Mansa Bank Côte d’Ivoire secures EUR 7.6 million of financing from Yeelen Financial Fund
Abidjan, Côte d’Ivoire, 25 June 2024: Yeelen Financial Fund, the fund dedicated to the financial sector of the WAEMU area and managed by Yeelen Capital, a member of the Cauris Management group, the West African private equity fund manager, has made an investment in MANSA BANK in Côte d’Ivoire, a young and dynamic bank.
The investment by Yeelen Financial Fund, of FCFA 5 billion (EUR 7.62 million), was made in the form of a subordinated loan convertible into shares.
« The investment by Yeelen Financial Fund will contribute to strengthening equity and to financing the development plan, which is based on growing SME lending, automating and digitising the bank’s processes and strengthening governance », said Mr Benjamin Kouakou, Partner at Cauris Management / Yeelen Capital, in charge of Yeelen Financial Fund.
Commenting on the Fund’s investment, Mr El-Hassana Kaba, Chief Executive Officer of MANSA BANK, said: « Since MANSA BANK began trading in 2020, and thanks to its very good knowledge of the market, it has always grown strongly. We have done in four years what should have taken 12 or 15. And in banking, what matters most is the level of equity. Once you are growing strongly, you have to anticipate by making sure that this growth will be maintained and continuous. For that, you must keep strengthening the level of your equity ».
For his part, Mr Noël Yawo Eklo, Co-Founder of Cauris Management, said that « MANSA BANK has made a great deal of progress in recent years. That is quite rare for new entrants in the banking sector. Our role is to support this development plan, which is moving faster than expected. It is therefore with pleasure that we are putting this partnership in place today, to strengthen the bank’s equity and allow it not only to comply with the new regulation on share capital and equity, but also to support this rapid growth ».
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