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First Bank and the Cameroon Road Transporters Union (GTTC) signed a cooperation agreement at a ceremony held in Douala on February 8, 2023. This marks a milestone in the historic relationship between the bank and the transport sector in Cameroon.

The signing ceremony of the cooperation agreement was attended by members of the GTTC, partners, industry stakeholders, business leaders and customers. The Deputy General Manager of First Bank underlined the importance of the transport sector for the Cameroonian economy and the bank's willingness to support transporters by offering them financing solutions tailored to their needs.

In 2002, Afriland First Bank launched the leasing mechanism, a financing technique that is aimed at both individuals and companies. This technique consists of the acquisition, on behalf of and for the benefit of the First Bank client, of a tangible asset, generally equipment, appliances and, in the case of transport, rolling stock (tractor, trailer, etc.), in return for the payment of a permanent rent and a transfer value at the end of the term.

The DGM of First Bank underlined that the bank has been the leader in the leasing market in Cameroon for the past three years and, according to the statistics of the last banking year, as at 30 November 2022, represented 56% of the shares. The outstanding leasing supported by the transport industry is CFAF 25 billion, representing about 35% of the total portfolio of industries financed worth CFAF 72 billion.

The signing of this agreement marks the materialisation of a long-standing partnership between First Bank and the GTTC. The DGM expressed the hope that the entry into force of this agreement will meet the expectations of transporters in Cameroon and further promote leasing as an effective financing technique.

Transporters will thus be able to benefit from financing solutions adapted to their needs, to support their activities and contribute to the growth of the Cameroonian economy. This agreement reflects First Bank's commitment to support transporters in Cameroon and to promote leasing as an effective financing technique. After all, this is how the bank wants to strengthen its leading position in the leasing market and promote leasing as an efficient financing technique.

Finally, it is important to stress that this partnership agreement aims at strengthening the ties between First Bank and GTTC, but also at promoting the economic development of Cameroon. By offering adapted financing solutions to transporters, the bank contributes to the growth of the transport sector and therefore to the national economy as a whole.

In summary, the signing of this partnership agreement between First Bank and GTTC is an important step in the historical relationship between these two institutions. Afriland First Bank, the leading leasing company in Cameroon, remains committed to supporting transport sector actors by offering them financing solutions adapted to their needs.

Source : Cameroon Magazine