Abidjan, Côte d’Ivoire, June 25, 2024: Yeelen Financial Fund, a Fund dedicated to the financial sector of the WAEMU region managed by Yeelen Capital, member of Cauris Management group, a West African private equity Fund manager, has made an investment in MANSA BANK in Côte d’Ivoire, a young and dynamic bank.
Yeelen Financial Fund’s investment of FCFA 5 billion (euros 7.62 million) was made as a subordinated loan convertible into shares.
“Yeelen Financial Fund’s investment will help strengthen the company’s equity capital and finance its development plan, which is based on increasing lending to SMEs, automating and digitizing the bank’s processes, and strengthening governance”, commented Mr Benjamin Kouakou, Partner at Cauris Management / Yeelen Capital, in charge of Yeelen Financial Fund.
To comment on the Fund’s investment, Mr El-Hassana Kaba, Chief Executive Officer of MANSA BANK said: “Since MANSA BANK began operations in 2020, and thanks to its excellent knowledge of the market, it has always experienced very strong growth. We’ve done in four years what should have been done in 12 or 15. And in the banking sector, the most important thing is the level of shareholders’ equity. When you have strong growth, you have to anticipate and ensure that this growth will be maintained and sustained. To achieve this, you need to continually strengthen your capital base”.
Mr Noël Yawo Eklo, Co-Founder of Cauris Management, commented: “MANSA BANK has made considerable progress during recent years. This is quite rare for new entrants in the banking sector. Our role is to support this development plan, which is going faster than expected. We are therefore delighted to set up this partnership today to strengthen the bank’s equity capital and enable it, not only to comply with the new regulations in terms of share capital and shareholders’ equity, but also to support this rapid growth”.
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