Representatives from the business, academic, and financial sectors met in Maputo on Wednesday, October 8, for the presentation of the new phase of the Capital Market Incubation Program, an initiative promoted by the consultancy Finantia, in partnership with the Mozambique Stock Exchange (BVM), CTA, and the Pedagogical University.
The meeting marked the beginning of the program’s acceleration phase, which aims to prepare national companies to raise financing through the Stock Exchange, diversifying their sources of capital and reducing dependence on traditional banking.
“We want the emergence of new stock market operators. This information allows people to wake up and look at the capital market as a business opportunity,” said Alcino Michaque, executive administrator of BVM, on behalf of the Stock Exchange management.
He highlighted the launch of the third market as a decisive step to accommodate companies that, although still in the maturity phase, already show potential to move to the main markets.
The first edition of the Capital Market Incubation Program starts on September 19 and plans to support up to ten companies in structuring and executing financial operations, such as issuing debt or shares and listing on the Stock Exchange.
According to the organizers, the goal is “to bridge the gap between business projects and access to financing,” creating alternatives to commercial banks in a context where expensive credit and financial illiteracy hinder business expansion. Egas Daniel, CTA’s vice president for finance and monetary policy, described the initiative as “one of the most important for strengthening the Mozambican business ecosystem.” According to him, stimulating the capital market “reduces dependence on bank credit and creates growth opportunities for micro, small, and medium-sized companies.”
The program is divided into two phases. The first, training, took place between June and July 2025, involving 33 participants from over 20 institutions. Topics covered included capital structure, market instruments, comparative advantages of the Stock Exchange, and financing strategies. More than 40% of participants were company representatives, while the rest included business associations, banks, institutional investors, and financial consultants. The second phase, incubation, continues until April 2026. Companies were selected based on merit, feasibility, innovation, and management capacity. This phase will include technical advisory sessions, workshops, and presentations to investors. Each company will receive individual support for strategic diagnosis, financing format definition, and documentation preparation. The process will culminate in the first quarter of 2026, with stock listings or debt instrument issuances.
Selected companies include Kingman Construtora (SANLO), with contracts in the oil and gas sector; DSD Capital, a fintech dedicated to digital microcredit; and RAD-CURA, promoter of the country’s first oncology hospital, valued at $89 million. Other participants are Moz Anjos (AMBA), a business angel network; Batzai, a tech company; Edutech, a digital education platform; FARMAC, a state-owned company undergoing restructuring; and EMODRAGA, specialized in dredging and port maintenance.
“Even if some companies do not list in this phase, they acquire the knowledge and know-how on how to prepare to raise funds through the Stock Exchange,” emphasized Alcino Michaque. He also announced the creation of the Support Office for Courts, Companies, and the Market, intended to assist interested entities.
The program has the support of the Ministry of Finance, the Bank of Mozambique, consultants, academics, and institutional investors. This involvement reinforces technical credibility and strategic alignment with the long-term vision of capital market development.
According to Finantia, the program’s coordinating entity, the initiative is the result of a decade of experience in structuring stock market financial operations, including bond issuances for companies such as SMM, Tyre Partner, and ServCred, and the creation of Mozambique’s Road Network (REVIMO). With the first results expected in 2026, the promoters believe the model will serve as inspiration for future editions, enabling more companies to use capital markets as a source of competitive and sustainable financing.
“The commitment of each company is essential for the program’s success. Their active participation will determine not only access to financing but also the very future of the capital market in Mozambique,” concluded Egas Daniel, reaffirming CTA’s commitment to a more inclusive and competitive business environment.
Source: Diário Económico
