Skye Bank Securitisation of Western Union Workers Remittances

Harnessing the huge potential resource generated by migrant remittances, Trico Capital, in partnership with the leading international banks in Africa - Citibank, Standard Bank and Africa Export Import Bank (AFREXIM). Trico Capital acted as the proprietary deal originator and the structuring adviser in this ground- breaking transaction, raising a US$150m 5-Year Euroloan for Skye Bank Nigeria Plc.

Migrant Remittances now outstrip Official Development Assistance and Private Equity in resources flow to developing countries, with Nigeria amongst the top 10 and the largest recipient in Sub Saharan Africa. Traditionally, Africa’s financial markets have limited capacity to access finance development and such capacity is further constrained by the recent financial crisis, the legacy losses and Basel 3 capital requirements of the international banks.

This pioneering structured finance monetisation of the future Western Union migrant money flows of Nigerian workers in North America and Europe back into Africa was, in the international commercial banking syndication market, the first of a kind for a major Nigerian and African Bank.

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Investment for sustainable, private enterprise, infrastructure and self-financing projects in West Africa

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