The pan-African guarantee fund’s first CEO Felix BIKPO will transition to Board Chairman and Deputy CEO Jules NGANKAM appointed as Acting Chief Executive Officer
July 8, 2020
|Mr. NGANKAM joined the Company in 2013 as Chief Finance Officer and was appointed Deputy Chief Executive Officer by the Board on 20 April 2017.|
After a 9-year tenor since the founding of African Guarantee Fund for Small and Medium-sized Enterprises (AGF), Group Chief Executive Officer Felix BIKPO decided to retire from his position. Mr. BIKPO was however requested to continue offering his services to the Company in a new capacity as Board Chairman. Pursuant to the recommendation of the shareholders, Felix BIKPO was appointed to serve as Chairman of the Board of Directors as of 01 July 2020.
Reflecting on his tenure, Mr. BIKPO stated “My greatest satisfaction is that the financial sector has come to understand the role of the SMEs in driving economic growth and through our guarantee products have unlocked SME financing and ultimately had great economic and social impact on the continent”.
“The fact that we have been assigned a three-time exceptional AA- rating shows that we understood the gap and created a leader in the guarantee market. I am proud of what I am leaving behind especially for the coming generation” he added.
At the level of the management, the Board also resolved to appoint Mr. Jules NGANKAM, the Deputy Group Chief Executive Officer, as Acting Group Chief Executive Officer of the Company as of 01 July 2020.
Mr. NGANKAM joined the Company in 2013 as Chief Finance Officer and was appointed Deputy Chief Executive Officer by the Board on 20 April 2017. He has over 15 years of experience in banking and financial services with leading financial institutions.
Prior to joining the Company, Mr. NGANKAM worked for over 8 years at Barclays Capital, the investment banking division of Barclays PLC, in various roles including rates strategist, rates trader and treasury vice-president.
Jules, a Cameroonian national, is a graduate of ENSAE in statistics and economics and of ESSEC Business School in business administration. He also holds a Master’s degree in Applied Mathematics from the University of Paris Dauphine in France.
In his new capacity as Acting CEO, Mr. NGANKAM remarked “I am grateful to be part of AGF’s journey to support financial institutions and help them overcome the challenges they face in serving SMEs. AGF remains committed to continue delivering the best quality service to our partners especially now during this challenging period”.
About African Guarantee Fund:
African Guarantee Fund is a non-bank financial institution whose objective is to promote economic development, increase employment and reduce poverty in Africa by providing financial institutions with guarantee products and capacity development assistance specifically intended to support SMEs in Africa.
African Guarantee Fund was founded by the government of Denmark through the Danish International Development Agency (DANIDA), the government of Spain through the Spanish Agency for International Cooperation and Development (AECID) and the African Development Bank (AfDB). Other shareholders include: French Development Agency (AFD), Nordic Development Fund (NDF), Investment Fund for Developing Countries (IFU) and KfW Development Bank (KfW).
AGF has a rating of AA- by Fitch Ratings Agency
*SOURCE African Guarantee Fund
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