In the context of our dossier on the ranking of the top 40 African banks, Henri-Claude Oyima, a prominent figure in the sector, has penned this significant editorial discussing the listing of the BGFI Group on the stock exchange. In full.
On May 7, 2026, the Central African Stock Exchange took on a new dimension. The listing of BGFI Holding Corporation on the stock exchange raised over 45 billion CFA francs from 7,601 investors in 24 countries. Even more remarkable, 71.3% of subscriptions came from individual investors. A rare performance in a financial market often seen as narrow and illiquid.
However, behind this event lies a more interesting question: why did a bank already well-established in twelve countries, with a consolidated net profit of 133 billion CFA francs in 2025, choose to take the step of listing? The answer reveals much—not only about BGFIBank’s strategy, but also about the profound transformations reshaping the African banking landscape.
A strategic choice, not just financial
The operation raised 45.3 billion CFA francs. This is a substantial sum. However, major financial institutions have other means to strengthen their equity—private capital increases, bond issuances, partnerships with development financiers. The BGFIBank Group is familiar with and utilizes these levers. Therefore, the decision to list on the stock exchange follows a different logic.
By becoming a listed company, the BGFIBank Group voluntarily accepts a higher level of requirements: financial transparency, regular communication with shareholders not of their choosing, governance subject to constant market scrutiny. These are real constraints that few African players have chosen to voluntarily impose on themselves. Accepting them sends a signal—to investors, regulators, international partners. That of a group willing to subject its performance, governance, and strategy to ongoing market evaluation.
This approach is part of a regulatory context that does not wait. In December 2025, COBAC raised the minimum share capital of banks from 10 to 25 billion CFA francs—a 150% increase unprecedented in over fifteen years. Many banks in the sub-region had to quickly review their capital base. BGFIBank, which had anticipated this move by simultaneously strengthening the equity of its subsidiaries in Cameroon (from 20 to 50 billion), Ivory Coast (from 40 to 60 billion), and Europe, showed that it is possible to manage such a significant transformation without losing sight of its strategy. This is also the value of a well-prepared stock market listing.
African savings exist. The door must be opened to them.
One of the most striking lessons from this operation came from an unexpected source. For the first time in the history of the BVMAC, individual savers represented the largest share of subscriptions in terms of number and volume. 7,601 investors—from Gabon to Canada, Douala to Paris, Brazzaville to Abidjan—subscribed in 24 countries, where the initial shareholder base consisted of 431 shareholders in 8 countries. And 98.7% of the funds raised come from Africa itself: Gabon (21 billion CFA francs), Cameroon (13.7 billion), Congo (5.8 billion), Equatorial Guinea (2.6 billion).
This figure dispels a persistent prejudice. Africa is not lacking in savings; it lacks channels to invest them effectively. When a credible institution offers a secure, transparent, and accessible framework, the capital is there. And it remains on the continent.
The African bank of tomorrow is taking shape now
The coming years will be demanding for the entire sector. Prudential standards will continue to tighten, with full implementation of Basel III expected by 2027—rules designed for developed markets and whose mechanical application to African realities raises real questions, especially on the cost of capital for banks operating in countries with low sovereign ratings. Digital transformation is deeply restructuring banking professions. And financing needs—infrastructure, energy transition, SMEs, agriculture—are reaching levels that public resources alone will not be able to cover.
In this context, size will no longer suffice. The banks that will succeed are those that have managed to combine financial strength, impeccable governance, innovation capacity, and the ability to sustainably mobilize investor confidence. These qualities are not improvised—they are built, year after year, decision after decision.
From this perspective, BGFIBank’s stock market listing appears less as the culmination of a journey than as a signal of a deeper transformation. That of an African banking sector entering a new phase of its development—where accessing capital markets is no longer a luxury reserved for large international groups, but a competitiveness requirement for anyone aiming to play a lasting role in financing the continent.
