In order to address the difficulties faced by companies in accessing capital market mechanisms, which is one of the main constraints to the development of regional financial markets, the Central African Stock Exchange (Bvmac) launched the Bvmac Enterprise Support Program, known as Bvmac ESPro. Offered as an incubator, this initiative aims to support both large and small companies in their entry into the capital markets. The announcement was made on February 3, 2026 by Bvmac’s Chief Executive Officer, Luis Bangantoro, after a meeting on the rollout of the program.
With the support of the Central African Financial Markets Supervisory Board (Cosmaf) and a network of senior mentors and experts, Bvmac ESPro is built around a core objective: It is about transforming a group of companies into issuers that can access market financing on a sustainable basis in the CEMAC zone, where exchanges remain narrow and public debt dominates.
Three pillars: market education, governance, and issuance preparation
The program is structured around three pillars. The first focuses on training and broad understanding of stock market mechanisms with the aim of reducing the financial literacy gap. The second calls for alignment with international governance standards, a key requirement to reassure investors and regulators. The third pillar focuses on preparing for market operations such as initial public offerings and bond issuances.
Bvmac ESPro also includes one year of post-IPO support, providing ongoing technical assistance, particularly regarding liquidity management and reporting requirements. This approach is designed to address recurrence risk in shallow markets, where listed companies may suffer from limited follow-up or weak trading activity.
Two-phase rollout, first cohort scheduled for June 1, 2026
Deployment will occur in two stages. The first half of 2026 will focus on building the program ecosystem, formalizing organizational partnerships, and defining criteria for selecting participating companies. Bvmac said it will work with employer organizations across the sub-region to design the curriculum and raise awareness among its members.
The first group of companies is expected to join the program on June 1, 2026, the date set to effectively launch incubator activities. The stated objective is to industrialize issuer reserves in an environment where private sector access to capital markets remains limited.
Partner search: AfDB, IFC, AFD seek expertise and credit enhancement
Bvmac is inviting several international financial institutions to contribute to this effort, including the African Development Bank, the International Finance Corporation, and the French Development Agency. Two specific forms of support are required: technical expertise and credit enhancement mechanisms to secure future issuers.
This aspect is considered strategic in regions where risk pricing, credit quality and financial structure directly impact the ability to raise financing on favorable terms, especially in fixed income markets.
Market remains narrow due to bond issuance
The launch of Bvmac ESPro is in line with Bvmac’s ambition to increase regional market capitalization and reach 100,000 brokerage accounts by the end of 2026. This comes as regional markets continue to face a limited number of listed companies, poor market culture and a predominance of public securities.
As of December 31, 2025, Bvmac, an exchange serving the six CEMAC countries of Cameroon, Gabon, Congo, Chad, Equatorial Guinea and the Central African Republic, has an estimated total market capitalization of CHF477.74 billion. There are only six companies listed on this market: Socapalm, Safacam, SEMC, La Régionale, Bange and SCG-Ré.
The most dynamic segment remains the bond market, with outstanding bonds exceeding CFA 1,305 billion. On the secondary market, the transaction value amounted to CFA Franc 13.55 billion in 2025. This was primarily driven by debt issuance, particularly from BDEAC and sovereign issuers.
Tools to transform reform into private issuance
Despite the regulatory reforms introduced in 2022 and the existence of an incentive-based tax framework, the private sector remains reluctant to use market financing. “CEMAC’s private sector still tends not to turn to financial markets, preferring traditional financing channels,” Luis Banga Ntoro said.
In this context, Bvmac introduces ESPro as a structured tool to accelerate the emergence of deeper and more inclusive markets. “Our incubator is the bridge that transforms the potential of our companies into concrete stock market success. It is the foundation of citizen-centric and responsible finance serving CEMAC,” said the CEO. The stated goal is to better prepare and organize more companies so that they can more effectively access capital market opportunities.
Frederick Nonos
