Gabon-based micro-insurer SAMB’A Assurances has formally announced its intention to list shares on the regional Central African securities market, the Bourse des Valeurs Mobilières de l’Afrique Centrale (BVMAC), in a move that could deepen capital-markets participation in Central Africa.
The decision was announced as the company selected Horus Investment Capital as lead arranger and manager for the forthcoming initial public offering (IPO).
The intention to go public reflects a broader ambition by SAMB’A to strengthen its financial position, support growth, and expand access to micro-insurance across the region.
SAMB’A Assurances, launched in 2024, is viewed as a pioneer in micro-insurance within the Central African Economic and Monetary Community (CEMAC). It is the first insurer in the region to target low-income households with affordable, digitalized insurance solutions.
The planned IPO will raise capital to support the company’s regional expansion, including a planned launch of a subsidiary in Cameroon as early as 2026 and further outreach to the Democratic Republic of Congo.
In the DRC, Samb’a plans to work with microfinance institutions. Discussions have already begun with the Financial Inclusion Fund (FPM) to explore a partnership that could involve both equity participation and technical assistance. This strategy allows the company to rely on existing networks to reach its target customers efficiently.
According to company forecasts, SAMB’A targets a turnover of CFA 500 million (≈ US$875,000) and a net profit of CFA 50 million in 2025.
By choosing to list on BVMAC, the insurer is embracing the role of capital markets in mobilizing funding, raising public confidence, and reinforcing financial-inclusion goals through insurance.
BVMAC, the regional stock exchange for the six-country CEMAC zone (Cameroon, Gabon, Chad, Republic of the Congo, Central African Republic, Equatorial Guinea) has historically remained small, with only a handful of companies listed on its equity segment.
By December 2025, BVMAC listed only six companies in its equity compartment, including firms such as SOCAPALM, SAFACAM, SEMC, La Régionale, BANGE, and SCG-Ré.
The listing of SAMB’A would represent a notable step both in terms of sector diversification, bringing micro-insurance into a market previously dominated by agribusiness, manufacturing and finance and in contributing to the pool of equity issuers.
The move comes at a moment when BVMAC is already experiencing renewed activity, after the IPO of SCG-Ré in January 2023 and now the projected listing efforts by major regional financial group BGFI Holding Corporation.
By targeting low-income populations with micro-insurance, SAMB’A aims to fill a significant gap in the CEMAC region, where many households remain uninsured. The public listing could help the company raise capital to scale operations, digitise services, and expand outreach.
SAMB’A’s decision to list reflects growing confidence in BVMAC as a viable avenue for corporate financing. This is particularly important for SMEs and new sectors, offering an alternative to traditional bank financing.
Despite these promising developments, BVMAC’s equity segment has faced persistent structural challenges. Trading volumes remain low; for instance, in May 2025 the exchange recorded days with no transactions at all despite shares being available.
To address these issues, reforms have been introduced: as of April 2025, BVMAC eased entry requirements for SMEs and start-ups, lowering the minimum capitalization threshold and removing the requirement for annual profit, a move designed to facilitate access for smaller enterprises.
If SAMB’A’s IPO is successful, it could vindicate these reforms and pave the way for a more vibrant, diversified, and inclusive stock exchange in the CEMAC region.
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