• First RMBS listing on BRVM backed by NSIA Banque Côte d’Ivoire
• CFA10 billion securitization aims to expand housing finance
• Move seeks to deepen capital markets and mobilize long-term savings

On April 29, the Regional Stock Exchange (BRVM) hosted the first listing of bonds from the securitization transaction “FCTC ZAKA RMBS NSIA BANQUE CI 2025–2036.”

This marks the first public issuance of Residential Mortgage-Backed Securities (RMBS) in the UEMOA financial market, aimed at strengthening housing finance and mobilizing long-term savings for the real economy.

The operation is based on the securitization of residential mortgage loans, allowing banks to convert loan portfolios into tradable financial instruments. By transforming mortgage receivables into securities, banks can free up lending capacity, refinance existing exposures, and expand access to housing credit.

The transaction involves a portfolio of 188 mortgage loans transferred by NSIA Banque Côte d’Ivoire, with a total value of CFA10 billion ($17.8 million). It is structured into three tranches: senior (CFA7.25 billion), mezzanine (CFA2 billion), and junior (CFA750 million). The senior and mezzanine tranches, now listed on the BRVM, were fully subscribed.

The FCTC ZAKA RMBS NSIA BANQUE CI 2025–2036 at 7% has a reference price of CFA10,000 and trades under the symbol FNSBC.04. The 9% tranche also has a reference price of CFA10,000 and is listed under the symbol FNSBC.05.

The operation is part of the ZAKA program, led by the CCRH-UEMOA and BOAD Titrisation, with NSIA Banque CI acting as the originating bank. The program aims to improve access to housing across UEMOA through innovative financing mechanisms.

The listing follows the previous day’s debut of another securitization instrument, “FCTC NSIA Banque CI 7.5% 2025–2030,” also backed by NSIA Banque CI.

According to Kodjo Niamkey, Head of Treasury and International Operations at NSIA Banque CI, the series of recent transactions reflects confidence in the UEMOA capital market’s ability to support complex financial instruments and play a stronger role in long-term financing.

He added that the bank remains committed to developing financing solutions aligned with market needs and international standards.

Access to adequate housing remains a major challenge in UEMOA, where the housing deficit is estimated at about 3.5 million units. The World Bank estimates that around 250,000 homes need to be built each year to meet demand.

Lydie Mobio