IFC And Afriland First Bank Partner To Empower SMEs In Cameroon With USD 60 M Boost

Thousands of small businesses in Cameroon are set to gain greater access to financing, thanks to a new partnership between the International Finance Corporation (IFC), a global development institution and Afriland First Bank Cameroon, a player in Cameroon’s financial sector.

The partnership aims to provide up to USD 60 M in funding to help businesses expand, innovate, and create jobs.

With USD 20 M coming from IFC’s own funds and USD 40 M mobilized from other lenders, this initiative is set to bridge the financing gap that has long held back SMEs, particularly those led by women. A key component of the effort is the Women Entrepreneurs Opportunity Facility (WEOF), which will provide performance-based incentives to encourage more lending to women-led businesses.

This partnership goes beyond just financial support. IFC will also provide advisory services to Afriland First Bank, strengthening its ability to serve SMEs by enhancing its risk management framework and developing new financial products tailored to the needs of small businesses. By addressing these structural barriers, the collaboration aims to create a more inclusive and dynamic business environment in Cameroon, giving entrepreneurs the resources and confidence to expand their operations.

Afriland First Bank stands as a leader in Cameroon’s financial sector, with a strong commitment to business financing. As of December 2024, its customer loans totaled CFAF 988.17 B (USD 1.7 B), reflecting its strategic role in economic development within Cameroon and the broader CEMAC sub-region.

The bank offers innovative financial solutions tailored to individuals, institutions, and businesses of all sizes, supported by an extensive network of branches and international correspondents. Recognizing the essential role SMEs play in economic progress, Afriland First Bank has developed specialized mechanisms and platforms to connect businesses in complementary sectors and foster collaboration. Through forums for knowledge-sharing and networking, the bank continues to reinforce its commitment to driving growth and social progress in Cameroon.

For Afriland First Bank, this initiative with IFC aligns with its vision. Célestin Guela Simo, CEO of Afriland First Bank, emphasized the transformative potential of the partnership, highlighting that SMEs are the backbone of Cameroon’s economy. He expressed enthusiasm about working with IFC to scale up financing for small businesses, enabling them to play a larger role in national development.

His sentiments were echoed by Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa, who reaffirmed IFC’s commitment to private sector-led growth. She underscored that empowering SMEs will not only foster innovation but also generate employment and strengthen economic resilience.

The initiative also fits into with IFC’s broader strategy for Cameroon, which focuses on enhancing digital infrastructure, strengthening domestic value chains—particularly in agriculture—and addressing urban infrastructure challenges, including renewable energy solutions. By working to improve the overall business environment, the IFC seeks to accelerate Cameroon’s transition to a more climate-resilient and diversified economy.

IFC, a member of the World Bank Group, is the largest global development institution dedicated to the private sector in emerging markets. It operates in more than 100 countries, leveraging its capital and expertise to create opportunities and drive sustainable economic growth. In the fiscal year 2024, IFC committed a record USD 56 B to private companies and financial institutions, underscoring its role as a key player in global development.

With enhanced financial access and strategic support, this partnership is set to unlock opportunities, fuel business expansion, and build a stronger, more resilient economy for Cameroon.