I'll research the current data on the Cabo Verde Stock Exchange first.Let me read the AGMVM 2024 annual report article for detail.Now Caixa Económica's 2024 public sale.Here's the trial page. I kept the Angola page's 13-section structure and replaced every data point with current Cabo Verde figures. Most figures come from the regulator's 2025 annual market report, published in June 2026, and the Cabo Verde Stock Exchange's own site.

Cabo Verde Stock Exchange (BVC): the complete guide to how it works, what trades there, and how to invest

The Bolsa de Valores de Cabo Verde (BVC) is the country's only regulated securities market. In September 2026 it has four listed companies, and it has had no new share listing since before 2023. Its real weight lies elsewhere: the market is dominated by government debt issued in the primary market and held by banks and the social security institute until maturity.

This guide explains what the BVC is, how it is built, what actually trades there, what investing costs, how it is taxed, and the real risks, including the ones that are rarely discussed.

1. Fact sheet: the BVC in 20 seconds

The Bolsa de Valores de Cabo Verde, S.A. (BVC) is a public limited company whose capital is held exclusively by the state. It was created by Law no. 51/V/98 of 11 May 1998. Its headquarters are in Achada de Santo António in Praia, on Santiago, and it has no physical office on any other island; investors elsewhere use the branches of the operator banks or the online platform. The exchange is chaired by Júlia da Cruz.

The market is supervised by the AGMVM (Auditoria Geral do Mercado de Valores Mobiliários). Since 1998 the AGMVM has operated under the Governor of the Banco de Cabo Verde and inside the central bank, while keeping administrative and functional autonomy. Trading is in Cape Verdean escudos (CVE), which have been pegged to the euro since 1999 at a fixed rate of 110.265 CVE per euro. The BVC itself runs the centralised settlement and custody system for securities.

Four companies are listed: BCA, Enacol, SCT and Caixa Económica (CECV). There were no IPOs and no capital increases by listed companies in 2023, 2024 or 2025. Equity market capitalisation reached CVE 30,447 million at the end of 2025 (about €276 million), up from 20,693 million a year earlier.

Total market capitalisation was 48.8% of GDP in 2025. Of that, shares accounted for 10.2%, corporate and municipal bonds for 5.5%, and central government debt for 33.2%. The secondary market recorded 436 transactions in 2025, but their value fell by about 75% because not a single Treasury security changed hands. Intermediaries managed 3,751 securities accounts that year.

2. The three roles the BVC plays in Cabo Verde's financial system

2.1 Financing the state through Treasury auctions

The BVC runs the auctions through which the government issues Treasury bills (BT) and Treasury bonds (OT). In 2025 the state issued CVE 24,557.7 million across 32 issues, mostly to roll over maturing debt, and 56% was taken up by non-bank institutions with access to competitive bids. The main non-bank institution is the social security institute, INPS. This is the market's core function by value.

2.2 Financing public companies, municipalities and a few private firms through bonds

In 2025, non-financial companies raised CVE 7,043.6 million through seven bond series. The money went mainly to public infrastructure, financial restructuring and paying down liabilities in construction, electricity and water, pharmaceuticals and air transport, and all of these companies are partly state-owned. That amount almost matched the CVE 7,205 million in bank credit these companies received in the same year, which is a genuine milestone for a small market.

2.3 A channel for privatisation and for sustainable finance

The exchange is the route the state uses to sell stakes to the public; the Caixa Económica sale in 2024 is the flagship example (see section 4). The BVC has also built a niche in green, blue and social bonds through its Blu-X platform. The first Cabo Verdean blue bond, issued by the International Investment Bank (iib), was offered publicly on Blu-X and then double-listed on the Luxembourg Green Exchange, under a memorandum between the two exchanges supported by UNDP.

3. How the market is built: trading, custody and settlement

3.1 The trading session

Trading takes place in three stages: an opening auction at 9:30, continuous quote-driven trading from 9:30 to 14:00, and a closing auction at 15:00. Orders can be entered during the pre-opening and pre-closing periods, but they are only executed in the auctions. There is no trading floor. Each intermediary enters orders from its own terminals, and the system matches them at the best prices.

3.2 What actually trades on the BVC

• Treasury bonds (OT) and Treasury bills (BT). These are the core of the market by value. The stock of government bonds reached CVE 99,305 million in 2025. New government issues carried an average rate of 2.32% and an average maturity of 5.0 years.
• Corporate and municipal bonds. The stock reached CVE 20,188 million in 2025, with new issues averaging 5.71% and 9.7 years.
• Sustainable bonds. The BVC lists green, blue, social and sustainability bonds. The first blue bond issue drew demand 1.5 times the offer and raised the maximum planned CVE 350 million.
• Ordinary shares of the four listed companies. In 2025 there were 417 share trades worth CVE 309.3 million.
• Investment funds. These are almost absent. Only one venture capital fund exists, with committed units of close to CVE 100 million, and since 2023 it has invested in just two companies.

3.3 Custody: how securities are registered and protected

Securities are held in book-entry form in the centralised system run by the BVC. Custody of government securities was transferred from the central bank to this centralised system. The BVC also acts as the national numbering agency, assigning ISIN codes. One practical point for foreigners: transferring securities to another person is only possible with AGMVM authorisation.

3.4 Who can trade: six banks hold the keys

Unlike Angola, where specialised brokers replaced the banks, intermediation in Cabo Verde is entirely bank-based. The six exchange operators are Banco Comercial do Atlântico (BCA), Caixa Económica de Cabo Verde (CECV), Banco Cabo-Verdiano de Negócios (BCN), BAI Cabo Verde, Banco Interatlântico (BI) and International Investment Bank (iiB). An asset management company completes the list of intermediaries.

This creates an obvious tension. The regulator estimates that the operators earned only about CVE 94 million from securities intermediation in 2025, a small fraction of their lending income. Their privileged access to state issues and private placements, combined with their habit of holding securities to maturity, may be holding back retail participation in the market.

3.5 Regulation and international links

• Supervision. The AGMVM supervises the BVC, issuers and intermediaries. It is an ordinary member of IOSCO and a signatory of its Multilateral Memorandum of Understanding.
• Regional networks. The BVC is a member of the African Securities Exchanges Association (ASEA), the West African Capital Markets Integration Council (WACMIC) and the Association of National Numbering Agencies (ANNA).
• Law reform in progress. Parliament approved in general terms the third amendment to the Securities Market Code on 11 July 2025. The proposal cuts the minimum capitalisation for listing shares from CVE 100 million to 20 million and for bonds from 20 million to 10 million. It also allows segments for SMEs and start-ups and opens intermediation to new operators.

4. The equity market: the four listed companies, one by one

The last prices shown on the BVC website on 18 September 2026 were: BCA 17,000, CAIXA 14,500, ENA 13,400 and SCT 15,000 escudos per share. Share prices rose 41% in 2025, with financial and non-financial companies gaining about equally, and every listed company paid a dividend in both 2024 and 2025.

4.1 Banco Comercial do Atlântico (BCA): a new African owner

What the company does: Cabo Verde's largest bank.

What changed in 2026: On 15 January 2026, Coris Holding, the West African banking group founded by Burkinabè businessman Idrissa Nassa, completed the purchase of 59.81% of BCA from Portugal's Caixa Geral de Depósitos. Cabo Verde is its 11th African market. The price was €82 million.

The mandatory takeover offer: The offer covered 532,413 shares (40.19% of the capital) at CVE 14,918 (€135) per share. Only 20 acceptance orders came in, for 32,300 shares, or 6.07% of the shares targeted. Coris's stake rose to 62.25%. The takeover price is now below the current share price of 17,000.

Shareholder structure after the offer: INPS holds 12.54%, the insurer Garantia (Fidelidade group) 5.79% and the state airport company ASA 2.17%. The remaining 17.25% is spread among 672 shareholders.

Main specific risk: a new controlling shareholder with a different strategy, and a very small free float.

4.2 Caixa Económica de Cabo Verde (CAIXA): the largest public offer ever

What the company does: the country's second-largest commercial bank, founded as a postal savings bank in 1928.

How it came to the market: From 11 January to 23 February 2024 the state offered its 381,904 shares (27.44% of the capital) at CVE 4,080 per share (about €37), through Blu-X or the operator banks.

Result: It was the largest public offer in the BVC's history. The six operator banks received 944 orders for 368,369 shares, the state raised about 1.5 billion escudos, and it kept less than 1% of the capital. The other major shareholders were INPS with 47.21% and the state postal company Correios de Cabo Verde with 15.14%.

What has happened since: from the offer price of 4,080 to the current 14,500, the share has gained roughly three and a half times its value in two and a half years.

Main specific risk: a very concentrated institutional shareholder base (INPS), and a share price driven by a small number of retail trades.

4.3 Enacol: fuel distribution with a history of suspensions

What the company does: fuel import and distribution. Its reference shareholders are Portugal's Galp group and Sonangol Cabo Verde, part of Angola's state oil company.

Trading history: In August 2023 the BVC detected abnormal price movements in Enacol and SCT shares, and the AGMVM suspended trading. The regulator found that two investors had repeatedly placed matching buy and sell orders at ever-higher prices, artificially inflating both stocks. Enacol shares had also been suspended in 2007 after similar abnormal movements.

Main specific risk: very thin trading, a history of price manipulation, and dependence on regulated fuel margins.

4.4 Sociedade Cabo-verdiana de Tabacos (SCT): the dividend monopoly

What the company does: It holds the tobacco monopoly in Cabo Verde. A group of companies holds 51.15% and the Municipality of Sal 12.50%, with the rest dispersed on the exchange.

Dividend profile: For several years it has distributed about CVE 200 million, or 833 escudos per share across its 240,000 shares. The 2026 annual general meeting, held in Mindelo on 16 April, voted on the 2025 accounts and the allocation of profits.

Main specific risk: cigarette sales fell to about 103 million in 2022, nearly 20% below 2018. The industry is in structural decline and exposed to tax changes.

5. What comes next: the pipeline

5.1 The privatisation agenda: listed on paper, stalled in practice

In November 2022 the government published an agenda of nine state companies for privatisation, partial sale, concession or public-private partnership between 2022 and 2026: AEB, Cabnave, CECV, CV Handling, CV Telecom, Electra, Emprofac, Enapor and TACV. So far, Caixa Económica is the only one to have come to the exchange. A local newspaper concluded in April 2026 that the announced privatisations had largely stalled.

5.2 A new political cycle

PAICV won the legislative elections of 17 May 2026 with an absolute majority of 37 of the 72 seats, ending the MpD government in office since 2016. Prime Minister Francisco Carvalho's government took office on 19 June 2026, with the Prime Minister also holding the Finance portfolio. Presidential elections are scheduled for 15 November 2026. At the time of writing, we have not seen a new privatisation calendar from the new government.

5.3 New instruments already in the legal framework

• Commercial paper. A regulation for commercial paper was published on 15 September 2025.
• Diaspora securities. The legal regime for issuing Cabo Verde diaspora securities was published on 10 December 2025. This could matter a great deal given the size of the emigrant community.
• Market makers for government debt. A task force of the AGMVM, BVC, Ministry of Finance and central bank is preparing rules that would let selected intermediaries and foreign institutional investors act as market makers in Treasury bonds.

6. The debt market: where the money really is

6.1 The scale of the difference between debt and shares

At the end of 2025, central government debt accounted for 33.2% of GDP out of a total market capitalisation of 48.8%, compared with 10.2% for shares. In other words, about two-thirds of everything listed is government paper.

6.2 A primary market without a secondary market

The defining feature of Cabo Verde's market is that Treasury paper almost never changes hands after issue. In 2025 there was not a single secondary-market transaction in Treasury securities, compared with 13 in 2024. The regulator attributes the illiquidity to a culture of holding debt to maturity and to investors' limited information and financial literacy.

6.3 Who can buy at auction

Only credit institutions and INPS can bid in competitive auctions. The rate they set applies to everyone else, and any individual or company, national or foreign, can buy government debt in non-competitive auctions through an authorised intermediary.

6.4 What yields to expect

The average rate on the outstanding stock of government bonds was 3.15% in 2025, against 5.17% for other issuers. Average bank deposit rates were 1.7% and average lending rates 8.7%. These rates are low by African standards, but they are paid in a currency pegged to the euro. That is the key difference from Angola, where nominal yields of 12–23% come with major currency risk.

6.5 Credit risk in private placements

This is the market's weak spot. In 2025, four issuers under financial stress, partly because of Storm Erin, had credit events such as delays and defaults. Two defaults from 2011 and 2017 are still unresolved. The default rate was 1.9% for the market as a whole, but 11.2% for non-government issuers and 14.8% for non-financial companies. All of these credit events involved private placements aimed at qualified investors.

7. How to invest on the BVC in practice

7.1 Steps for residents

1. Open an account at an operator bank. You need a bank account at one of the operator banks, then either fill in the specific form at a branch or create an account on the BolsaDireto/Blu-X platform to manage your portfolio and trade online. Existing clients of a member bank can sign up for Blu-X online.
2. Minimum amounts. Bonds have a nominal value of 1,000 escudos, so that is the minimum investment. For shares there is no minimum; it depends on the price and on whether a holder is willing to sell.
3. Primary versus secondary market. In public offers you subscribe during the offer period at the prospectus price. In the 2026 BCA takeover offer, for example, sale orders could be submitted through the Blu-X "IPO | Emissões" tab or at the operator banks. On the secondary market, trades only happen when buy and sell orders meet at the same price.
4. A realistic note on liquidity. Holding bonds to maturity guarantees repayment of the nominal value, provided the issuer does not default. Selling early depends on a counterparty existing, and in Cabo Verde that counterparty is often simply absent.

7.2 Steps for non-residents and the diaspora

• Same products, same process. According to the BVC, foreign investors have the same investment options as nationals. They need an account at an operator bank and can then give orders at a branch or directly on Blu-X from anywhere.
• Currency. This is where Cabo Verde differs fundamentally from Angola. The regulator lists as preconditions the fixed euro peg, a healthy banking sector and the full liberalisation of economic and financial operations with the rest of the world, which allows international investors to take part. Repatriation does not depend on the availability of foreign currency the way it does in Angola.
• Double taxation. Cabo Verde has double taxation treaties with Portugal, Macau and Guinea-Bissau. Check whether your country of residence is covered before you invest.

8. Costs, taxes and trading rules

8.1 Exchange fees on every trade

The BVC charges 0.75‰ on transactions in government securities, 1‰ on private bonds and 1.25‰ on shares and other securities. The operator bank's own commission comes on top and varies by bank. The AGMVM is currently reviewing the regulation of market costs, so ask your bank for its current price list before placing orders.

8.2 Tax incentives: the key question for 2026

This is the most important tax point for BVC investors, and it is often reported inaccurately.

For years the BVC has promoted generous incentives. Dividends from listed shares were not taxed, capital gains were exempt, interest on publicly placed bonds and Treasury securities was taxed at 5%, interest on privately placed bonds at 10%, and stamp duty did not apply. The Tax Benefits Code sets the 5% final withholding rate for publicly placed bonds listed on the BVC.

However, the Ministry of Finance's own summary shows that these benefits had an end date. The 5% rate applied to bond income earned up to 2025, and the non-taxation applied to dividends of listed shares made available up to 2025. We have not been able to confirm whether the 2026 State Budget extended them. The general regime is much less favourable: capital income is otherwise subject to a 20% final withholding tax.

For issuers, listed companies benefit from a 15% reduction in taxable income for IRPC purposes during their first three years after listing. The general IRPC rate fell to 20% (from 21%) under the 2026 Budget.

For non-residents without a treaty, the standard rate on dividends is 20%. Under a treaty such as the one with Portugal, it can fall to 5% or 10% if the conditions are met.

8.3 How prices are formed

One quirk every investor should understand: the AGMVM has pointed out that a single share can trade on its own, and that one trade becomes the new reference price for all subsequent orders. The regulator considers it unreasonable that an isolated, insignificant trade can move the market price so much.

8.4 Dividends and interest are paid in escudos

All distributions are paid in CVE through the centralised system. Because of the euro peg, a foreign investor's currency risk is effectively the risk of the peg itself, not of a floating exchange rate.

Notice: Tax incentives, treaty eligibility and withholding rules change. Confirm your tax position with a qualified tax adviser in Cabo Verde before investing.

9. The eight structural risks that define this market

9.1 Extremely thin liquidity

The equity turnover ratio fell from 8.03% in 2024 to just 0.33% in 2025. Selling a significant position without moving the price is, in practice, very difficult.

9.2 A tiny equity universe

There are four shares, no IPO in three years, and no capital increases. The regulator acknowledges that investors are looking for opportunities, but supply is constrained: most companies lack the financial capacity, organised accounts or knowledge needed to use the market. 83% of active Cabo Verdean companies in 2023 were micro-enterprises, and 77% had no organised accounts.

9.3 Low free floats and concentrated ownership

At BCA, only about 17% of the capital is in dispersed hands. At SCT, just over a third is. INPS appears among the major shareholders of both listed banks.

9.4 Market abuse episodes

Beyond the 2023 suspension of Enacol and SCT, in 2024 the AGMVM investigated two investors for suspected market manipulation and insider dealing and sent reports to the Public Prosecutor. In one case, an investor sold single shares at ever-lower prices to push the price down, then bought a lot six times larger.

9.5 Credit risk in private placements

As shown in section 6.5, default rates among non-government issuers are high, and the 2025 credit events hit qualified investors directly. The AGMVM notes that private placements are outside its supervision because they are addressed to qualified investors.

9.6 Banks as both gatekeepers and investors

The six intermediaries are banks that are also the largest buyers of the securities they distribute. The regulator itself suggests this weighs on retail inclusion (see section 3.4).

9.7 Governance disclosure gaps among bond issuers

All share issuers publish their governance reports, but bond issuers' compliance is unsatisfactory: between 2020 and 2024, only two out of seven companies fulfilled that duty.

9.8 Policy and tax calendar risk

A new government, a presidential election in November 2026, a stalled privatisation agenda, and tax incentives with a 2025 end date all make the rules of the game less predictable than usual.

9.9 The counterweight: proven local appetite

Despite these risks, investors have shown real appetite:

• The Caixa Económica offer attracted 944 orders and sold more than 96% of the shares offered.
• At BCA, more than 93% of the shares covered by the takeover offer stayed with minority shareholders rather than being sold at €135 per share.
• Equity market capitalisation grew 58% in 2025.
• All listed companies paid dividends in 2025.

What is not yet proven is that this appetite turns into regular secondary-market trading.

10. Seven indicators to measure the BVC's real progress

1. New listings under the reformed Code. The first IPO using the lower CVE 20 million threshold would be the real test of the reform.
2. Equity turnover. Moving from 0.33% back towards and above the 8% seen in 2024, without one-off special sessions, would signal a functioning market.
3. The first Treasury market maker in operation. This is the precondition for a real government yield curve and for foreign institutional participation.
4. The first diaspora securities issue. This would test whether emigrant savings can be channelled through the exchange.
5. Fewer credit events. A falling default rate among non-government issuers, and resolution of the 2011 and 2017 defaults.
6. A functioning fund industry. Today there is one venture capital fund of about CVE 100 million. More funds would give smaller savers diversified access.
7. Privatisations through the exchange. Whether the new government uses the BVC for any of the remaining eight companies on the 2022 agenda.

11. Which investor profiles this market suits

11.1 Good fit

• Local institutional investors. Pension funds, insurers and bank treasuries needing escudo assets. In practice, they already are the market.
• Diaspora investors with a Cabo Verdean bank account. These are emigrants looking for euro-pegged assets with dividend income and a link to the home economy.
• Long-term dividend investors. People who accept holding shares for years and value regular payouts over the ability to sell quickly.
• Impact investors. Those interested in green, blue and social bonds, some of which are also visible in Luxembourg.

11.2 Poor fit

• Active traders. Anyone expecting daily liquidity and instant execution will not find it here.
• Investors needing large positions. The equity universe is too small to absorb significant capital without moving prices.

11.3 Position sizing for international portfolios

For an international investor, exposure to the BVC should be a small satellite position. The peg removes most currency risk, but liquidity risk and the lack of listed companies remain decisive.

12. The context: Cabo Verde's economy and financial sector in 2025–2026

12.1 Strong macroeconomic backdrop

• GDP grew 6.3% in real terms in 2025, and investment contributed more to growth than consumption for the first time since 2014.
• Average inflation rose from 1.0% to 2.3%.
• Net international reserves reached a record CVE 1.065 trillion, about nine months of imports. This is the anchor that makes the euro peg credible.
• The state recorded an overall surplus of 1.3% of GDP in 2025, compared with a 1.1% deficit in 2024.

12.2 A banking sector reshaped by new owners

The Coris acquisition of BCA ended decades of Portuguese control of the country's largest bank and brought a pan-African group into the market. The two listed banks are also the largest intermediaries on the exchange that lists them.

12.3 A market preparing its next phase

The AGMVM is working on several reforms at once: a sustainability taxonomy, rules for trading platforms, a new fund regime, a modernised venture capital regime, and a public consultation launched on 24 August 2026 on amendments to the prospectus regulation.

13. Conclusion: a stable market that has not yet found its depth

The BVC of 2026 has advantages Angola's exchange does not: a currency pegged to the euro, free movement of capital, record reserves and a growing economy. For a foreign investor, the exit is not the problem.

What the BVC lacks is supply and turnover. It has four shares, government debt that never trades, and a bank-led intermediation model with little incentive to change. The Caixa offer and the BCA shareholders' decision to stay show that local savers want equity. The question for the coming years is whether the Code reform, diaspora bonds and market makers bring enough new securities to the exchange for that demand to become a real market.

Before publishing, please verify the two points I couldn't confirm: whether the capital market tax incentives were extended beyond 2025, and each operator bank's current commission schedule. I can also convert this into HTML for your CMS or produce the Portuguese version.