CDC Bénin Backs Enko PME Fund for West African SMEs
BENIN · INVESTMENT
Key Facts
- —Who is CDC Bénin The Caisse des Dépôts et Consignations du Bénin, a state institution that invests public and long-term savings on the country’s behalf.
- —What it did It subscribed units in Enko PME, an alternative investment fund for small and medium-sized companies in West Africa, on 11 September 2026.
- —How much Not disclosed. Neither the amount nor the number of units was published.
- —What the fund is Enko PME launched in December 2025 and is managed by Enko Capital. It targets 20 billion CFA francs, about US$35 million.
- —What it already owns Nine Burger King outlets in Côte d’Ivoire, acquired in April 2026, and EV.Tech, an electric vehicle charging business, from August 2026.
- —The entry ticket One billion CFA francs, roughly US$1.8 million, for an institutional investor.
A Beninese state fund has put money into burger restaurants and car chargers in Côte d’Ivoire. It will not say how much.
The Caisse des Dépôts et Consignations du Bénin subscribed units in Enko PME on 11 September 2026. The fund invests in small and medium-sized companies across West Africa. The amount was not disclosed.
What Was Bought
CDC Bénin subscribed units in Enko PME, an alternative investment fund managed by Enko Capital.
The transaction took place on Friday 11 September 2026 and was reported on 15 September.
Neither the amount invested nor the number of units was made public.
Maryse Lokossou is director-general of CDC Bénin. On the other side are Cyrille Nkontchou, managing partner at Enko Capital, and Cheikh Souleymane Diallo, senior investment director.
What Enko PME Is
The fund launched in December 2025 as a fonds d’investissement alternatif, the regional vehicle for pooled private investment.
It targets 20 billion CFA francs, about US$35 million, and the minimum institutional commitment is one billion CFA francs, roughly US$1.8 million.
Its mandate is small and medium-sized companies in the West African Economic and Monetary Union.
The CFA franc is pegged to the euro at 655.957, so its dollar value moves only with the euro.
What It Has Bought So Far
In April 2026 the fund acquired nine Burger King outlets in Côte d’Ivoire, through the fast-food operations of Servair.
In August 2026 it invested in EV.Tech, which builds electric vehicle charging infrastructure.
Neither is a factory or an exporter. Both are consumer-facing businesses in Abidjan.
That tells you what this fund thinks the West African opportunity is: urban consumption and the infrastructure around it.
Who Enko Capital Is
Enko Capital was founded in 2008 by the brothers Alain and Cyrille Nkontchou.
Its West African arm, Enko Capital West Africa, was set up in Abidjan in 2018.
It has since opened offices in Yaoundé and Kigali, both in 2021.
The group manages Africa-focused funds across listed equities, private equity and now small-business credit and equity.
Why a State Fund Does This
A caisse des dépôts holds long-dated public money: pension reserves, escrow deposits, consignments held under court orders.
That money needs returns over decades, and government bonds alone do not provide them.
Putting a slice into a small-business fund is the standard answer, and it also serves an industrial policy aim.
The tension is that the same institution is both a public policy instrument and a return-seeking investor.
The Size Nobody Will Give
Without the amount, there is no way to judge how large a commitment this is for either side.
Enko PME has not said how much of its 20 billion CFA franc target it has raised.
The fund’s pipeline beyond Burger King and EV.Tech has not been described.
All of it comes from a single agency report, and neither institution has published a release of its own.
Why Small-Business Finance Is the Gap
West African banks lend readily to governments and to large corporates, and sparingly to companies in between.
A firm too big for microfinance and too small for a bank loan has almost nowhere to go.
Funds of this type exist to fill that space, and most of them are financed by development institutions rather than commercial investors.
A domestic state institution investing alongside them is a modest but real change in who carries the risk.
What to Watch
Whether Enko PME announces a first close and at what size.
Whether other West African caisses des dépôts follow, which is how these funds usually reach scale.
The fund’s next investments, which will show whether the consumer focus holds.
And whether either institution discloses the amount, which neither has so far.
More: Africa news and analysis, every day from The Rio Times.
Frequently Asked Questions
What did CDC Bénin invest in?
Units in Enko PME, an alternative investment fund for West African small and medium-sized companies, on 11 September 2026.
How much did it invest?
Not disclosed. Neither the amount nor the number of units was published.
What is Enko PME?
A fund launched in December 2025 and managed by Enko Capital, targeting 20 billion CFA francs, about US$35 million.
What does the fund own?
Nine Burger King outlets in Côte d’Ivoire, acquired in April 2026, and EV.Tech, an electric vehicle charging business, from August 2026.
Who is Enko Capital?
An Africa-focused asset manager founded in 2008 by Alain and Cyrille Nkontchou, with a West African arm in Abidjan since 2018.
What is a caisse des dépôts?
A state institution that invests long-dated public money such as pension reserves and court-held deposits.
Sources: Agence Ecofin, CDC Bénin, Enko Capital.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.
Read More from The Rio Times