MC IV AfriShell Ltd
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer?
Founded in 2013, Coris Holding (“Coris”) is a leading banking group in the West African Economic and Monetary Union (“WAEMU”) region. The Group operates under the Coris Bank International brand and has grown into the second-largest banking institution in the region, with 10 subsidiaries across Burkina Faso, Côte d’Ivoire, Senegal, Togo, Benin, Mali, Guinea, Chad, Niger, and Guinea Bissau. Coris offers a wide range of products and services to individuals, SMEs), and corporates. The Group services its clients through an extensive network of agents, branches, and ATMs spread across its countries of operations, enabling end-clients to access finance.
What is our funding objective?
FMO co-invests EUR 10m as part of a broader consortium led by our long-standing partner Mediterrania Capital Partners (“MCP”). The consortium - consisting of MCP, FMO, BII, BIO, and IFU - invests a total of EUR 102m to support Coris’ growth and expansion plans, enhancing financial inclusion, job creation, and economic growth in frontier markets.
Why do we fund this investment?
Coris’ strong fundamentals, regional footprint, and SME focus present a compelling opportunity to enhance financial inclusion in some of the fastest growing and most underserved markets in West Africa. The investment supports Coris’s strategic ambition to evolve from a regional player into a Pan-African banking group. FMO’s investment will be used to recapitalize key subsidiaries, meet new regulatory capital thresholds, and finance selective expansion into new markets. The investment qualifies as 100% for FMO’s Reducing Inequalities label, given that 83% of the Group’s balance sheet is exposed to Least Developed Countries (LDCs).
What is the Environmental and Social categorization rationale?
Environmental & Social (E&S) Category is A (which is similar to FI-A category of IFC standards for financial institutions) due to Coris’ exposure to high-risk sectors, such as extractives, manufacturing, and construction. Key risks include contextual risks in the countries of operation as well as gaps in E&S governance and management, including E&S due diligence and monitoring practices. These are mitigated through a comprehensive Environmental and Social Action Plan, capacity building, and governance improvements. The bank complies with FMO’s exclusion list and has developed an Environmental and Social Management System (ESMS), which is being upgraded to meet EDFI standards.
- Region
- Africa
- Country
- Burkina Faso
- Sector
- Financial Institutions
- Publication date
- 11/27/2025
- Effective date
- 9/16/2025
- Total FMO financing
- EUR 10.00 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A