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Impact Fund Denmark has committed $28.58 million (€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 investment will strengthen the lender’s capital base and enable it to expand financing for micro, small and medium-sized enterprises (MSMEs) across the country.
According to Impact Fund Denmark, the investment is designed to improve access to finance for underserved businesses while supporting job creation, economic resilience and financial inclusion in Côte d’Ivoire. MSMEs account for the majority of employment in Côte d’Ivoire but many continue to face limited access to financing, making it one of the country’s biggest structural barriers to business growth and economic development.
By providing subordinated debt, Impact Fund Denmark aims to increase NSIA Bank’s capacity to finance businesses that are often underserved by the formal financial sector.
“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,” said Rohit Goyal, Managing Director and Head of Financial Services at Impact Fund Denmark.
NSIA Bank is one of Côte d’Ivoire’s leading financial institutions, with total assets of $5.37 billion (€4.7 billion) and a nationwide network of 85 branches. According to the development finance institution, 80% of the investment will be allocated to financing MSMEs, while the remaining 20% will support green financing initiatives.
The green finance allocation is expected to back companies operating in sectors such as renewable energy and electric mobility, aligning commercial lending with sustainable development objectives. The fund added that the investment reflects its broader mission of contributing to more inclusive and equitable societies through private sector development.
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.”
The investment underscores Impact Fund Denmark’s long-term strategy of backing financial institutions that can extend credit to businesses with the greatest financing needs. By strengthening NSIA Bank’s capital base, the fund expects to improve access to finance for entrepreneurs, accelerate private sector growth and support the expansion of sustainable businesses across Côte d’Ivoire.
For NSIA Bank, the financing will help enhance its ability to meet growing demand from SMEs while reinforcing its role in advancing financial inclusion and supporting the country’s long-term economic transformation.
