To address one of the main constraints to the development of the regional financial market—the difficulty companies face in accessing capital market mechanisms—the Central African Stock Exchange (Bvmac) has launched the Bvmac Enterprise Support Program, known as Bvmac ESPro. Presented as an incubator, the initiative aims to support both large and small companies in their path to capital markets. The announcement was made on February 3, 2026, by Bvmac Chief Executive Louis Banga Ntolo, following a meeting dedicated to the rollout of the program.
Backed by the Central African Financial Market Supervisory Commission (Cosumaf) and a network of senior mentors and experts, Bvmac ESPro is built around a central objective: turning a pool of companies into issuers capable of accessing market financing on a sustainable basis, in a CEMAC zone where the exchange remains narrow and largely dominated by public debt.
Three pillars: market education, governance, and issuance preparation
The program is structured around three pillars. The first focuses on training and broader understanding of stock market mechanisms, aimed at reducing the financial literacy gap. The second seeks alignment with international governance standards, seen as a key requirement to reassure investors and regulators. The third pillar centers on preparation for market operations, whether initial public offerings or bond issuances.
Bvmac ESPro also includes post-IPO support over a one-year period, providing continued technical assistance, particularly on liquidity management and reporting requirements. The approach is designed to address a recurring risk in shallow markets, where listed companies may suffer from limited follow-up and weak trading activity.
Two-phase rollout, first cohort expected June 1, 2026
Implementation will take place in two phases. The first half of 2026 will focus on structuring the program ecosystem, formalizing institutional partnerships, and defining selection criteria for participating companies. Bvmac says it plans to work with employers’ organizations across the subregion to design curricula and raise awareness among their members.
The first cohort of companies is expected to enter the program on June 1, 2026, the date set for the effective launch of incubator activities. The stated aim is to industrialize issuer preparation in an environment where private sector access to capital markets remains marginal.
Partner search: AfDB, IFC, and AFD sought for expertise and credit enhancement
Bvmac is inviting several international financial institutions—the African Development Bank, the International Finance Corporation, and the French Development Agency—to contribute to the initiative. Two specific forms of support are being sought: technical expertise and credit enhancement mechanisms to help secure future issuers.
This dimension is seen as strategic in a region where risk pricing, credit quality, and financial structuring directly affect the ability to raise funds on favorable terms, particularly in the bond market.
A still-narrow market driven by debt issuance
The launch of Bvmac ESPro aligns with Bvmac’s ambition to increase regional market capitalization and reach 100,000 securities accounts by the end of 2026. It comes as the regional market continues to face a limited number of listed companies, low market culture, and a predominance of public securities.
As of December 31, 2025, total market capitalization of Bvmac—the exchange serving the six CEMAC countries of Cameroon, Gabon, Congo, Chad, Equatorial Guinea, and the Central African Republic—was estimated at CFA477.74 billion. The market still counts only six listed companies: Socapalm, Safacam, SEMC, La Régionale, Bange, and SCG-Ré.
The most dynamic segment remains the bond market, with outstanding bond debt exceeding CFA1,305 billion. On the secondary market, transactions reached CFA13.55 billion in 2025, driven mainly by bond securities, notably issues from BDEAC and sovereign issuers.
A tool to convert reforms into private issuance
Despite regulatory reforms introduced in 2022 and the existence of an incentive-based tax framework, the private sector remains reluctant to use market financing. “The CEMAC private sector is still not inclined to turn to the financial market, favoring traditional financing channels,” Louis Banga Ntolo said.
In this context, Bvmac presents ESPro as a structuring tool to accelerate the emergence of a deeper and more inclusive market. “Our incubator is the bridge that turns the potential of our companies into concrete stock market successes. It is the foundation of citizen-focused and responsible finance in the service of CEMAC,” the chief executive said. The stated ambition is to better prepare and structure more companies so they can access capital market opportunities more effectively.
Frédéric Nonos
