Gabon’s latest banking entrant, the Banque pour le Commerce et l’Entrepreneuriat du Gabon (BCEG), is set to officially begin operations in October, becoming the country’s eighth bank. The BCEG, established with a capital of 17 billion CFA francs ($28.9 million), aims to address the financial needs of small and medium-sized enterprises (SMEs) and very small enterprises (TPEs), which make up over 80% of Gabon’s economic fabric.
The BCEG received approval in June from the Banking Commission of Central Africa (COBAC), the regulatory authority overseeing the banking sector within the Central African Economic and Monetary Community (CEMAC) region, which includes Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic.
The BCEG is entirely funded by Gabonese institutional and private investors, making it one of only two banks in the country controlled by national capital, alongside market leader BGFIBank. Positioned to serve Gabon’s underserved SME and TPE sectors, the BCEG aims to offer tailored products and services that will foster a more inclusive financial landscape.
According to sources close to the bank, the primary mission of the BCEG is to cater to the specific needs of SMEs, providing them with essential support to positively impact their ecosystems of both individual and professional stakeholders. “By offering a diversified range of products and services specifically designed for SMEs and professionals, the BCEG aspires to become a major catalyst for entrepreneurship and to promote financial inclusion across the country,” said a bank representative.
The bank aims to establish itself as a key player in Gabon’s economic development, improving productivity, fostering innovation among SMEs, and enhancing their contribution to the national economy. The BCEG’s launch in the province of Estuaire will be the first step in a broader plan to expand across all nine provinces of Gabon by 2027.
This strategic expansion is expected to play a significant role in increasing Gabon’s banking penetration rate, which currently stands at 30%, one of the lowest in the region. The bank’s focus on SMEs aligns with the government’s broader agenda to stimulate private sector growth and reduce economic dependence on oil revenues.
As Gabon’s eighth bank, the BCEG enters a competitive yet underdeveloped market. With many SMEs traditionally facing challenges in accessing finance due to stringent lending requirements and high costs, the BCEG’s targeted approach could bridge a critical gap in the market. However, the bank will need to navigate an economic environment marked by fluctuating growth rates and a still-developing regulatory landscape.
The entry of the BCEG also reflects broader trends within the CEMAC region, where national and regional institutions are increasingly emphasizing the need to support local businesses as engines of economic growth. For Gabon, whose economy has been seeking diversification away from hydrocarbons, the BCEG could play a pivotal role in empowering local enterprises and fostering a more dynamic economic environment.
As the BCEG prepares to open its doors, its progress will be closely watched by local businesses, financial sector players, and policymakers keen to see whether this new institution can deliver on its promise of driving entrepreneurship and economic inclusion in Gabon.