How does a company raise capital in the CEMAC market?
Through a public offer or a private placement, structured and brought to market by a licensed brokerage. The transaction involves structuring the instrument, building the financial model and repayment profile, preparing the file submitted to COSUMAF, then running the subscription period through to allocation and listing. We support the issuer across that whole path.
Capital Markets →What is required to issue a bond?
The issuer needs accounts in order, demonstrated capacity to repay and governance compliant with OHADA company law. The file is submitted for COSUMAF approval, which reviews the information disclosed to the market before any subscription opens. The amortisation profile chosen then shapes the issuer's cash flow as much as the rate itself.
Institutional Solutions →What does listing on the BVMAC involve?
Setting a free float, a valuation and a calendar, then accepting what changes afterwards: continuing disclosure obligations, corporate actions published by notice, and a share price that exists independently of your wishes. Four companies were recently selected for listing support under a programme funded by the African Development Bank.
The equity market →How does an institutional investor access government securities?
Through a licensed brokerage, which submits bids at the auctions organised by the BEAC and monitors positions thereafter. Regional outstanding stock has passed FCFA 10,000bn, split between short-term treasury bills and medium to long-term bonds. Building a laddered maturity schedule restores liquidity at regular intervals without selling securities early.
The government securities market →What is a discretionary mandate under prudential supervision?
A mandate under which an investor entrusts the management of a portfolio according to a written investment policy, within a framework subject to regulatory oversight. We facilitate access to these mandates and handle the operational side: execution, account keeping and reporting. The mandate sets out in advance the permitted instruments, the risk limits and the reporting frequency.
Institutional Solutions →What is the difference between a mandate and a collective vehicle?
Scope. A mandate is individual: the investment policy is written for you alone and the portfolio belongs to you directly. A collective vehicle pools several investors, each holding a share of the whole. We facilitate access to both and help you determine which suits your horizon and your constraints.
Wealth Solutions →What is a COSUMAF-licensed brokerage?
The only type of intermediary permitted to route orders to the CEMAC financial market. The licence is issued by COSUMAF, the single regulator for all six states since 2019, and requires minimum share capital fully paid up, governance approved by the regulator, strict segregation of client assets and continuous compliance control. Purpose Capital operates under licence COSUMAF-SDB-01/2026.
The single regulator →How does the BVMAC work?
The Central African Securities Exchange, based in Douala, has been the region's single marketplace since the Douala and Libreville exchanges merged. Sessions are held every business day under a calendar published annually, and every corporate action is the subject of a numbered notice. Following those notices is the most reliable way to know the market's actual state.
BVMAC in practice →What is the difference between a treasury bill and a treasury bond?
Term, and therefore yield. A bill runs from a few weeks to a year: you subscribe below face value and receive face value at maturity, in a single payment. A bond runs for several years, pays periodic interest and repays principal at maturity or in instalments. Regional averages observed in 2024 were 6.7% on bills and 8.7% on bonds: the gap pays you for time.
The government securities market →How is an order executed and settled?
The order is routed to BVMAC, executed in session, then settled by delivery versus payment: securities and cash change hands simultaneously. The securities are then registered in your name with the Cellule de Règlement et de Conservation des Titres (CRCT), which acts as central securities depository on behalf of the BEAC. A contract note is sent to you after each execution.
Securities Accounts & Post-Trade →Are my assets protected if the intermediary fails?
Yes. Your securities and cash are segregated from the brokerage's own assets at every stage of the chain. That segregation is a continuing obligation imposed by the regulation and monitored through prudential supervision. Your securities are moreover booked with the CRCT, which acts as central securities depository on behalf of the BEAC, and not with the intermediary.
Our compliance →How do you open a securities account?
An account is opened with a licensed brokerage and involves formal onboarding: photographic identity, proof of address and material establishing the source of funds. For a company, add the articles of association, registration and the identity of beneficial owners. This is required under anti-money-laundering regulation; without it, no order can be executed.
Get in touch →These answers are provided for general information. They constitute neither personalised investment advice nor tax or legal advice. Rates quoted are published averages at the date shown and will change.