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BOAD Titrisation, AFINHAB, Ecobank and Proparco complete a landmark securitisation transaction to support affordable housing in WAEMU
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BOAD Titrisation, the Ecobank Group and Proparco have successfully completed a securitisation transaction under the ZAKA programme, sponsored by AFINHAB. The transaction mobilises long-term private capital to support affordable housing while demonstrating the potential of regional capital markets to address the financing needs of the West African Economic and Monetary Union (WAEMU) economy.
Structured by BOAD Titrisation, with Proparco acting as anchor investor, the transaction is backed by a portfolio of residential mortgage loans originated by five Ecobank subsidiaries in West Africa. It represents the Ecobank Group's first securitisation transaction in the West African Economic and Monetary Union (WAEMU).
The transaction is also the first multi-originator securitisation backed by residential mortgage loans in WAEMU, highlighting the potential of this structure to diversify housing finance sources across the region.
Executed through the FCTC ZAKA RMBS ECOBANK CÔTE D'IVOIRE 2026–2038 compartment, the issuance raised CFAF 4.5 billion from regional and international investors for the benefit of the five participating Ecobank subsidiaries.
The proceeds will enable these subsidiaries to refinance part of their mortgage portfolios, thereby freeing up lending capacity to originate new home loans and support the development of affordable housing across the region.
Mobilising capital markets to finance housing
Led by AFINHAB (formerly CRRH-UEMOA), the region's leading housing refinance institution, the ZAKA programme aims to diversify housing finance by mobilising capital markets alongside traditional mortgage lenders. By enabling banks to refinance part of their mortgage portfolios through institutional investors, the programme strengthens their long-term capacity to finance new housing.
For the participating Ecobank subsidiaries, the transaction diversifies their funding sources while creating additional lending capacity that can be redeployed into new mortgage loans.
In a region facing an estimated housing deficit of nearly 1.7 million units, the transaction strengthens the financing capacity of the housing sector while fostering the emergence of a new asset class in regional capital markets: Residential Mortgage-Backed Securities (RMBS).
A strategic partnership for development
As anchor investor, Proparco played a catalytic role in the success of the transaction by strengthening investor confidence and helping mobilise private capital alongside regional market participants. This marks Proparco's first securitisation transaction in WAEMU and reflects its commitment to developing innovative financial solutions that channel private capital towards affordable housing.
The transaction builds on the long-standing partnership between Proparco, AFINHAB and Ecobank. Following its support for the launch of AFINHAB's Affordable Housing Social Bond Programme in 2025, Proparco now serves as anchor investor in this ZAKA securitisation transaction. Together, BOAD Titrisation, AFINHAB, Ecobank and Proparco share the ambition of developing innovative financial solutions capable of mobilising greater volumes of private capital in support of affordable housing and the continued development of WAEMU's capital markets.
Adji Sokhna M'Baye, Chief Executive Officer, BOAD Titrisation:
"The FCTC ZAKA RMBS ECOBANK 2026–2038 is the second transaction completed under the ZAKA programme. Its distinguishing feature is its multi-originator structure. The funds raised will enable Ecobank subsidiaries to expand their mortgage lending portfolios across five countries in the region. We were honoured to have Proparco as our anchor investor. Its subscription for 30% of the Senior tranche sent a strong signal of confidence to regional investors. This commitment made a significant contribution to the success of the issuance, which was fully subscribed within just a few hours."
Emmanuelle Riedel Drouin, Deputy Chief Executive Officer, Proparco:
"This transaction demonstrates how financial innovation can help address key development challenges. By mobilising regional capital markets and private investors around a shared objective, it strengthens the long-term financing of housing in WAEMU. As anchor investor, Proparco is proud to play a catalytic role in supporting this landmark transaction, which also marks our first securitisation operation in the region and fully reflects our commitment to expanding access to affordable housing in Africa."