Gabonese Microfinance Firm Bamboo Plans Cameroon Entry by June 2027

Gabonese microfinance institution Bamboo EMF plans to open a branch in Douala by June 2027 as it seeks to raise CFAF 5 billion on the CEMAC financial market to expand its loan portfolio. Chief Executive Yvan N’na Mboma announced the timeline in Douala on September 9, 2026, during a presentation of the bond issue to Cameroonian investors.

The institution plans to partner with a local banking network to offer its services in Cameroon. It has not disclosed the planned investment, the identity of its partner or the status of the required regulatory approvals. The Cameroon project is also absent from the summary of the information document published by BVMAC, which refers more broadly to a gradual expansion across CEMAC.

The “EMF Bamboo 7.25% Brut 2026-2029” bond issue, approved by COSUMAF under authorization No. COSUMAF-APE-03/26, involves the issuance of five million bonds with a nominal value of CFAF 1,000 each. The minimum subscription is 50 bonds, or CFAF 50,000. The subscription period opened on July 15 and is scheduled to close on October 12, 2026. Bamboo plans to list the bonds on BVMAC’s bond segment in Douala.

Bamboo plans to use the proceeds to increase lending to salaried workers, particularly civil servants and private-sector employees, as well as traders and informal-sector operators. The institution also plans to develop card payment services, mobile money, money transfers and interoperability with the GIMAC network.

The amount being sought is equivalent to 51% of Bamboo’s CFAF 9.762 billion loan portfolio at the end of 2025. According to the issuer’s projections, the portfolio is expected to reach CFAF 14.654 billion in 2026, representing a 50.1% increase in one year. Achieving that forecast will depend in part on the amount actually raised and the microfinance institution’s ability to disburse the additional loans.

The bonds carry a gross annual interest rate of 7.25% for three years. Interest will be paid every six months. After a one-year grace period on principal repayments, Bamboo is due to repay one-quarter of the principal every six months during the second and third years. If the full CFAF 5 billion is subscribed, the indicative amortization schedule puts cumulative gross interest at about CFAF 815.6 million, excluding commissions and other costs borne by the issuer.

Africa Bright Securities is acting as arranger and lead manager. The placement syndicate comprises ASCA, BGFIBourse, Beko Capital, L’Archer Capital, EDC Capital, FedhEn Capital, CBT Bourse and BAMS. Orabank Gabon has been appointed agent bank.

The bond’s security package includes a pledged operating account that must receive at least CFAF 500 million in monthly flows. An escrow account must be funded each month with one-sixth of the next semiannual payment. The structure also includes a payment account and promissory notes covering the amounts due under the repayment schedule. These mechanisms are designed to channel cash flows toward debt service, but the public summary of the information document does not mention an independent third-party guarantee.

Bamboo has been operating since 2022, after taking over Salam Financial Exchanges’ portfolio. It has 14 branches and more than 70 banking service points, according to the information document. The number of active accounts rose from 6,670 in 2023 to nearly 26,900 in 2025, an increase of 303%. The institution also says it has extended more than CFAF 17 billion in loans since it began operations, financing more than 2,000 projects.

Customer deposits almost tripled between 2022 and 2025, rising from CFAF 5.288 billion to CFAF 15.833 billion. Over the same period, customer loans increased from CFAF 2.015 billion to CFAF 9.762 billion. Growth slowed sharply in 2025, however, with outstanding loans increasing by only CFAF 59 million from 2024, or 0.6%. Total assets fell 7.9% to CFAF 18.98 billion.

After losses of CFAF 417 million in 2022 and CFAF 163 million in 2023, Bamboo posted net profit of CFAF 94 million in 2024 and CFAF 122 million in 2025. Its cost-to-income ratio remained at 91% in 2025, indicating that expenses still accounted for a large share of revenue.

The issuer expects gross operating income to rise from CFAF 3.014 billion in 2026 to CFAF 5.484 billion in 2029. According to its own projections, net profit would increase from CFAF 283 million to CFAF 1.383 billion over the same period. The document, however, assesses the risk associated with Bamboo’s dependence on loan growth as “moderate-high.” The public summary does not provide detailed indicators on overdue loans or the cost of risk, two indicators needed to assess the quality of the loan portfolio that the bond issue is intended to help expand.

Frédéric Nonos