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Impact Fund Denmark is providing €25 million in subordinated debt to NSIA Bank Côte d’Ivoire, the country’s second-largest bank and a subsidiary of the pan-African NSIA Group.
The financing will support the bank’s plans to increase lending to micro, small and medium-sized enterprises (MSMEs) over the coming years.
MSMEs account for the majority of employment in Côte d’Ivoire, yet a large share still lacks access to adequate financing. Difficulties in accessing finance remain one of the largest structural barriers to business growth and economic development.
NSIA Bank has total assets of €4.7 billion and operates 85 branches across Côte d’Ivoire. The investment will strengthen the bank’s capital base and enable it to increase lending to underserved MSMEs.
“NSIA has demonstrated a strong track record in growing its market presence and MSME loan portfolio, making it both a compelling investment opportunity and also an important partner in advancing financial inclusion in Côte d’Ivoire,” commented Rohit Goyal, managing director and head of financial services at Impact Fund Denmark.
Léonce Yacé, chief executive Officer of NSIA Bank Côte d’Ivoire, said: “This partnership with Impact Fund Denmark reflects the confidence placed in NSIA Bank Côte d’Ivoire and in the strength of our business model. It reinforces our ability to support entrepreneurs and SMEs, while expanding financing for sustainable projects that contribute to Côte d’Ivoire’s economic transformation. We are proud to join forces with a partner that shares our ambition to foster inclusive and sustainable growth.”
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