First multi-originator transaction structured into multiple compartments within the WAEMU region
Keur Samba Programme for SMEs
The “FCTC Keur Samba” programme was launched by BOAD, as the initiator of the programme and a key investor, with the objective of facilitating access to financing for small and medium-sized enterprises (SMEs), which are key drivers of economic growth.
By enabling banks to securitize their receivables, this innovative initiative transforms financial assets into immediately available liquidity.
The funds generated through securitization are subsequently channelled to SMEs to support the financing of their projects and to stimulate their development.
This mechanism, combining financial innovation with tangible support for businesses, opens new perspectives for strengthening the entrepreneurial ecosystem within the WAEMU region.
Programme objectives
- Facilitating access to financing: the “Keur Samba” securitization programme enables banks to convert long-term loans into liquid assets, i.e. immediately available funds, which are then made available to SMEs to finance their development projects.
- Strengthening the economic fabric: the resources mobilized through this initiative contribute to reinforcing the private sector, a key pillar of regional growth and job creation.
- Driving sustainable growth: the overarching objective is to foster a financial environment conducive to innovation and economic transformation, thereby ensuring long-term prosperity for the WAEMU region.
Governance and stakeholders
- Initiative and sponsorship: BOAD, as the programme initiator and a key investor, demonstrates its continued commitment to supporting regional economic development.
- Arrangement: in partnership with Africa Link Capital (ALC), BOAD established an optimized financial structure enabling the securitization of receivables and the efficient conversion of assets into liquidity.
- Management: BOAD Titrisation, the dedicated management company, leverages its expertise to coordinate the transformation of receivables into tradable securities, allowing banks to rapidly convert long-term assets into immediate liquidity.
- Originators: participating banks, including NSIA Bank Côte d’Ivoire and Orabank Côte d’Ivoire, demonstrate their commitment to SME financing by transferring their receivables as part of this transaction.
Technical details of the transaction
- Amounts mobilized:
- NSIA Bank Côte d’Ivoire: CFAF 5.4 billion
- Orabank Côte d’Ivoire: CFAF 7.25 billion
- Interest rate: 7%
- Maturity: 63 months
- Subscription period: from March 5 to March 17, 2025
