NSIA Plans Securitization Deals Across WAEMU to Boost SME Lending
TLDR
- Ivorian banking group Nsia Banque has announced plans to launch several securitization transactions in 2025 across its West African markets
- The goal is to expand financing for small and medium-sized enterprises (SMEs) by unlocking long-term capital through structured receivables securitization
- The initiative builds on a 2020 pilot in Côte d’Ivoire, where NSIA Banque (BRVM: NSBC) executed a 40 billion CFA francs ($70 million) transaction
Ivorian banking group Nsia Banque has announced plans to launch several securitization transactions in 2025 across its West African markets, including Côte d’Ivoire, Benin, Guinea, Senegal, and Togo. The goal is to expand financing for small and medium-sized enterprises (SMEs) by unlocking long-term capital through structured receivables securitization.
“We are entering 2025 with a renewed ambition to deploy a series of receivables securitization operations consistent with our strategy of financing the real economy,” said Léonce Yacé, deputy general manager of the NSIA group.
The initiative builds on a 2020 pilot in Côte d’Ivoire, where NSIA Banque (BRVM: NSBC) executed a 40 billion CFA francs ($70 million) transaction, proving the model’s viability. The group now aims to scale the approach across its subsidiaries to mobilize capital for SME credit while maintaining regulatory balance sheet ratios.
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Key Takeaways
Securitization remains underutilized in the WAEMU region but is gaining traction as a mechanism to bridge financing gaps, especially for SMEs. It allows banks to convert receivables into tradable securities, transfer risk, and free up balance sheets for further lending. Between 2016 and 2023, the WAEMU market recorded 13 securitization deals totaling 848.8 billion CFA francs ($1.49 billion), with 11 executed between 2021 and 2023. In 2024, BOAD Titrisation led the DOLI-P 2024–2031 program, raising 160 billion CFA francs ($281 million) by securitizing non-sovereign receivables. In 2025, a 52 billion CFA francs ($91 million) initiative titled “Keur Samba” was launched to finance SMEs via a multi-seller structure. NSIA’s 2025 transactions will build on this growing momentum. Target sectors will include those with high economic potential and limited access to financing. By deepening the use of securitization, NSIA seeks to enhance credit access for underserved businesses, supporting regional development through market-based solutions.
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