Microinsurance start-up Samb'a Assurances Gabon is planning to expand to Cameroon and the Democratic Republic of Congo (DRC), the company revealed in a media statement.
The decision was made by the company’s board of directors in June.
To fund the expansion, the microinsurance company also plans to undertake a fundraising exercise through a public offering on the Central African Stock Exchange. The initial public offering, to be held in 2026, is aimed at increasing the company’s share capital by FCFA3bn ($5.4m) through the issue of 300,000 new shares. The insurer started operations with a share capital of FCFA610m.
These decisions will shape a new phase of growth and expansion into the regional market, said Samb’a in the statement.
Samb'a is the first microinsurance company in Central Africa to be approved by the Inter-African Conference on Insurance Markets (CIMA). It officially launched its operations on 18 September 2024. It provides microinsurance products to low-income populations: informal workers, farmers, small traders, the liberal professions, artists, associations, unions, small businesses, artisans and market sellers.
Samb’a was founded by its chairman and CEO, Mr Andrew Gwodog, who is a former CEO of the Gabonese Commercial Reinsurance Company and former president of the Gabonese Federation of Insurance Companies.