• Benin
  • Guinea
  • Ivory Coast
  • Senegal
  • Togo
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 14, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • Small & Medium Enterprises
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank for a specific purpose. A "ring fence" is another name for the specific purpose. Financial intermediaries include insurance, pension and equity funds. A financial intermediary lends these funds to their clients in the form of loans, bonds, guarantees and equity shares.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 25.76 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 23
Converted using 2019-05-06 exchange rate.
Project Cost (USD)
$ 51.53 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 46
Converted using 2019-05-06 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 28, 2019

Disclosed by Bank May 6, 2019

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Can you contribute information about this project?
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Project Description

According to bank documnets, the proposed project entails the provision of a Risk Sharing Facility for a consideration of up to EUR 23 million to 3 NSIA Banque subsidiaries operating in five countries – Côte d’Ivoire, Benin, Togo, Senegal and Guinea. The RSF will provide 50% credit risk coverage on a maximum SME loan portfolio of EUR 46 million.

Investment Description
  • International Finance Corporation (IFC)

IFC’s investment is in the form of a risk sharing facility for up to Euro 23 million, which will provide 50% credit risk coverage on a portfolio of eligible SMEs originated by NSIA Banque Côte d’Ivoire, NSIA Banque Benin and NSIA Banque Guinea. The project is part of IFC’s Small Loan Guarantee Program which provides risk sharing instruments to client banks looking to expand SME lending in difficult to serve markets. The Project will also be potentially supported by the Global SME Finance Facility, a partnership with the UK Department for International Development and the Government of the Netherlands, should NSIA achieve significant growth in lending to climate-smart SMEs.  In addition, the Project is also likely to be supported by the Women Entrepreneurs Finance Initiative (“We-Fi Facility”) should NSIA achieve significant growth in lending to women-owned SMEs.

Financial Intermediary
Private Actors
Private Actors Description

The NSIA Group is a regional financial services group founded in 1995 by Mr. Jean Kacou Diagou, an Ivorian businessman and insurance specialist. The Group currently has a footprint in 12 countries in West and Central Africa, and is headquartered in Abidjan, Côte d’Ivoire. NSIA comprises several affiliates offering insurance, banking, corporate finance and real estate services, with the insurance and banking divisions being the largest of the Group. The banking division consists of 3 banks, namely NSIA Banque Côte d’Ivoire, NSIA Banque Benin, which has branches in Côte d’Ivoire, Togo and Senegal, and NSIA Banque Guinea.

NSIA Participations is the holding company controlling most subsidiaries of the Group. NSIA Participations drives the Group strategy and provides oversight to the entire NSIA network. In 2015, the National Bank of Canada (NBC) completed the acquisition of a minority stake (22%) in NSIA Participations. In 2017, Swiss Re acquired 29% stake in Manzi Finance, the majority shareholder of NSIA Participations.

Contact Information

NSIA Group 
Leonce Yace 
Managing Director 


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