• Client portfolio slipped 0.4% in Q3, but remains up 10.4% year to date

• Equity, deposits, and lending all posted solid growth

• Sector remains highly concentrated among four major players

Gabon’s microfinance sector posted improved financial indicators in the third quarter of 2025, despite a slight decline in its client base. Data from the Ministry of the Economy show that the client portfolio index fell by 0.4% during the period, following a 3.1% increase in the previous quarter.

This moderate contraction is mainly attributed to market share losses by one of the sector’s leading players, which mechanically weighed on aggregate figures, according to the ministry, without naming the institution concerned. Analysts nonetheless urge caution in interpreting this short-term signal. Over the first nine months of the year, the client portfolio remains up 10.4%, reflecting continued confidence in microfinance services, particularly among salaried workers, traders, and students.

While client growth slowed, the sector’s financial strength improved over the period. The equity index jumped 7.8% in three months, driven by the recapitalization of two major institutions. At the same time, deposits rose by 4.4%, mainly supported by demand deposits, while outstanding loans to customers returned to growth, increasing by 5.5% after a 1.9% decline in the previous quarter.

Construction sector supports credit recovery

The rebound in lending was largely underpinned by strong activity in the building and public works sector, a major user of proximity financial services. Despite intensifying competition among microfinance institutions to attract both professionals and households, interest rate structures remained unchanged, holding at the levels recorded in June 2025.

The improvement is also visible on the ground. The network of microfinance institutions expanded by 1.7% during the quarter, although activity remains heavily concentrated in major urban centers, notably Libreville, Port-Gentil, Franceville, and Oyem.

Despite its financial resilience, the sector remains highly concentrated. Of the 20 licensed microfinance institutions operating in Gabon, four players—Finam, Loxia, EDG, and Express-Union—account for 91% of the client base.

Sandrine Gaingne