Cameroon-based microfinance lender Renaprov Finance S.A., a Category II institution operating since 1996, plans to list on the Central African Stock Exchange (BVMAC) as part of an 8.4 billion CFA franc capital increase, according to its offering prospectus.
The transaction, arranged by Afriland Bourse & Investissement as arranger and lead manager, involves the issuance of 400,000 new shares priced at 21,000 CFA francs each. The offering will result in a 44.44% public float. Subscriptions will be open to institutional and retail investors from Dec. 15, 2025, to March 15, 2026.
Shares issued under the capital increase will be listed on the BVMAC, a move the company says will support the expansion of its shareholder base, improve financial transparency, and strengthen its credibility with financial partners, according to the prospectus.
Founder and chief executive Emmanuel Noël Bissai currently holds 86% of the company’s share capital. His spouse, Esther Bebga, owns 8.11%, while Jacques Tanga Ntone holds 3.83%.
Proceeds from the share sale will primarily be used to strengthen equity, enabling Renaprov Finance to expand its lending activity while complying with the 15% solvency ratio required by the Central African Banking Commission (COBAC). The strategy also aims to scale up operations by broadening the firm’s product range beyond short-term lending to include more medium- and long-term financing, particularly in real estate, infrastructure, and productive investments.
Shareholders’ equity, estimated at 2.78 billion CFA francs in 2024, is expected to rise to 5.94 billion CFA francs in 2025 and exceed 10.5 billion CFA francs in 2026 following the capital increase.
In 2026, the planned opening of six new branches in Douala, Dschang, and Bafoussam is expected to increase the loan portfolio by 20%. Growth is projected at 25% in 2027 as existing branches reach full capacity and nine additional outlets are opened. In 2028, four further branches in the Littoral and Grand Nord regions are expected to lift growth to 28%. By 2029, loan growth is forecast to reach 30%, driven by a mature branch network and the expansion of digital credit.
Renaprov Finance reported certified net profit of 292 million CFA francs in 2022, rising to 605 million CFA francs in 2023 before easing to 528 million CFA francs in 2024. Customer deposits increased from 9.16 billion CFA francs in 2021 to 11.27 billion CFA francs in 2024 and are projected to reach 12.02 billion CFA francs in 2025. Lending activity is concentrated in Yaoundé-based branches, which account for about 80% of the loan portfolio. Total outstanding loans are expected to reach 10.7 billion CFA francs in 2025, up 12% year on year.
According to documents seen by Business in Cameroon, Renaprov Finance ranks 13th nationally in the microfinance sector, with a market share of 2.67%.
Amina Malloum