• Dakar-based ICF opens representation office in Abidjan

• Côte d’Ivoire hosts 18 of WAEMU’s 38 licensed brokerage firms

• BRVM equity market cap rose 5.54% in January to CFA14,070 billion

Invictus Capital & Finance (ICF) announced on February 16 the opening of a representative office in Abidjan, Côte d’Ivoire. The Dakar-based brokerage and asset management firm, led by Isaac Mbaye, is expanding its footprint within WAEMU.

The move is intended to bring the company closer to issuers and investors active in Côte d’Ivoire and across the regional market organized around the BRVM. Edna Anasse-Zohou has been appointed to lead the Abidjan office. Her role will focus on building relationships with local companies, institutional investors, and public sector entities that use the capital markets to finance projects.

A structured but competitive market

WAEMU currently has 38 licensed brokerage firms. Côte d’Ivoire alone accounts for 18 of them, making it the region’s main activity hub. The presence of the BRVM in Abidjan and the weight of Côte d’Ivoire’s economy within the Union explain this concentration.

ICF is entering a market where firms such as Phoenix Capital Management, NSIA Finance, and Bridges Securities are already well established. These players benefit from an existing client base and strong knowledge of the local market. ICF’s challenge will be to differentiate itself through the quality of its advisory services and its ability to structure transactions tailored to issuers’ needs.

Expansion strategy

The ability to support companies in structuring bond issues, initial public offerings, and capital raising transactions will be key. Growing competition requires strong command of regulatory requirements and a clear understanding of investor expectations. Beyond the opening of a new office, the move reflects a strategic reading of the regional market. It confirms that Abidjan remains a decision-making center for capital markets in West Africa and that competition among financial intermediaries in WAEMU is intensifying.

According to statistics published in January 2026 by the BRVM, the equity market capitalization stood at about CFA14,070 billion ($25.4 billion) as of January 30, 2026, compared with CFA13,331 billion on December 31, 2025. This represents a 5.54% increase, or a gain of CFA738.95 billion in one month.

Chamberline Moko