COFINA lands $17M debt line from West African Development Bank to fund SMEs

What's the deal? Groupe COFINA has secured a refinancing line of US$16.8M from the Banque Ouest-Africaine de Développement (BOAD). The debt facility will expand the Ivorian institution's lending to small and medium-sized enterprises.

What does COFINA do? Founded in 2014, COFINA Côte d'IvoireDealroom has a profile for this one. Try Dealroom → operates in mesofinance — the gap between traditional microfinance and banks. It serves entrepreneurs whose needs have outgrown microcredit but who still struggle to access conventional bank financing.

How big is it? By the end of 2025, COFINA claimed more than 90,000 clients, a balance sheet of US$233.3M, US$127.5M in loans, and US$115.8M in deposits. The new BOAD line equals roughly 13.2% of its outstanding credit at that date. In 2024, it ranked second in the country's decentralised financial sector, behind Baobab.

What's the money for? The funds will mainly finance medium-term investments by Ivorian SMEs. The BOAD also lists female entrepreneurship, financial inclusion, and green projects as priorities, without specifying how much will go to each segment.

Why now? Access to credit remains a major obstacle for small Ivorian firms, many of which still rely on their own resources to invest. In the World BankDealroom has a profile for this one. Try Dealroom →'s latest Enterprise Survey, 27.6% of small businesses ranked financing access as their top constraint, against 17.8% of medium-sized firms.

The signal: Development finance is flowing toward the underserved middle of Africa's business landscape. By backing a leading mesofinance player, the BOAD is targeting the credit gap that keeps many small firms dependent on internal funding.

Read more: agenceecofin.com