A closing ceremony for the CFA15 billion ZAKA BSIC Benin 2026-2033 securitisation, designed to support affordable housing, was held in Cotonou on Monday, October 26, during the Capital Reach Forum. The transaction is intended to give BSIC Benin access to longer-term resources for housing finance.
It is the third compartment of the regional ZAKA programme and its first social bond, according to the forum’s official agenda. Representatives of BSIC Benin, BOAD Titrisation, brokerage firm AGI and the Global Green Growth Institute (GGGI) took part in the session focused on how the proceeds are to be used and monitored.
Subscriptions were held in July
The October 26 presentation came after a subscription period that ran from July 20 to 31, 2026. The forum event did not launch a new fundraising round. The regional market regulator, AMF-UMOA, lists the securitisation fund among entities approved since June 26.
The offering documents divide the CFA15 billion into a CFA10 billion senior tranche paying 7%, a CFA3 billion mezzanine tranche paying 9%, a CFA1 billion junior A tranche paying 9% and a CFA1 billion zero-coupon tranche. The stated face value is CFA10,000 per bond.
Longer-term resources for mortgages
In a securitisation, a bank transfers a pool of receivables to a fund, which finances the purchase by issuing securities to investors. The structure can free up lending capacity and better match funding maturities with mortgages that borrowers repay over a number of years.
At the Cotonou ceremony, the partners described plans to channel the funds towards low- and middle-income households. The announced social framework sets eligibility criteria and includes governance and monitoring arrangements to track how the financing contributes to access to housing.