l'africaine des garanties et du cautionnement

What l'africaine des garanties et du cautionnement does

L'Africaine des Garanties et du Cautionnement S.A. (AFGC) is a private banking-type financial institution incorporated in Cotonou, Benin, and licensed by BCEAO (registration B0216 Z) as the first private guarantee fund in the Republic of Benin and the broader UEMOA (West African Economic and Monetary Union) zone. Founded on December 10, 2014, with a fully paid-up capital of 3 billion FCFA held predominantly by institutional investors (L'AFRIQUE DES ASSURANCES, CNSS, BSIC Benin, SGI Benin), AFGC's core function is to issue loan guarantees and surety bonds that share credit risk between SMEs/PMIs and partner banks, thereby facilitating access to financing for businesses that lack sufficient traditional collateral.

The institution operates a unified product portfolio of five guarantee lines: investment credit guarantees (up to 5 years, 2% annual commission per indivisible quarter), operating credit guarantees (1%-2.5% flat commission up to 2 years), contract/order financing guarantees, customs bonds (2.5% flat commission), and market bond guarantees for public/private procurement. These products are distributed through two access modes: a Direct channel where clients submit applications to AFGC offices, and an Indirect channel routed through 11+ signed partner banks (NSIA Banque, Banque Atlantique, BSIC, CCEI Bank, BOA, BAIC, Orabank, CBAO, FECECAM, etc.) under cooperation agreements. APIGA agreement with BCEAO means guaranteed amounts are not counted in partner banks' risk-weighted capital requirements, creating structural pull.

AFGC generates revenue through transaction-based commissions (typically 1%-2.5% flat on guaranteed amounts plus 0.25%-0.5% dossier fees) rather than annual contracts or subscription pricing. The stated strategic intent is to remain focused on the Beninese market initially and expand across the UEMOA zone subsequently, while developing third-party dedicated fund management and a financial markets pole. Technical expertise was historically transferred from CCG Morocco (a 1949-founded MENA guarantee leader) under a flagship partnership, and continental partnerships with FAGACE, FSA, and ENABEL position AFGC for cross-border guarantee and development-financing operations.

Name

l'africaine des garanties et du cautionnement

Legal name

Africaine des Garanties et du Cautionnement S.A.

Website

https://www.afgcsa.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

AFGC S.A. is a BCEAO-licensed private banking institution in Benin providing bank loan guarantees and surety bonds (investment credit, operating credit, customs, and market bonds) to SMEs, contractors, and import-export operators through direct offices and a network of 11+ partner banks.

Ownership category

akta.pro rank

Product category

Credit Guarantee and Surety Services

NAICS

Depository Credit Intermediation (5221)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Direct Lending — Specialty Finance (Consumer/SME Lending Platforms) (FSAHAJAF)

Keywords

• Credit guarantee services
• Surety bond services
• SME loan guarantees
• Institutional guarantee fund
• Customs bond services

Headquarters

HQ city

Cotonou

HQ country

Benin

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Garantie commission - Cautions douanières: Commission de garantie of 2.5% flat (HT) applicable on the guaranteed amount with a minimum of 100,000 FCFA. Dossier fees of 0.5% flat (HT) applicable on the guaranteed amount with a minimum of 50,000 FCFA.
2. Garantie crédit d'exploitation: Commission rates of 1% to 2.5% flat (HT) depending on duration, applicable on the guaranteed amount. Dossier fees of 0.25% flat with a minimum of 50,000 FCFA.
3. Garantie crédit d'investissement: Commission rate of 2% per year (HT) per indivisible quarter. Dossier fees of 0.25% flat with a minimum of 100,000 FCFA.
4. Garantie cautionnement de marché: Fees vary depending on the nature and amount of the surety. Conditions vary by surety type.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

AFGC S.A. is a BCEAO-licensed banking-type financial institution that issues bank loan guarantees, surety bonds, and customs bonds to facilitate PME/PMI access to bank financing in Benin and across the UEMOA zone. Its portfolio covers investment credit guarantees, operating credit guarantees, contract and order financing guarantees, customs bonds for import/export professionals, and market bonds (bid, advance payment, performance, warranty retention). The institution also manages dedicated guarantee and co-financing funds for third parties such as the State and development partners.

Product overview

AFGC S.A. operates as a financial guarantee institution offering a unified portfolio of guarantee and bond products designed to facilitate access to financing for businesses, particularly SMEs/PMIs. The core product suite includes investment credit guarantees (Garantie crédit d'investissement), operating credit guarantees (Garantie crédit d'exploitation), contract/order financing guarantees (Garantie financement des marchés), customs bonds (Cautions douanières), and market bond guarantees (Garantie cautionnement de marché). These products are accessible through two modes: direct access (where clients submit applications directly to AFGC) and indirect access (via partner banks). The institution also manages dedicated funds for third parties and offers financial attestations.

Differentiator

Problem solved

Functional benefit

Products and services

• Garantie crédit d'investissement (Investment Credit Guarantee) Medium-term bank credit guarantees (up to 5 years) for SME business extension and/or modernization projects. Covers physical investments (real estate, equipment) and intangible investments (goodwill, patents, lease rights, working capital needs). Pricing: 2% per year (HT) per indivisible quarter, plus dossier fees of 0.25% flat with minimum 100,000 FCFA.
• Garantie crédit d'exploitation (Operating Credit Guarantee) Short-term guarantees covering disbursement and/or signature credits for SME working-capital needs, including stock financing, overdrafts, cash facilities, advance on contracts, advance on invoices, letters of credit, and bonds. Maximum duration 2 years. Pricing: 1% to 2.5% flat (HT) commission depending on duration, plus dossier fees of 0.25% flat with minimum 50,000 FCFA.
• Garantie financement des marchés / Bons de commandes (Contract/Order Financing Guarantee) Guarantees for disbursement credits advanced by banks to finance the execution of public or private sector contracts and purchase orders, with repayment through assignment of payments from contracting authorities.
• Cautions douanières (Customs Bonds) Customs bonds covering customs approvals, Port Autonome de Cotonou approval, cargo release, storage/industrial warehousing, temporary admission (Import/Export), and customs clearance areas for import-export and transit professionals. Pricing: 2.5% flat (HT) commission with minimum 100,000 FCFA, plus dossier fees of 0.5% flat with minimum 50,000 FCFA; duration 1 year.
• Garantie cautionnement de marché (Market Bond Guarantee) Market bonds enabling businesses to obtain client trust for contract execution, including bid bonds, advance payment bonds, performance bonds, and warranty retention bonds. Pricing varies by surety type and amount; response time 2 to 5 working days minimum.

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

14 partnerships are on record, tiered core, strategic and flagship.

• NSIA BanquecoreChannel Partner/ Reseller/ DistributorBanking partner for indirect access mode where clients submit guarantee applications through banks with signed cooperation agreements.
• Banque AtlantiquecoreChannel Partner/ Reseller/ DistributorBanking partner for indirect access mode where clients submit guarantee applications through banks with signed cooperation agreements.
• Banque Sahélo-Sahélienne pour l'Investissement et le Commerce (BSIC) BenincoreChannel Partner/ Reseller/ DistributorBanking partner and shareholder of AFGC. Partner for indirect access mode where clients submit guarantee applications through banks with signed cooperation agreements.
• CCEI BankcoreChannel Partner/ Reseller/ DistributorBanking partner for indirect access mode where clients submit guarantee applications through banks with signed cooperation agreements.
• Banque of Africa (BOA)coreChannel Partner/ Reseller/ DistributorBanking partner for indirect access mode where clients submit guarantee applications through banks with signed cooperation agreements.
• Banque Internationale de l'Investissement et du Commerce (BAIC)coreChannel Partner/ Reseller/ DistributorBanking partner for indirect access mode where clients submit guarantee applications through banks with signed cooperation agreements.
• OrabankcoreChannel Partner/ Reseller/ DistributorBanking partner for indirect access mode where clients submit guarantee applications through banks with signed cooperation agreements.
• CBAO AttijariwafabankcoreChannel Partner/ Reseller/ DistributorBanking partner for indirect access mode where clients submit guarantee applications through banks with signed cooperation agreements.
• FECECAM BenincoreChannel Partner/ Reseller/ DistributorMicrofinance institution partner for indirect access mode where clients submit guarantee applications through partner institutions.
• Fond Africain de Garantie et de Coopération Economique (FAGACE)strategicStrategic or Co-development PartnerAfrican Guarantee Fund for Economic Cooperation - partner institution for guarantee operations in the UEMOA zone.
• Fond de Solidarité Africain (FSA)strategicStrategic or Co-development PartnerAfrican Solidarity Fund - partner institution for guarantee and development financing operations.
• ENABELstrategicStrategic or Co-development PartnerBelgian development agency partner supporting development projects and financing programs aligned with AFGC's mission for PME/PMI.
• Caisse Centrale de Garantie (CCG) du MarocflagshipStrategic or Co-development PartnerHistorical partner from Morocco (created 1949) that provided technical support during AFGC's startup phase. CCG Morocco is a leader in institutional guarantee in the MENA region and shared expertise in institutional guarantee and third-party fund management.
• Deloitte BenincoreOthersExternal audit firm certifying AFGC S.A.'s financial statements.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Regional players

• FAGACE (Fonds Africain de Garantie et de Coopération Économique): Pan-African multilateral guarantee fund operating across several African regions. Direct strategic partner of AFGC and addresses the same SME credit-gap problem across a wider footprint, making it the closest regional comparable.
• Fonds de Solidarité Africain (FSA): African development solidarity fund partnered with AFGC for guarantee operations. Comparable in mandate (development finance / guarantees) and a potential co-investor or co-guarantor for AFGC's expanding book.
• NIRSAL Microfinance Bank: Nigerian risk-sharing facility (now a microfinance bank) that provides credit guarantees to banks for agribusiness and SME lending. Strongly comparable in guarantee-mechanism design and partner-bank distribution model.

Broad incumbents

• Caisse Centrale de Garantie (CCG) du Maroc: Moroccan state-owned institutional guarantee leader since 1949 and AFGC's flagship technical partner. Operates at much larger scale across MENA, but provides the closest model for AFGC's institutional-guarantee and fund-management business.
• GuarantCo: Part of the Private Infrastructure Development Group, providing partial credit guarantees for infrastructure and SME finance in emerging markets. Overlapping in credit-enhancement product design and bank-channel distribution.

Direct peers

• African Guarantee Fund (AGF) for Small and Medium-sized Enterprises: Pan-African partial credit guarantee fund backed by AfDB, DANIDA, and others. Directly comparable business model (SME loan guarantees to banks) and overlapping target segments across Sub-Saharan Africa.

Others

• L'Africaine des Assurances: Flagship shareholder of AFGC and a Benin-based insurance group. Adjacent rather than directly competitive, but operates in overlapping surety/bond product lines and is a key capital source for AFGC.
• SGI Bénin (Société de Gestion et d'Intermédiation): Benin stockbroker and asset-management firm that is also an AFGC shareholder and technical committee member. Not a guarantee peer, but a key financial-sector ecosystem participant and capital partner.
• ENABEL (Belgian Development Agency): Belgian development agency supporting AFGC's SME financing programs. Comparable as a development-finance counterparty that co-funds guarantee facilities rather than as a direct competitor.
• Orabank / NSIA Banque / Banque Atlantique: AFGC's distribution partners and (in BSIC's case) shareholders. Not peers but the principal channel for AFGC's guarantee issuance and a key source of pipeline risk data.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/afgcsa
• Facebookfacebook.com/afgcsa
• LinkedInlinkedin.com/company/afgcsa

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about l'africaine des garanties et du cautionnement