• Renaprov Finance plans a BVMAC IPO to raise CFA8.4 billion by offering 44.44% of its capital to the public.
• The listing would make Renaprov the second Cameroonian microfinance institution quoted on Central Africa’s stock exchange.
• The lender aims to strengthen capital, expand credit activity, and meet COBAC solvency requirements.

Renaprov Finance plans to launch an initial public offering on the Central African Stock Exchange (BVMAC) to raise CFA8.4 billion through a capital increase open to the public. The transaction would make Renaprov the second Cameroonian microfinance institution listed on the regional exchange, after La Régionale’s debut in July 2021.

The Cameroonian category-two microfinance institution intends to offer 44.44% of its capital to investors through the issuance of 400,000 new dematerialized shares. Renaprov set the subscription price at CFA21,000 per share. Afriland Bourse & Investissement acts as the transaction arranger and centralizes subscriptions.

Settlements will take place exclusively in CFA francs (XAF). The offer targets investors across the Economic and Monetary Community of Central Africa (CEMAC). The subscription period opened on Monday, December 15, 2025, and will close on Sunday, March 15, 2026. The BVMAC will admit the new shares to trading after the offer closes.

Funds to Strengthen Credit Activity

Renaprov Finance aims primarily to strengthen its equity base through the listing. The institution seeks to increase its financing capacity and expand its credit activity. The capital increase will also help Renaprov sustainably meet regulatory requirements set by the Central African Banking Commission (COBAC), including minimum capital thresholds and the 15% solvency ratio required for category-two microfinance institutions.

The lender also plans to use the proceeds to develop its loan portfolio. Renaprov intends to move beyond short-term lending and offer medium- and long-term financing, particularly in real estate, infrastructure, and productive investment sectors.

Capital Opening to Reshape Shareholding

Renaprov Finance currently concentrates ownership around its founder, Bissai Emmanuel Noël, who holds 86% of the capital and serves as the main strategic decision-maker. Bebga Bissai Esther owns 8.11%, Tanga Ntone Jacques holds 3.83%, and other minority shareholders collectively control 2.06%.

After the stock market operation, the shareholding structure will change. Existing shareholders will retain 55.56% of the capital, while new investors will hold 44.44%.

Renaprov in a Growing Sector

Renaprov Finance began operations in 1996 under the name Cercle des Amis du Secteur Informel (CASI). The institution transformed into a savings and credit cooperative under the name Renaprov in 2005. In 2020, COBAC granted Renaprov category-two microfinance status, expanding its range of activities.

As of end-2024, Cameroon counted 389 microfinance institutions, including 75 category-two players. Between 2022 and 2024, microfinance institutions increased total lending from CFA602 billion to CFA675.35 billion, representing overall growth of 12%, according to data from the Ministry of Finance.

Category-two microfinance institutions accounted for 55.4% of outstanding loans and 56.7% of deposits in 2024. Within this market, Renaprov ranked 12th nationally in loans with CFA9.55 billion outstanding, representing a 2.86% market share. The institution ranked 13th in deposits with CFA11.27 billion, or 2.67% market share. Renaprov’s activity currently remains concentrated on short-term credit.

On the equity market, BVMAC remains relatively inactive. The exchange recorded no initial public offerings in 2024, and only six companies were listed at year-end. In 2025, the market recorded a single transaction, when BGFI Holding Corporation opened 10% of its capital. With the ongoing operation, Renaprov would become the second Cameroonian microfinance institution listed on BVMAC, following La Régionale, which raised CFA2.58 billion out of CFA8.23 billion targeted in July 2021 as part of its transition toward bank status.

This article was initially published in French by Chamberline Moko

Adapted in English by Ange Jason Quenum