Banking

In spite of the country’s relatively small population, there are 14 financial institutions, nine of which are banks. Two of these are majority-controlled by the state and the other seven are privately owned. The largest three banks – BGFIBank, BICIG and UGB – are responsible for more than 80% of loans and deposits made in the country. While penetration remains relatively low, Gabon’s expected continued economic development means it will likely increase in the coming years. Given high oil prices, strong economic expansion and planned infrastructure developments under the Emerging Gabon strategy, which are expected to create opportunities for project finance, the future for the banking sector is promising. This chapter contains interviews with Denis Meporewa, National Director, BEAC; and Michaël Adande, President, BDEAC.