SAMB'A Assurances said it plans to list its shares on Central Africa's regional stock exchange, becoming one of the few insurers to seek public funding on the Bourse des Valeurs Mobilières d'Afrique Centrale (BVMAC).
The Gabon-based microinsurance firm has appointed Horus Investment Capital as lead arranger and manager for the planned initial public offering. Horus, which is licensed by regional regulator Cosumaf, will oversee the preparation of regulatory filings and offer documents.
The move comes as activity picks up on the small regional market, where BGFI Holding Corporation is currently running an IPO. SAMB'A's decision adds to signs that companies in the CEMAC region are turning to equity markets to fund growth and strengthen balance sheets.
SAMB'A Assurances, which operates under approvals from insurance regulator CIMA and Gabon's Ministry of Economy, said the listing would support investment in digital systems and help expand access to insurance products across Central Africa.
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Founded as a microinsurance provider, the company focuses on low-cost coverage aimed at widening insurance use in underserved markets. It plans to use public-market funding to scale this model beyond Gabon.
BVMAC currently has six listed companies. New listings from BGFI and SAMB'A could lift visibility and trading activity on the exchange.
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Key Takeaways
SAMB'A Assurances' IPO plan highlights a shift in Central Africa's financial markets, where equity funding has long played a limited role. BVMAC, which serves six CEMAC countries, has struggled with low liquidity and few issuers, leaving companies reliant on banks for long-term finance. Insurance penetration across Central Africa remains low compared with other regions, creating room for growth in products aimed at households and small businesses. Microinsurance firms like SAMB'A target this gap by offering simple policies tied to health, transport, and daily risks. Recent reforms by regulators and efforts to standardize market rules are aimed at making BVMAC more attractive to issuers.
The listing of financial groups and insurers could help build confidence among investors and increase market depth. If completed, SAMB'A's IPO would add sector diversity to the exchange and signal that smaller, consumer-focused firms can use public markets to fund expansion. Together with BGFI's offering, it may mark a step toward a more active capital market in the CEMAC region.
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