A consortium of prominent European development finance institutions has united to deliver a transformative €100 million financial injection into West African banking, marking one of the most significant private equity transactions in the region’s financial services sector this year. The landmark investment, spearheaded by pan-African private equity firm Mediterrania Capital Partners, aims to dramatically expand access to banking services for small and medium-sized enterprises and individuals across multiple African markets, positioning financial inclusion as a cornerstone of sustainable economic development.

The transaction, officially announced on October 29, 2025, targets Coris Holding, the parent company of Coris Bank Group and currently the second-largest banking entity by total assets in the West African Economic and Monetary Union (WAEMU) region. This substantial capital infusion represents a strategic vote of confidence in the region’s banking sector and underscores the critical role that development finance institutions play in mobilizing capital for emerging markets that commercial investors often consider too risky.

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Strategic Partnership Brings Together Leading Development Finance Institutions

The co-investment structure brings together an impressive roster of European development finance institutions, each contributing their expertise and capital to support Coris Holding’s ambitious growth trajectory. British International Investment (BII), the United Kingdom’s development finance institution and the world’s oldest impact investor with over 75 years of experience, joins as a key partner. The institution has increasingly focused its resources on frontier markets across Africa, where traditional commercial capital remains scarce.

The Dutch entrepreneurial development bank FMO, founded in 1970 and operating in over 85 countries worldwide, brings decades of experience in supporting private sector development in emerging markets. As one of the larger bilateral private sector development banks globally with a committed portfolio exceeding €13 billion, FMO’s participation signals strong institutional confidence in Coris Holding’s business model and growth potential.

Belgium’s BIO (Belgian Investment Company for Developing Countries) and the Danish Impact Fund (IFU) round out the consortium of development finance institutions, each bringing specialized knowledge in sustainable development and impact investing. Together, these institutions have committed to not merely providing capital, but also transferring knowledge, best practices, and governance frameworks that will strengthen Coris Holding’s operations and amplify its development impact across West and Central Africa.

The involvement of multiple European DFIs in a single transaction reflects a growing trend toward collaborative financing approaches in African markets. By pooling resources and expertise, these institutions can take on larger, more transformative investments while distributing risk and ensuring robust due diligence and oversight. This coordinated approach also sends powerful signals to commercial investors about the viability and attractiveness of African financial institutions.

Coris Bank Group: A Regional Banking Powerhouse With Deep Market Penetration

Founded in 2008 by Burkinabe businessman and entrepreneur Idrissa Nassa, Coris Bank Group has evolved from modest beginnings with approximately $3 million in initial capital into a formidable regional financial institution now managing over $9 billion in assets. The group’s remarkable growth trajectory demonstrates both the untapped potential of West African banking markets and the effectiveness of a business model centered on serving underbanked populations and small businesses.

Operating under the Coris Bank International brand, the banking group maintains an extensive footprint across ten countries in West and Central Africa. Through its network of subsidiaries in Burkina Faso, Côte d’Ivoire, Senegal, Togo, Benin, Mali, Guinea, and Chad, plus branches in Niger and Guinea-Bissau, Coris has established itself as a truly pan-regional institution. This geographic diversification provides resilience against country-specific economic shocks while enabling the bank to serve increasingly regional and cross-border business clients.

With more than one million customers and over 2,200 employees across its operations, Coris Holding has built its reputation on a distinctive business model strongly oriented toward small and medium-sized enterprise (SME) and small and medium-sized industry (SMI) financing. In many West African economies, SMEs constitute the backbone of economic activity, generating employment, producing goods and services, and contributing to tax revenues. Yet these vital businesses frequently struggle to access affordable financing from traditional banking institutions that view them as too risky or too costly to serve profitably.

Coris has differentiated itself through a customer-centric approach that prioritizes client satisfaction and delivers personalized banking solutions tailored to the specific needs of small businesses and individual customers. This focus has enabled the bank to capture market segments that larger international banks often overlook, building deep customer relationships and loyalty in the process. The bank’s success in financial inclusion demonstrates that serving underbanked populations can be both socially impactful and commercially viable.

Addressing the Critical Financial Inclusion Gap in West Africa

The strategic importance of this investment becomes clear when examining the stark financial inclusion challenges facing the WAEMU region. Despite progress in recent years, less than 30 percent of the population in many WAEMU markets holds a bank account, leaving hundreds of millions of people effectively excluded from the formal financial system. This financial exclusion has profound implications for economic development, as individuals without access to banking services face significant barriers to saving money, building assets, accessing credit, and participating fully in the modern economy.

For small businesses, the financing gap is even more severe. Many promising enterprises cannot obtain the working capital, equipment financing, or growth capital they need to expand operations, invest in new technologies, or enter new markets. This capital constraint directly limits job creation, entrepreneurship, and economic dynamism across the region. Traditional banks often lack the specialized expertise, risk appetite, or cost structures needed to serve small business clients profitably, creating a persistent market failure that development-oriented financial institutions like Coris are working to address.

The €100 million capital injection will enable Coris Holding to significantly expand its reach across existing and new markets, bringing formal banking services to millions of unbanked and underbanked individuals. The investment will strengthen the bank’s capacity to provide affordable credit to small and medium-sized enterprises, helping these businesses grow, create jobs, and contribute to sustainable economic development. Additionally, the capital will support the development and rollout of innovative banking solutions, including digital banking platforms and mobile money services that can dramatically reduce the cost of providing financial services in remote or underserved areas.

Coris Bank International SA, the flagship subsidiary, is listed on the Regional Securities Exchange (Bourse Régionale des Valeurs Mobilières or BRVM) with a market capitalization of approximately €503 million as of the end of June 2025, ranking fourth in the financial sector. This public listing provides transparency, liquidity, and access to regional capital markets while subjecting the bank to additional regulatory oversight and corporate governance requirements.

Comprehensive Legal and Advisory Support for Complex Transaction

Given the complexity and multi-jurisdictional nature of this landmark transaction, Mediterrania Capital Partners engaged a comprehensive team of legal and financial advisors to navigate the intricate regulatory, legal, and commercial considerations involved. The private equity firm retained Asafo & Co, a prominent Pan-African law firm, to provide legal guidance throughout the structuring and execution of the co-investment.

The Asafo & Co team was led by Casablanca-based partner Patrick Larrivé, who brings extensive experience in complex cross-border transactions and financial services regulatory matters. Supporting Larrivé were senior associate Thami El Idrissi and a team of associates including Adji Marieme Dieng, Guy-Fabrice Holo, Assia Khalidi, Othmane Mestari, and Souhail Sassi. This multi-jurisdictional team’s involvement reflects the transaction’s complexity, spanning multiple legal systems, currencies, and regulatory frameworks across the WAEMU region.

Beyond legal counsel, Mediterrania Capital Partners commissioned Deloitte to conduct comprehensive financial and tax due diligence, examining Coris Holding’s financial statements, tax positions, and compliance with applicable regulations across its operating jurisdictions. This rigorous financial analysis helps investors understand the target company’s true financial position, identify potential risks or liabilities, and validate the assumptions underlying the investment thesis.

IBIS Consulting was engaged to perform an environmental, social, and governance (ESG) review of Coris Holding’s operations, assessing the bank’s performance against international standards for responsible business conduct, environmental stewardship, labor practices, and corporate governance. As development finance institutions increasingly prioritize ESG considerations in their investment decisions, comprehensive ESG due diligence has become a critical component of transaction processes. The ESG review helps identify areas where Coris can strengthen its practices and ensures alignment between the bank’s operations and the development objectives of the investing institutions.

Strategy& (PwC’s strategy consulting arm) carried out the commercial due diligence, analyzing market dynamics, competitive positioning, growth opportunities, and strategic risks facing Coris Holding. This analysis provides investors with an independent assessment of the company’s business strategy, market opportunity, and ability to execute its growth plans.

On the seller side, Coris Holding was advised by ADNA on legal matters, with SEGEN Capital serving as the transaction advisor, helping structure the deal, negotiate terms, and coordinate the various parties involved in this complex multi-party transaction.

Enhanced Governance and Strategic Direction

As part of the investment agreement, Mediterrania Capital Partners will appoint a representative to Coris Holding’s Board of Directors, providing strategic guidance on ESG implementation, corporate strategy, and governance matters. This board representation ensures that the private equity firm can actively contribute to shaping the bank’s strategic direction while monitoring the performance of its investment. The presence of an experienced private equity investor on the board can bring valuable expertise in areas such as performance management, strategic planning, risk management, and operational excellence.

The board appointment also reflects Mediterrania Capital Partners’ hands-on investment approach, working closely with management teams to support growth, strengthen capabilities, and create sustainable value. Rather than serving as passive financial investors, development finance institutions and impact-oriented private equity firms typically take active roles in their portfolio companies, contributing expertise, networks, and best practices that enhance both financial performance and development impact.

Idrissa Nassa, Founder and Chairman of Coris Holding, welcomed the new strategic partners, stating in the announcement: “We are delighted to welcome Mediterrania Capital Partners and the DFIs as strategic partners. Their support will contribute to accelerating our growth ambitions, strengthen our regional presence and support our mission to deliver innovative and inclusive financial solutions to our customers across Africa.”

Nassa’s emphasis on innovation and inclusion reflects Coris’s commitment to developing new approaches to serving underbanked populations, potentially including Islamic banking services through Coris Bank International Baraka, digital banking platforms, agent banking networks, and partnerships with mobile network operators to deliver mobile money services.

Vision for Financial Inclusion as Development Catalyst

Albert Alsina, Founder and CEO of Mediterrania Capital Partners, articulated the investment’s strategic rationale and development objectives, emphasizing the fundamental importance of financial inclusion for Africa’s long-term economic prospects. “Financial inclusion is a cornerstone of Africa’s long-term development and a catalyst for entrepreneurship, job creation and improved living standards,” Alsina stated in the official announcement.

“This partnership with Coris Holding underscores our commitment to driving sustainable economic growth and promoting social progress across the region,” Alsina continued. “The support of leading European DFIs further reinforces this shared vision, ensuring that capital is directed where it can generate lasting impact for businesses and communities alike.” His comments highlight the alignment between commercial investment objectives and development goals—a hallmark of successful development finance interventions.

The philosophy underlying development finance is that private sector growth drives sustainable development more effectively than aid or government-led initiatives alone. By providing patient, long-term capital to viable businesses in underserved markets, development finance institutions can catalyze broader economic development while generating financial returns that enable continued investment. This market-based approach to development has gained increasing acceptance among policymakers and development professionals as evidence accumulates of its effectiveness.

Maty Ndiaye, Managing Director for West Africa at Mediterrania Capital Partners, added regional perspective to the investment’s strategic significance: “Our mission is to empower entrepreneurs and strengthen financial institutions that drive inclusive growth. Coris has demonstrated its ability to support SMEs and expand access to finance across the WAEMU region, and we are proud to contribute to its next phase of growth.”

Ndiaye’s comments underscore an important reality: successful financial inclusion initiatives require strong institutional partners with deep local knowledge, established customer relationships, and proven business models. Rather than attempting to build banking operations from scratch, development finance institutions can amplify their impact by strengthening existing institutions that have already demonstrated their ability to serve underbanked populations profitably and responsibly.

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Strategic Growth Trajectory and Regional Expansion Plans

The €100 million capital injection positions Coris Holding to pursue an ambitious growth strategy encompassing both organic expansion within existing markets and potential mergers and acquisitions to enter new territories. According to Ecofin Agency reporting, Coris has identified several priority markets for potential expansion, including Cameroon, Ghana, Gabon, Madagascar, and Cape Verde.

These target markets represent significant opportunities for Coris to replicate its successful business model in new jurisdictions with similar financial inclusion challenges. Each market features substantial populations of unbanked individuals and underserved small businesses, creating natural customer bases for Coris’s products and services. However, expansion into new markets also presents challenges including unfamiliar regulatory environments, different competitive dynamics, and the need to build brand awareness and distribution networks from scratch.

The investment builds on recent momentum in Coris Holding’s capital-raising efforts. In May 2025, the banking group secured a €30 million senior loan from Proparco, the private sector arm of Agence Française de Développement (AFD Group), specifically earmarked to support Ivorian small and medium-sized enterprises through Coris Bank International Côte d’Ivoire. This earlier transaction demonstrated international confidence in Coris’s SME lending capabilities and provided additional resources to serve one of the region’s largest economies.

The successive capital raises reflect Coris’s strategy of diversifying funding sources and maintaining a strong capital base to support growth and absorb potential losses. In banking, robust capitalization serves multiple critical functions: it provides a buffer against unexpected losses, signals financial strength to depositors and counterparties, enables the bank to grow its loan portfolio, and demonstrates regulatory compliance with minimum capital requirements. For development-oriented banks like Coris that serve higher-risk market segments, strong capitalization is particularly important.

Wider Context: Mediterannea Capital Partners’ African Portfolio and Strategy

This investment in Coris Holding represents a continuation of Mediterrania Capital Partners‘ long-standing commitment to supporting high-impact businesses across North and Sub-Saharan Africa. Founded in 2008 and headquartered in Ta Xbiex, Malta, the firm has built a diversified portfolio of companies operating in sectors crucial for Africa’s continued economic development, including financial services, healthcare, agriculture, logistics, and telecommunications.

Mediterrania Capital Partners’ investment thesis centers on identifying businesses that can generate both strong financial returns and significant development impact—the so-called “double bottom line” that characterizes successful impact investing. The firm seeks companies with proven business models, strong management teams, and clear growth opportunities in sectors that address fundamental development challenges such as financial exclusion, healthcare access, food security, and infrastructure deficits.

The firm’s investment track record includes both successes and learning experiences. Notably, Mediterrania Capital Partners withdrew from a partnership with Moroccan civil engineering company TGCC last year, demonstrating that not all investments proceed as planned. This willingness to make difficult decisions and exit underperforming investments reflects mature investment discipline and fiduciary responsibility to fund investors.

However, the firm has also achieved notable successes across its portfolio. Recent investments include a €100 million commitment to Dislog Dispositifs Médicaux in July 2025, supporting healthcare infrastructure development, and various other transactions across agriculture, technology, and financial services sectors. The firm’s ability to attract co-investment from leading European development finance institutions for the Coris transaction validates its investment approach and due diligence capabilities.

Regional Banking Sector Dynamics and Competitive Landscape

Coris Holding operates in a dynamic and increasingly competitive regional banking sector characterized by both challenges and opportunities. The WAEMU banking system has undergone significant transformation in recent years, with regulatory reforms aimed at strengthening financial stability, improving governance, and expanding access to financial services.

Financial inclusion in the WAEMU region has improved substantially over the past decade, with approximately 41-43 percent of adults now having access to a transaction account—a dramatic increase from just 8 percent a decade ago. Much of this progress has been driven by the proliferation of mobile money services, which have enabled millions of people to participate in the formal financial system for the first time without requiring physical bank branches.

However, significant challenges remain. Access to financial services varies dramatically by country within the region, with Senegal achieving 56 percent account ownership while other markets lag substantially behind. Gender gaps persist, with women less likely than men to hold bank accounts or access formal financial services. Rural populations face particular barriers, including limited physical infrastructure, lower incomes, and limited financial literacy.

For businesses, access to credit remains a major constraint on growth. Small and medium-sized enterprises face particularly acute financing gaps, as they typically lack the collateral, credit histories, or financial documentation that traditional banks require. This credit crunch limits business expansion, technology adoption, and job creation across the region, constraining overall economic development.

Regional regulatory initiatives aim to address some of these challenges. The Central Bank of West African States (BCEAO) has adopted a regional financial inclusion strategy and implemented reforms to strengthen bank supervision, improve payment systems, and promote financial stability. In 2021, regulators mandated increases in minimum capital requirements to encourage sector consolidation and strengthen financial institutions’ resilience. These reforms create both challenges and opportunities for institutions like Coris, requiring additional capital investment while potentially reducing competition from weaker institutions.

Innovation and Digital Banking as Growth Enablers

A key component of Coris Holding’s strategy for expanding financial inclusion involves leveraging digital technologies to reduce the cost of service delivery and extend reach into remote or underserved areas. Digital banking solutions, including mobile banking applications, agent banking networks, and mobile money platforms, enable banks to serve customers without requiring expensive physical branch infrastructure.

The COVID-19 pandemic accelerated digital adoption across Africa, demonstrating both the viability and the necessity of digital financial services. Customers who might have been hesitant to embrace digital banking were forced to do so during lockdowns and movement restrictions, discovering the convenience and accessibility of digital platforms. This behavioral shift has created lasting momentum for digital financial services adoption.

For Coris, developing robust digital banking capabilities serves multiple strategic objectives. Digital platforms can dramatically reduce transaction costs, making it economically viable to serve small-balance customers and micro-transactions that would be unprofitable through traditional branch-based banking. Digital channels enable 24/7 access to banking services, improving customer convenience and satisfaction. Mobile banking can reach customers in remote rural areas where establishing physical branches would be cost-prohibitive. Additionally, digital platforms generate valuable data that can be analyzed to better understand customer needs, assess creditworthiness, and develop targeted products and services.

The investment from Mediterrania Capital Partners and the development finance institutions will support Coris Holding in accelerating its digital transformation, investing in technology infrastructure, developing user-friendly applications, and training staff to support customers in adopting digital services. The bank’s commitment to Islamic banking through Coris Bank International Baraka also represents an innovation aimed at serving Muslim populations who may have religious concerns about conventional banking products.

Broader Implications for African Financial Services Sector

The Coris transaction carries implications that extend well beyond the immediate participants. Successful development finance investments in African financial institutions can catalyze broader sectoral transformation by demonstrating viable business models, attracting additional private capital, and raising standards for governance, risk management, and customer service.

When development finance institutions co-invest alongside private equity firms in African banks, they perform several important functions. Their participation provides a stamp of approval that can attract commercial investors who might otherwise be hesitant. Their patient capital, with longer investment horizons than typical commercial investors, enables banks to make longer-term strategic investments without pressure for immediate returns. Their expertise in ESG matters and impact measurement helps ensure that commercial success aligns with development objectives. Their networks can connect portfolio companies with potential customers, partners, and sources of technical assistance.

The transaction also highlights the important role that private equity can play in African financial services development. Private equity investors bring not just capital but also operational expertise, strategic guidance, and performance discipline that can strengthen financial institutions and position them for sustainable growth. The involvement of multiple sophisticated institutional investors creates a coalition committed to the success of Coris Holding, pooling expertise and resources to maximize the probability of positive outcomes.

For West African entrepreneurs and small businesses, the implications are potentially transformative. If Coris successfully deploys the new capital to expand its SME lending operations, thousands of businesses that currently cannot access affordable financing may gain the capital they need to invest, grow, and create jobs. Improved access to financial services can enable individuals to save more effectively, build assets, weather economic shocks, and invest in education and healthcare for their families.

Conclusion: A Model for Sustainable Development Finance in Africa

The €100 million co-investment in Coris Holding by Mediterrania Capital Partners and European development finance institutions represents more than just a large financial transaction—it exemplifies a thoughtful, collaborative approach to addressing one of Africa’s most persistent development challenges through market-based solutions. By channeling substantial capital to a proven, locally-rooted financial institution with a clear social mission, the investors are betting that commercial viability and social impact can reinforce rather than conflict with each other.

The transaction’s structure, bringing together a private equity investor and multiple development finance institutions, demonstrates the power of collaboration in mobilizing capital for development. Each participant brings distinct capabilities and perspectives, creating a more robust and comprehensive support system for Coris than any single investor could provide alone.

As Coris Holding embarks on its next phase of growth, supported by this substantial capital injection and the expertise of its new partners, the banking group has an opportunity to set new standards for financial inclusion in West Africa. Success would validate the model of development-oriented commercial banking, potentially inspiring other institutions to adopt similar approaches and attracting additional capital to the sector.

For the millions of West Africans currently excluded from formal financial services, and for the thousands of small businesses struggling to access the credit they need to grow, the ultimate measure of this investment’s success will be felt in improved access to affordable, reliable financial services that enable them to build better lives and more prosperous businesses. If Coris and its partners can deliver on that promise, the €100 million investment will have generated returns far exceeding purely financial metrics, contributing to sustained economic development and improved living standards across the region.

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By: Montel Kamau

Serrari Financial Analyst

4th November, 2025