BOAD Titrisation, a 100% subsidiary of the West African Development Bank (BOAD), is a pioneer of securitisation in the West African Economic and Monitoring Union (WAEMU). It aims to mobilise private capital at scale, expand lending capacity, and demonstrate a replicable model for financial innovation in development finance.
West African Development Bank’s KEUR SAMBA
Abstract
Balance sheet constraints faced by both commercial banks, multilateral development banks (MDB)s and regional development banks (RDBs) restrict their ability to scale lending. At the same time, there is a lack of access to diversified, investible commercial banks/MDB/RDB assets for private investors, including institutional investors, and the perceived risk in emerging markets and developing economies (EMDEs) is high, which deters private investors. This is compounded by the underdevelopment of securitisation markets and the need for robust risk-sharing mechanisms. By addressing and overcoming these barriers, the BOAD KEUR SAMBA programme aims to mobilise private capital at scale, expand lending capacity, and demonstrate a replicable model for financial innovation in development finance.
BOAD Titrisation, a 100% subsidiary of the West African Development Bank (BOAD), is a pioneer of securitisation in the West African Economic and Monitoring Union (WAEMU).
In recent years, within the BOAD DOLI-P securitisation programme, the company has closed the largest non-sovereign securitisation deals in WAEMU for a total amount of USD 500 million and has introduced for the first time a structure entirely aligned with international standards.
In March 2025, BOAD Titrisation launched the KEUR SAMBA securitisation programme, which aims to finance micro, small and medium-sized enterprises (MSMEs) across the WAEMU region. By allowing financial institutions to transform long-term loans into liquid assets, i.e. immediately available funds, the programme frees up capital that is then made available to finance MSMEs in the region. In addition, KEUR SAMBA is the first multi-issuer securitisation programme in WAEMU, with the following features:
7% coupon
5Y tenor
40% risk protection
The transaction involved a USD 20 million reference portfolio from two partner banks, NSIA Banque CI and Orabank CI, pooled together from MSME loan receivables and securitised to raise funds from investors. The two banks are the first Ivorian banks to participate in the KEUR SAMBA programme and have committed to use the proceeds to finance MSMEs in WAEMU, which is an historically underfunded region.
The initial phase of KEUR SAMBA lays the foundation for an ambitious programme that aims to expand to other WAEMU countries while improving access to finance and diversifying business opportunities within the region. The program brings together key stakeholders around BOAD as arranger, sponsor and anchor investor.
The KEUR SAMBA program presents a new model for MSME financing in WAEMU, helping banks to quickly access funds and increase their lending to MSMEs. By leveraging securitisation, the programme provides a scalable model for mobilising private capital to support the growth of MSMEs in an underfunded region.
BOAD Titrisation has a strategic intent and patience in building a market, first for MDB/RDB securitisation in the region, then for corporate issuers. The significance of the KEUR SAMBA program thus extends beyond its immediate financial impact. It serves as a model for future MDB/RDB-private sector partnerships, reinforcing the role of securitisation in scaling development finance and sending a strong market signal to private investors. By optimising the balance sheets of commercial banks and freeing up capital for MSME finance, KEUR SAMBA supports economic development and creates jobs in the region. The success of KEUR SAMBA could inspire similar programmes across other WAEMU countries, fostering regional integration and improving access to finance for sustainable investment. The KEUR SAMBA programme also demonstrate how partnerships with private financial institutions can leverage the resources and strengths of each partner to the benefit of more sustainable financing to MSMEs.
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