually reduce cash dependency while improving transaction security and financial traceability.
Inès Amani, Regional Director for Central Africa at Visa, described Cameroon as a priority market for the company, citing the country’s entrepreneurial activity and growing adoption of digital financial services. “Working with Afriland First Bank is strategic because it allows us to accelerate the digital payments agenda and provide secure and simple solutions to consumers, businesses, and public institutions,” Amani said.
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The partnership also supports Afriland First Bank’s Horizon 2030 digital transformation strategy. Célestin Guela Simo, CEO of Afriland First Bank, said the agreement is a key step in modernising financial services and fostering national economic development.
“This strategic partnership with Visa constitutes an important milestone in the implementation of our digital transformation strategy. It aligns with our ambition to build a more inclusive, more digitalised, and more competitive financial system,” Guela Simo said.
The collaboration is expected to drive greater adoption of electronic payments in Cameroon, reduce reliance on cash, and strengthen financial inclusion, particularly in rural areas and among previously unbanked populations. By leveraging digital technology, the partnership aims to support the country’s economic growth while enhancing access to safe and efficient banking services.
