IFC, BOAD and BII Invest in West Africa’s First Multi-Country Securitization to Boost MSME Financing

Cotonou, Benin – July 17, 2025 — To boost access to finance for small businesses in West Africa, IFC, West African Development Bank (BOAD), and British International Investment (BII) today announced anchor investments in NSIA Banque Benin 2025-2030 securitization.

The bond was issued by Keur Samba, BOAD's securitization special purpose vehicle, in favor of NSIA Banque Benin.

Proceeds from the XOF52 billion ($90.4 million) bond will help NSIA Banque Benin expand its MSME loan portfolio across Benin, Senegal, and Togo, its three countries of operation, over the next three years. At least 25 percent of the financing is earmarked for women-led MSMEs (WMSMEs) and 10 percent for climate finance.

IFC invested nearly XOF14 billion (about $25 million) in the bond, while BII and BOAD each invested nearly XOF 8 billion (about $14 million). The remainder was raised from local and regional investors, including banks, individual investors, pension funds, and insurance companies, among others. The bond was oversubscribed by 15%.

The bond is part of Keur Samba, a regional program launched by BOAD and executed by BOAD Titrisation, its specialized securitization subsidiary. This is the third successful transaction under this first-ever multi-country and multi-originator program, in the WAEMU, following two in Cote D’ivoire. This also represents the first-ever securitization structured in Benin, representing a key milestone in deepening regional capital markets and unlocking long-term, local currency funding for the real economy.

Securitization is a financial instrument where illiquid assets, such as loans or receivables, are pooled together and structured into tradable securities. A regulated securitization special purpose vehicle (SPV) is a type of bankruptcy-remote vehicle that is established to issue the bond, acquire the receivables from one or more originators, and use their cash flows to meet its debt service.

“Through the Keur Samba program, BOAD is deploying innovative financing tools tailored to the realities of our region and aligned with our development goals. This first-of-its-kind operation in Benin reflects our commitment to providing concrete, sustainable responses to the financing needs of the private sector,” said Serge Ekué, President, BOAD

“We share the same vision as BOAD and IFC in supporting small businesses in Benin, Senegal, and Togo, to foster inclusive and sustainable economic growth. We are delighted to see the closing of this milestone securitization in the region. This successful transaction demonstrates the potential to mobilize local pools of capital for the development of capital markets in Africa," said Chris Chijiutomi, Managing Director and Head of Africa at British International Investment, the UK’s development finance institution and impact investor.

"This transaction is part of a program of issuances which represents a major step forward for MSME financing in the WAEMU region. By supporting the first multi-originator, multi-country securitization vehicle in West Africa, IFC is mobilizing long-term local currency resources to improve access to finance for small businesses, including those in the agricultural sector, as well as women-led enterprises and climate-focused initiatives. We are proud to partner with BOAD, NSIA Banque Benin, and BII to promote inclusive and sustainable growth and job creation across the region," said Ethiopis Tafara, IFC Vice President for Africa.

The World Bank Group played a crucial role in finalizing this transaction. Keur Samba benefited from concessional pre-investment technical assistance provided by the WBG’s Joint Capital Markets Program (J-CAP), which supports reforms to strengthen local capital markets in the WAEMU, including modernization of the securitization law. As part of this support, IFC and World Bank also jointly worked with regulators, investors, and financial institutions, while supporting the credit enhancements, environmental standards, and defining the use funds to maximize the impact and boost access to finance for MSMEs. J-CAP's work in WAEMU is supported by the government of Germany and globally with support from the governments of Switzerland, Germany, Norway, Luxembourg, Japan, Australia and the Netherlands.

IFC's investment is supported by the International Development Association (IDA) 20 Private Sector Window Local Currency Facility, which helps provide longer-term local currency funding that is not readily available in the market.