• “Keur Samba” securitization bonds begin trading on the BRVM

• Operation backed by NSIA Banque CI and Orabank CI totals CFA52 billion

• Move aims to free up bank liquidity and boost lending to SMEs

The Regional Stock Exchange (BRVM) on April 8 marked the first listing of securitized bonds under the “FCTC Keur Samba 7% 2025–2030” program, in a move aimed at strengthening financing for small and medium-sized enterprises.

The operation brings to market securities backed by NSIA Banque CI in partnership with Orabank CI. These bonds are now officially listed and tradable on the regional exchange serving the eight WAEMU countries.

Structured by BOAD Titrisation, the transaction totals CFA52 billion (about $92.9 million) and offers a 7% interest rate. With a minimum subscription set at CFA10,000, the bonds are designed to broaden access to investment and support retail participation.

The public offering phase was oversubscribed, with the NSIA Banque CI and Orabank CI tranches raising a combined CFA12.65 billion during subscription periods held in March 2025.

The deal is based on securitization, a mechanism that converts bank loans into tradable securities. This allows banks to free up capital and extend more credit, particularly to SMEs and small industrial firms, which are key drivers of growth and employment in Côte d’Ivoire and across WAEMU.

“Today’s listing is not just about bringing new securities to market—it reflects a broader vision of finance serving economic development, especially SMEs,” said Max Alphée Djecketh, chief executive of NSIA Capital, speaking on behalf of NSIA Banque CI.

Since the introduction of securitization funds in 2016, the regional market has recorded 26 issuances, raising more than CFA1,168 billion. With this latest listing, the BRVM now counts 15 such funds on its exchange.

Lydie Mobio