Our investment
Description of the investment.
Description of the investment.
BII co-invested alongside Mediterrania Capital Partners (MCP), FMO, BIO and Impact Fund Denmark in Coris via an SPV, MC IV Afrishell Ltd. Coris is a leading banking group operating across ten countries in West and Central Africa: Burkina Faso, Côte d’Ivoire, Mali, Togo, Senegal, Benin, Niger, Guinea, Guinea-Bissau and Chad.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
| Impact |
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Strengthen the capacity of financial institutions in the West African Economic and Monetary Union (WAEMU) region to expand access to financial services for businesses (SDG 8.10, 9.3). |
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How?
| How? |
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Economic enabler: BII’s investment will strengthen the bank's capital position, enabling it to grow its loan book and presence across the region. This will enable SMEs and corporates to better manage their risk, investment and liquidity, and drive growth. The proceeds will also support Coris' expansion across Africa, including the roll out of its mesofinance and other banking services in targeted markets and communities. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| SME owners, employees, customers and corporates |
Africa (WAEMU region) |
Banking penetration in the WAEMU region remains relatively low compared to the sub-Saharan African average and regional markets such as Nigeria. |
How much?
| Scale | Depth/Duration |
|---|---|
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The bank plans to grow its net loan book from ~€4.5 billion to over €7 billion between 2024-29, and develop its mesofinance activities from less than 1 per cent to 10 per cent of net banking income. |
Development impact is expected to be deep given the relatively low banking penetration levels in the WAEMU region. Impact is expected to be particularly deep for underbanked SME and mesofinance clients. |
Contribution/additionality
| Contribution/additionality |
|---|
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BII is financially additional at both the market and bank levels. Banking penetration in the WAEMU region remains low, and recent years have seen several international banks exit the market. This funding round is led by MCP, alongside a consortium of DFIs. As the first institutional investors, the MCP-led consortium is expected to support the strengthening of Coris’ processes, practices and standards. |
Risk
External RiskRegulatory, legal, political and socio-economic disturbances could limit the bank’s ability to deliver its business plan and achieve the expected impact. Alignment RiskThere is a risk that bank does not grow the segments BII aims to support (i.e. mesofinance) or does not deepen impact in the acquired subsidiaries through expanding real-economy lending. Mitigant: Coris’ competitive strength lies in serving these segments, as demonstrated by its existing exposure. These areas have been highlighted as attractive commercial opportunities to focus on. |
Impact score
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Impact score (at point of investment)
The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. The Impact Score shown is based on the 2022-2026 Impact Score methodology. You can find out more here. The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party. |
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Environmental and social information
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Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
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Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
A joint environmental and social action plan was agreed with all the investors to develop the bank's ESMS and build its internal capacity to manage E&S risks in its portfolio, including setting up an E&S management committee.
Environmental and social risk
High
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
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Key facts
- First published
:
When the investment was first published on the website database.
- December 2025
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2026
- Project number
:
An identifier number shared by investments in the same project.
- D7192
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- West Africa
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- Benin, Burkina Faso, Cote d'Ivoire, Guinea, Guinea-Bissau, Mali, Niger, Senegal, Togo, West Africa
- Sector
:
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Financial services
- Sub sector
:
The sub-sector that the investment is made into; this provides a more granular level of detail than the ‘sector’ information
- Banks
- Investment policy :
- Growth
- Investment type :
- Equity
- Start date :
- August 2025
- Amount :
- $13.62m
- Currency of investment :
- EUR
- Domicile
:
The company or investment fund’s place of incorporation.
- Burkina Faso
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- First published
