Cote d’ivoire: Cofina welcomes the note ” tAA ” obtained from the rating agency regional WARA

Cote d'Ivoire: Cofina se félicite de la note « tAA » obtenue auprès de l'agence de notation régionale WARAPhoto: © Cofina / Vincent Bourdon
Jean-Luc Konan, CEO and founder of COFINA

press release

Abidjan, on December 20, 2018 – The Group Cofina informs that the rating agency regional WARA has assigned the rating of long-term ” tAA ” to the bonds issued by its Mutual Fund Securitization FTC-COFINA during the operation of securitization of receivables of the Group at the regional Exchange securities (BRVM), in April 2018. This notation is identical to that of April 2018, which demonstrates the constancy of performance of the Group Cofina. On an initial amount of 10 billion francs CFA (15.2 million euros) on a maturity of 18 months, these bonds, issued at a price of 10 000 F CFA were accompanied by a coupon rate of 7.50% per annum.

This operation, the first on the regional market, has given rise to a first repayment of 3.65 billion FCFA, on the 18th of November last. The securitisation allows you to raise funds by disposing of a portfolio of claims converted into bonds, the repayment of which later allows to remunerate the investors.

This notation ” tAA ” is only two notches below the maximum rating permitted by the regional scale of the rating agency. It shows a “stable outlook” and a behavior of the underlying portfolio of Cofina ” as expected “.

The rating assigned by WARA door on senior notes long-term, that have the most guarantees for purchasers. Thanks to a balanced distribution between bonds issued in Côte d’ivoire and Senegal, to the high quality of the underlying assets and the predictability of cash flows extracted from the underlying portfolio, this bond issuance provides a profile of managed risk and proves the stability and sustainability of the funding model of businesses proposed by Cofina, ” says WARA.

The success of the securitisation transaction were evidence of the confidence that Cofina has been able to create markets as well as to its customers. It marks a new phase of maturation of the model of Cofina, become in a few years, a key player in the mésofinance and the financing of SMALL and medium sized businesses in West Africa. This securitisation transaction successful also allows you to Cofina generate new margins of manoeuvre to serve even more customers and to project its model to new markets.

“This high rating confirms the confidence of the market, investors, and customers in the quality of the model Cofina. Securitization of receivables allows you to Cofina of anchoring its model on a sustainable basis, and increase its capacities of financing of the TPE-african SMES, which suffer from too much access restricted to finance. Today, only 6.4% of african SMES declare to have had access to funding from financial institutions. The innovation in financial engineering is the safest way to provide a quality service without increasing to all our clients, and help them to project their vision in the long term “, explains Jean-Luc Konan, President of Cofina.

In six years, Cofina has already funded 40 000 projects in 6 countries (Congo-Brazzaville, Côte d’ivoire, Gabon, Guinea Conakry, Mali, Senegal).

About Group COFINA

Founded in 2013, the Group COFINA is the first financial institution in africa dedicated to the mésofinance, the “missing link” between the microfinance and the traditional banking that offers the ability for african SMES (90 % of the private companies on the continent) easier access to credit. Present in six countries of francophone Africa (Congo-Brazzaville, Côte d’ivoire, Gabon, Guinea Conakry, Mali, Senegal), COFINA has already funded more than 40 000 projects of which 52% worn by women entrepreneurs. COFINA has established itself in recent years as the benchmark for the financing of small and medium-sized enterprises in francophone Africa. COFINA has set a challenge to reduce the fracture as the financial is the victim an important part of the new african middle class.
With more than 1200 employees, COFINA operates a portfolio of more than 150 000 clients spread over its six subsidiaries. The institution displays a total balance sheet of 138 billion CFA francs.
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Raphael Rossignol
+33 7 68 45 67 85

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Director Of Marketing, Communication & Customer Experience
+225 78 37 37 53

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