The investment will allow Coris, a significant provider of SME financing, to bolster its efforts to reach the region’s underbanked communities.
Mediterrania Capital Partners (MCP) and several European development finance institutions (DFIs) are co-investing €100m in Coris Holding, one of the largest banking groups in the West African Economic and Monetary Union (WAEMU) region.
Dutch development bank FMO, British International Investment (BII), the Belgian Investment Company for Developing Countries (BIO) and Impact Fund Denmark are part of the group with MCP, a Malta-based based private equity firm investing in SMEs and mid-cap companies in north and sub-Saharan Africa.
The financing aims to build Coris Holding’s capital base in support of its regional expansion. The banking group, founded by Burkina Faso-born entrepreneur Idrissa Nassa in 2008, operates as Coris Bank International in ten countries, including Burkina Faso, Côte d’Ivoire, Senegal, Togo, Benin, Mali, Guinea and Chad. It has plans to expand into other areas of Africa.
This investment follows on from a December 2024 agreement under which FMO and the International Finance Corporation provided a loan of up to €80m to the Coris group for on-lending to smaller businesses, with at least 25% allocated for women-owned and led enterprises.
Ouagadougou-based Coris, which has a focus on SME financing as well as lending to individuals, has over 1 million customers and employs more than 2,200 people.
MCP, which aims to make a social or environmental impact as part of its strategy, said the co-investment would reinforce Coris Holding’s role as a catalyst for financial inclusion in the WAEMU region. In some WAEMU countries, under a third of people hold bank accounts and access to SME financing remains very restricted.
“Coris has demonstrated its ability to support SMEs and expand access to finance across the WAEMU region,” said Maty Ndiaye, MCP’s managing director for West Africa, said.
Impact catalyst
Albert Alsina, MCP’s CEO, said financial inclusion was a cornerstone in enabling Africa’s long-term development, as well as a catalyst for entrepreneurship, job creation and improved living standards.
“This partnership with Coris Holding underscores our commitment to driving sustainable economic growth and promoting social progress across the region. 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,” he said.
Following the investment, MCP is to take a position on the Coris board to support its governance, strategy execution and ESG implementation.
MCP announced a final close of €600m for its fourth fund, Mediterrania Capital IV Mid Cap, in June 2025. The firm said its strategy for that fund mainly focused on acquiring substantial minority or majority stakes in north African and West African SMEs and mid-caps with solid market positioning and strong potential to scale.
The investor has offices in Abidjan, Barcelona, Cairo, Casablanca, Valletta and Mauritius. Its investment portfolio currently includes ten companies, including this latest investment. MCP has some €1bn of assets under management.
