DCM WAEMU MSME MULTI-SELLER ABS Program (IFC-49623)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Benin
  • Senegal
  • Togo
Geographic location 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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 30, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Fonds Commun de Titrisation de Creances KEUR SAMBA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 29.36 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 90.40 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 1, 2025

Disclosed by Bank Jul 7, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the Project entails IFC being an anchor investor for up to XOF17 billion (c.US$29.5 million) into the senior tranche of a new compartments in the “FCTC KEUR SAMBA”, a securitization fund and regulated bankruptcy-remote a special purpose vehicle (SPV) established in the West Africa Economic and Monetary Union (WAEMU) by BOAD Titrisation (the Arranger and SPV Manager) and NSIA Banque Côte d’Ivoire (The custodian). This SPV will issue a bond for a total issuance amount of XOF52 billion (approximately US$90.4 million) and use the proceeds of the issuance to essentially acquire loans receivables from MSMEs and individual borrowers originated by NSIA Banque Benin (or the ‘’Bank’’) and its branch operations in Senegal and Togo, on a true sale basis. The resulting ABS will have a maturity of 5 years and be publicly placed in on the BRVM. NSIA Banque Benin shall then use the funds to expand its lending capacity to MSMEs across Benin, Togo, and Senegal, with at least 25 percent of the proceeds supporting women-owned/led MSMEs (WMSMEs) and 10 percent supporting Climate Finance. The Project is expected to be supported by the International Development Association (IDA) Private Sector Window (PSW) Local Currency Facility (“IDA-PSW LCF”)”.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The proceeds in which IFC will be invested will be supporting Micro, Small and Medium Enterprises (MSMEs) of NSIA Benin including its branch operations in Senegal and Togo. The E&S risks and impacts associated with the MSME activities are considered limited and readily addressed through established mitigation measures. The overall portfolio risk is considered medium. Thus, the Project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed investment of US$29.36 million into the senior tranche of the dedicated NSIA BANQUE BENIN 2025-2033 compartment of FCTC KEUR SAMBA is a strategic initiative designed to empower NSIA Banque Benin in expanding its lending capacity to MSMEs across Benin, Togo, and Senegal. This SPV will issue a bond for a total issuance amount of XOF52 billion (approximately US$90.4 million).

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

NSIA Banque Benin, established in  2001 as Diamond Bank Benin (DBB), is a universal commercial bank that became part of the NSIA Group in 2017 following the acquisition of DBB assets. The Bank operates across retail, commercial, corporate, and financial markets, providing a wide range of banking services to individuals, businesses, and institutions in Benin, Senegal, and Togo. As a member of NSIA Group, a leading regional banking and insurance conglomerate with operations in 12 countries across West and Central Africa, NSIA Banque Benin plays a significant role in the group’s mission to deliver innovative financial solutions across the region.

The shareholding structure of the Bank is composed of Manzi Finances S.A, which holds a majority stake of 73.03%, NSIA Banque Côte d’Ivoire with 20.00%, and NSIA Assurance Vie with 5.00%. These three entities are controlled by Mr. Jean Kacou Diagou, the founder of the NSIA Group and its principal beneficial owner. The remaining 1.97% of shares is distributed among several minority shareholders.

As of December 2024, ethe Bank  serves a growing customer base of approximately 214,280clients through an extensive network of 48 branches. These include 21 branches in Benin, 12 in Senegal, and 15 in Togo, ensuring the bank’s presence across key markets in the region.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

NSIA Banque Benin
Jocelyne GNACADJA AHOUISSOUSSI
Head of Treasury and International Transactions
+229 01 95 95 18 12
Jocelyne.gnacadja@nsiabanque.com
76 Rue 308 Reverend Pere Colineau, Ganhi, 01 BP 955 RB
https://www.nsiabanque.bj/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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