AFG Bank and the local content bet: the emergence of Malian champions
With the Local Content Champion Program (LCCP), AFG Bank Mali is transforming mining finance into a genuine tool for local integration. In this feature, POINT FOCUS unpacks the programme’s foundations: a framework in which banking, insurance and advisory support combine to elevate Malian subcontractors to the status of industrial partners, while anchoring value sustainably within the country.
Since the adoption of the new Mining Code and the Local Content Law, Mali has reached a decisive turning point. Mining companies are now required to reserve a share of their contracts for national firms, while promoting local processing and skills transfer. On paper, these measures open unprecedented opportunities for the private sector. In practice, they also demand a cultural shift: access to mining contracts requires guarantees, compliance and financial robustness that few Malian SMEs are yet able to provide. It is precisely within this gap between ambition and reality that AFG Bank Mali steps in. A subsidiary of a pan-African group present in more than ten countries, the bank has for several years been laying the concrete foundations for sustainable local content, built on financing, training and the upskilling of Malian actors.
The Mining Desk of AFG Bank Mali: the first banking platform dedicated to the extractive sector
As early as 2023, AFG Bank Mali established a specialised unit—the Mining Desk—the first banking platform fully dedicated to the extractive sector. Designed as an interface between finance and industry, it supports mining operators and their subcontractors in risk management, contract financing and project structuring. This distinctive positioning has made AFG Bank a unique player on the Bamako market. Where other institutions confined themselves to conventional credit, it chose to embed itself at the heart of the mining value chain, speaking the language of sites, tenders and operating contracts.
This expertise naturally led to a broader reflection: how could this experience be transformed into a lever for national growth? The answer took shape as the Local Content Champion Program (LCCP). Backed by AFG Holding and driven by its Malian subsidiaries, the programme integrates three complementary pillars—financing, insurance and support—enabling local companies to make a decisive step forward. Its ambition is to strengthen access to finance while preparing firms to become genuine industrial partners, capable of operating in a demanding and competitive environment.
The LCCP – origins and objectives
The Local Content Champion Program marks a key milestone in AFG Bank Mali’s strategy. Conceived as a practical response to the needs of the mining sector, it aims to provide local companies with real means of integrating the value chain. More than a financial product, the programme presents itself as a comprehensive support framework built around three levers.
The programme relies on an investment envelope split between equipment modernisation and the strengthening of operating capacity. By linking investment and operations, this allocation promotes the upgrading of production tools while consolidating day-to-day management—a critical balance for sustainable competitiveness.
For mining companies, the LCCP ensures an ecosystem of suppliers that are better structured and better financed. For local subcontractors, it opens access to tailored credit and insurance solutions, coupled with long-term technical support. For AFG Bank and AFG Assurances, the programme embodies an integrated approach to national economic development: using finance and risk management as levers of empowerment rather than dependency.
Beneficiaries of the LCCP
The Local Content Champion Program targets the entire mining subcontracting chain—from SMEs already active in the sector to companies majority-owned by nationals. Its aim is to identify and support solid players capable of absorbing structured assistance and rising to the international standards required by mining operators.
Who is the programme for?
The LCCP focuses on two specific categories: Malian SMEs and local content companies. The former include all firms operating within the country, whether with national or mixed capital. They form the productive backbone of the sector, providing daily services such as transport, maintenance, logistics, drilling or general services linked to mining operations.
The latter—local content companies—meet the legal definition set by law: majority ownership by Malians. This status gives them a central role in value redistribution and in the durable anchoring of wealth created in Mali. This distinction reflects the diversity of beneficiaries targeted by the programme, allowing both established operators and nationally owned structures to be supported within a single framework. Each category finds its place according to its level of activity, experience and capacity to follow the LCCP support plan.
Eligible companies must also meet minimum operating requirements—at least one year of activity, an existing mining contract or a credible prospect of securing one. All selected firms commit to structuring their financial management and to adhering to the LCCP support plan, a shared condition and guiding principle of the programme. This commitment makes the LCCP a balanced framework: financing, supporting and sustaining actors capable of long-term engagement.
A broader vision of local content
Beyond direct supplier support, local content extends across the entire value chain: extraction, logistics, maintenance, environmental studies, energy, catering and security. This is where the LCCP reveals its full scope: a programme designed for the mining sector, yet carrying a broader ambition. By structuring related sub-sectors, it contributes to building a solid, locally anchored industrial base and transforms local content into a genuine lever for economic development and shared sovereignty.
The LCCP levers: finance, insure, support
The Local Content Champion Program is built on a straightforward operational principle: giving local companies the means to act. To this end, AFG Bank Mali and AFG Assurances Mali have deployed concrete financing and risk-protection tools adapted to the realities of the mining sector. These two levers are complemented by a support mechanism led by specialised structures—an integrated approach in which bank, insurer and advisers move forward together.
Finance: turning contracts into growth levers
Financing under the LCCP is not simply about lending; it is about anticipating the future value of a mining contract to enable an SME to act immediately. The programme offers a range of solutions covering all subcontractor needs, spanning the entire activity cycle—from order to delivery, cash-flow management and payment security.
Insure: securing the local value chain
Insurance is primarily about preserving operational continuity in the face of on-the-ground risks. AFG Assurances Mali complements the framework with products covering the main operational risks. These policies strengthen beneficiaries’ financial resilience by protecting invested capital, teams and equipment, thereby ensuring business continuity even in unforeseen circumstances.
Support: preparing champions for the long term
Beyond finance and insurance, the LCCP includes a third lever: support. This is where the programme comes into its own—transforming one-off financial assistance into a sustainable growth trajectory. Each selected company benefits from personalised follow-up provided by Support and Advisory Structures (SAS), tasked with helping firms structure governance, accounting and management tools.
Support through Support and Advisory Structures (SAS)
This support takes shape through an unprecedented partnership between AFG Bank Mali and three Support and Advisory Structures selected for their expertise in the mining sector. Their mission: to turn financing into a genuine lever for durable structuring.
A three-stage methodology
The LCCP’s operating model is clearly defined, covering all critical areas: governance, accounting, taxation, human resources management, compliance and strategic planning. Support is subsidised for selected beneficiaries so that the primary investment remains focused on business growth.
Essential non-financial support
While financing is the lever, the programme’s true objective lies in consolidating local know-how and management practices. It is precisely at this level that the SAS deliver structured services aimed at building robust companies capable of securing a recognised and lasting place in the mining value chain.
Three partners, three complementary areas of expertise
- Baobab Intelligence & Development (BID): a consultancy specialising in extractive value-chain analysis and the promotion of local content. It identifies development opportunities, measures the impact of local policies and supports the upskilling of national suppliers.
- Pyramis Audit & Conseil: an audit, accounting and strategic advisory firm operating within the OHADA space, helping companies strengthen reporting, governance and readiness for banking relationships.
- Minevest Finance & Capital SAS: an advisory and investment firm dedicated to the mining and para-mining sector, supporting financial structuring, fundraising and the search for institutional partners.
Strategic objectives and commitments
The Local Content Champion Program opens a new chapter in Mali’s approach to local content. AFG Bank Mali embeds enterprise development within a logic of sustainable performance and continuity.
Objectives and scope
The programme’s vision is to strengthen the national productive base and support the scaling-up of local mining actors towards financial and technical autonomy. Its targets are clear:
- Create 2,000 direct jobs within partner SMEs by 2027.
- Structure 150 local companies over three years.
- Bring forth 30 national champions within the mining value chain.
- Position AFG Bank Mali as a driver of local mining finance and a model for mobilising the broader banking sector around Malian subcontractors.
These objectives outline a coherent trajectory: consolidating the SME base, encouraging structuring and transforming local content into a lever of national competitiveness.
Commitments of AFG Bank Mali
By extending the programme, AFG Bank Mali assumes a clearly defined institutional role. Alongside the Local Content Monitoring Committee (CSCL), it contributes directly to implementing the law and strengthening national capacity. Its commitments include:
- Supporting the CSCL in rolling out local content.
- Consolidating an environment conducive to competitiveness and the valorisation of local companies.
- Linking finance, industry and governance around a single ambition: an economy capable of growing on its own resources.
With the LCCP, AFG Bank Mali turns local content into a powerful lever for sustainable development and the emergence of Malian champions.
