Ministry of Economy in Gabon has officially denied authorizing the Cameroonian fintech company Yunus SA to raise 3,280 billion CFA francs (approximately $5 billion) to fund the country’s National Transition Development Plan (PNDT). The denial was issued on August 27, 2024, through the Gabonese daily L’Union, contradicting Yunus SA’s previous claims of having secured the funds for Gabon’s ambitious development agenda.
The PNDT, spanning from 2024 to 2026, is a comprehensive strategy designed to diversify Gabon’s economy, which has traditionally been reliant on oil. The plan outlines 288 priority projects across various sectors, including energy, health, education, agriculture, and transportation, with a total funding requirement of 4,536 billion CFA francs. These projects aim to strengthen governance, promote human rights, and foster a green and blue economy.
In July 2024, Yunus SA announced that it had raised the significant sum from a private financial holding registered with the Securities & Exchange Commission (SEC) in the Philippines. The company, reportedly with majority Anglo-Filipino ownership, claimed it was appointed by Gabonese authorities as the “Lead Developer for Gabon” and tasked with raising the necessary funds for the PNDT.
However, Gabon’s Ministry of Economy has categorically denied any such arrangement. “We receive enticing funding proposals every day. Recently, we were even approached by an organization that offered to raise $10 billion to finance the PNDT. As for the alleged raising of 3,280 billion CFA francs by this fintech, we are unaware of such an operation and have never endorsed it,” the ministry stated in its communication with L’Union.
The ministry’s denial has cast doubt on Yunus SA’s assertions and raised questions about the fintech’s credibility. The announcement by Yunus SA, which had been widely circulated in various media outlets, was not initially refuted by Gabonese authorities, leading to speculation about the legitimacy of the claimed fundraising efforts.
Founded in 2021 by businessman Jehu Ndoumi, Yunus SA had detailed that the funds were secured through a structured financing mechanism designed to enhance Gabon’s borrowing capacity. The fintech emphasized that the funds were intended to finance several key development projects, including the construction of the Women’s and Children’s Wellness Hospital Complex (COHBIFE). The project was described as a turnkey operation that would include not only the hospital’s construction but also preventive maintenance, reagents, consumables, and training for technical staff.
Despite these claims, Gabon’s Ministry of Economy insists that no official approval or endorsement was given for such a fundraising operation. The ministry’s statement highlights the need for transparency and due diligence in financial dealings related to the country’s development plans.
The denial has significant implications, particularly given the scale of the funds involved. The 3,280 billion CFA francs claimed by Yunus SA represents nearly 79% of Gabon’s state budget for 2024, which is set at 4,162 billion CFA francs.
Yunus SA, which operates in partnership with Cameroon Postal Services (Campost) to promote financial inclusion, has not yet responded to Gabon’s denial. The fintech has previously highlighted its involvement in the medical sector through its association with First Fideliter Holdings Inc., which structures and provides project financing with terms extending up to six years.
As the situation develops, it remains to be seen how this dispute will affect both Yunus SA ’s operations and Gabon ’s efforts to secure financing for its critical economic transition plan. For now, the Gabonese government remains firm in its position that no agreement was made with the Cameroonian fintech, and that the country’s development projects will continue to seek legitimate and transparent funding sources.