NAIROBI, Kenya, September 30, 2020, — African Guarantee Fund has announced the appointment of Jules Ngankam as the new Group Chief Executive Officer.
The appointment follows his recent nomination as Acting Group CEO at the beginning of July 2020, when the founding CEO transitioned to Board Chairman.
Mr Ngankam joined AGF in 2013 as the Chief Finance Officer, after which he served as Deputy CEO since April 2017. He is a Cameroonian national and a graduate of ENSAE Paris in statistics and economics and of ESSEC Business School in Paris. He also holds a Master’s degree in Applied Mathematics from the University of Paris Dauphine in France.
His appointment comes at a time when lenders across the continent are in dire need of cushioning to support them as they lend to SMEs.
“I am grateful and humbled to take up this position. AGF has succeeded over the years to make a difference in our continent’s economy by unlocking financing for SMEs, and I look forward to even greater results” he said.
AGF Board of Directors also approved the implementation of the Affirmative Finance Action for Women in Africa (AFAWA).
AFAWA is an initiative being undertaken jointly with the African Development Bank which aims to address all critical elements of the entrepreneurship ecosystem of women in business in Africa, in particular finance, to support their economic empowerment, reduce vulnerability, and unleash the unused potential for more sustainable and equitable growth.
Speaking at the Board Meeting, the new chairman, Felix Bikpo congratulated Mr Ngankam and wished him success in his new role. He also thanked the Board of Directors for their continued support to the Group, citing AFAWA’s approval, which will be a game-changer for African women entrepreneurs.
About African Guarantee Fund:
African Guarantee Fund (www.AfricanGuaranteeFund.com) 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 the 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.