FRANCOPHONE AFRICA | Fully-Licensed Digital-First Cameroonian Banking Platform, Azamra, Sets Sights on Expanding Lending Services via Stablecoins

Azamra Finance Technologies, a U.S.-headquartered digital financial services company, is looking to expand services in Cameroon to enhance lending opportunities for micro, small, and medium-sized enterprises (MSMEs) as well as informal sector workers.

The firm seeks to offer flexible financing solutions in a country where access to credit is restricted by stringent banking regulations.

Key Takeaways

• Azamra already operates as a licensed digital-first banking platform in Central Africa providing digital banking products such as lending, deposits, digital wallets and diaspora invest.
• Azamra transactions are completed via apps and website with a small number of branches and kiosks available primarily for cash transactions and the establishment of new accounts.
• Azamra is a fully-licensed digital first banking platform based in Cameroon
• Azmra is authorized by the Central African Banking Commission to operate in 6 African countries (Cameroon, Gabon, Chad, Congo, Republic of Central Equatorial Guinea)

Azamra leverages blockchain technology to enhance transaction security and lower costs. It also utilizes stablecoins, backed by traditional currencies, to streamline cross-border payments. The company believes this approach can boost transparency and efficiency within Cameroon’s financial ecosystem.

Azamra already operates as a licensed digital-first banking platform in Central Africa providing digital banking products such as lending, deposits, digital wallets and diaspora invest. Transactions are completed via apps and website with a small number of branches and kiosks available primarily for cash transactions and the establishment of new accounts.


In terms of regulation, Azamra is:

• A fully-licensed digital first banking platform based in Cameroon
• Authorized by the Central African Banking Commission to operate in 6 African countries (Cameroon, Gabon, Chad, Congo, Republic of Central Equatorial Guinea)

Azamra was founded through the acquisition of Les Mutuelles Camerounaises d’Epargne et du Crédit (MUCADEC), a microfinance bank originally established by Crédit Mutuel de France – one of France’s largest financial institutions – in 2009 and licensed in 2011. MUCADEC was subsequently recapitalized, strengthened, and rebranded as Azamra.


Cameroon’s financial sector is still developing, with nearly 60% of adults in the Central African Economic and Monetary Community (CEMAC) region unbanked, according to Banque des États de l’Afrique Centrale (BEAC), or the Bank of Central African States. Many MSMEs face difficulties obtaining loans due to high collateral demands and a lack of trust in traditional banks.

According to data from 2022, only 24.3% of adults in the CEMAC region had bank accounts:

• Benin is the undisputed leader in terms of bank penetration, with an estimated 35.7%, followed by
• Côte d’Ivoire and Togo (both close to 30%)
• Mali (24%)
• Senegal (22.5%), and
• Niger at around 8.7%

Fintech companies are stepping in to bridge this credit gap by introducing alternative lending models, notably Gozem, which raised $30 million in Series B funding to support its growth across West and Central Africa.

In early August 2024, pproximately 90 banks and financial institutions adopted a groundbreaking instant payment system in the West African Economic and Monetary Union (WAEMU). The initiative aims to provide round-the-clock payment processing across the 8 WAEMU countries with the goal of opening up financial services to the public in the region.

Azamra’s expansion aligns with Africa’s broader push toward digital financial services driven by the rise of mobile money and blockchain solutions. However, adoption remains a challenge as cash continues to dominate transactions in Cameroon.

According to the bank, it is also proceeding with plans to be licensed in Ivory Coast & Hong Kong to enable trade between Africa and Asia.