Common Securitization Fund of Receivables
First Securitization Transaction in the Republic of Benin
A New Milestone for SME Financing in West Africa
This new issuance represents the third tranche of the Keur Samba program and the first securitization transaction ever carried out in Benin, marking a significant step forward in the structuring of financing in the country.
It strengthens the growth of securitization as an effective refinancing tool for financial institutions and the real economy, particularly SMEs.
1. Keur Samba Program for SMEs
The Keur Samba – Committed Finance for SMEs program was launched by BOAD, the program initiator and a key investor, to facilitate SME access to financing, recognizing them as key drivers of economic growth.
2. Program Objectives
Facilitating Access to Finance:
The Keur Samba securitization program allows banks to convert long-term loans into liquid assets, i.e., immediately available funds. These funds are then made accessible to SMEs, supporting their financing needs for development projects.
Strengthening the Economic Fabric:
Resources mobilized through this initiative help reinforce the private sector, a crucial element of regional growth and job creation.
Promoting Sustainable Growth:
The overarching goal is to create a financial environment conducive to innovation and economic transformation, ensuring long-term prosperity for the WAEMU region.
3. Governance and Stakeholders
Initiative and Sponsorship:
BOAD, as the initiator of the Keur Samba program, reaffirms its commitment to supporting regional economic development through innovative financial mechanisms.
This transaction enjoys the support of three leading development banks acting as key investors:
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BOAD, the financial arm of WAEMU,
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IFC (International Finance Corporation), a member of the World Bank Group, based in Washington,
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British International Investment (BII), a UK-based development finance institution, based in London.
Their joint participation demonstrates the credibility of the transaction structure and the growing interest of investors, including international ones, in securitization as a solution for SME/SMI financing in West Africa.
MAIN FEATURES
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Originator: NSIA Banque Bénin
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Management Company and Arranger: BOAD Titrisation, responsible for structuring, arranging, and managing the corresponding FCTC.
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Co-Lead Managers: IMPAXIS SECURITIES / NSIA Finance, responsible for organization and placement with investors.
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Transaction Amount: 52 billion CFA.
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Bond Structure:
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Senior tranche: 7% coupon
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Mezzanine tranche: 9% coupon
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Junior tranche: 9% coupon
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Maturity: 5 years for senior and mezzanine tranches, 8 years for junior tranche
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Subscription Period: June 20 – July 10, 2025
