In an exclusive interview with Business in Cameroon (BIC), Henri-Claude Oyima, CEO of BGFIBank Group, discussed how the lender’s subsidiary in the Democratic Republic of Congo (DRC) has been faring since the 2021 hold-up it suffered.

BIC: A few years ago, your DRC subsidiary in the DRC was under the spotlight. How is it faring today, and what are its development prospects in this country of over 100 million inhabitants?

Henri-Claude Oyima: You're nostalgic for the past (laughs). BGFIBank DRC operates in a country we have defined as a growth pole, just like Gabon, the Republic of Congo, Cameroon, and Côte d'Ivoire. In the DRC, we have complied with the $50 million capital adequacy requirement.

We have been expanding in the DRC's major shopping centers, especially in Katanga, Kinshasa, and the Eastern zone on the border with Uganda. So, BGFIBank's subsidiary in the DRC has been operating normally to date. The bank is following its development program, and we will see how things evolve in 2025. 

BIC: You chose Cameroon to announce BGFI Holding's listing on the BVMAC in 2025. Why Cameroon and why 2025?

Henri-Claude Oyima: Cameroon because it houses the BVMAC’s headquarters. 

Also, the day before this ceremony (to inaugurate the headquarters of the Cameroon subsidiary), the BVMAC Board of Directors met. Under our 2025 budget, we gave the institution's Managing Director some goals to drive the stock market’s two segments.

One segment is the bond segment where we launched some issues. This segment is doing very well. Various countries also issue treasury bonds and treasury bills in this segment. 

On the other hand, we discussed the single central depository, currently managed by the Central Bank (BEAC). The BVMAC project involves creating an autonomous company to manage this central depository.

All these projects cannot function efficiently if there are only bonds. We also need listed companies to give more impetus to the equity compartment. That is why we have decided that the main companies in the Cemac zone, including those that are members of the stock exchange's board of directors, must set an example.  

Now, why 2025? BGFI Holding's IPO was announced for 2020. However, COVID-19 happened that year, and my Board of Directors believed there was a better time to proceed. At the time, many people were afraid and there was great uncertainty for investors. We deemed it better for things to calm down before taking on such a major project.

COVID-19 is behind us today, and as we near the end of our five-year "Dynamics 2025" program, we believe this is the perfect time to bring this project to fruition. The main objective is to respond to what the Board of Directors had adopted: going public with a maximum of 10% of capital. This project was well-advanced in 2020, and we intend to resume where we left off then. 

BIC: We're at the end of the 2024 financial year. How would you assess the performance of BGFIBank Group, which posted net income of FCFA 96 billion in 2023, a 55% year-on-year increase?

Henri-Claude Oyima: The financial statements for 2024 will be finalized next March. Regarding figures, we are well on track to achieve a balance sheet total of CFA6,000 billion this year and a consolidated net profit of CFA130 billion.  

Extract from an Interview by Baudouin Enama, Business in Cameroon