CRRH-UEMOA generates net income up 180% and consolidates its 2023-2027 strategic plan

CRRH-UEMOA generates net income up 180% and consolidates its 2023-2027 strategic plan
CRRH-UEMOA generates net income up 180% and consolidates its 2023-2027 strategic plan

(CRRH-UEMOA) – At the end of the first year of implementation of its new 2023-2027 strategic plan, the UEMOA Regional Mortgage Refinancing Fund (CRRH-UEMOA) records significant growth in its net profit at 1 .3 billion FCFA as of December 31, 2023, showing a remarkable increase of 180% compared to the previous year. This exceptional performance results mainly from significant growth in Net Banking Income (NBI) of 21% and rigorous expense management.

This positive dynamic is confirmed with a 50% increase in the total balance sheet which reaches 300 billion FCFA at the end of 2023.

Strategic Plan 2023-2027: Promising beginnings

The successful start of the 2023-2027 strategic plan is a major milestone for CRRH-UEMOA. The record level of refinancing (41 billion FCFA) granted to banks and Decentralized Financial Systems (DFS) of the countries of the Union achieved in the 2023 financial year alone, brings the total refinancing of the CRRH-UEMOA since its creation, to more than 320 billion FCFA, the equivalent of more than 15,000 housing units.

As part of its new dynamic of being a major partner in the financing of affordable housing in the Union, CRRH-UEMOA signed with the Banque de l’Habitat du Senegal (BHS), an unprecedented agreement on the market which The objective is to set up the first mortgage loan securitization operation in the UEMOA, in partnership with the arranger BOAD Titrisation.

A strategic memorandum of understanding was also concluded with the African Solidarity Fund (FSA) for the launch of an innovative Housing Loan Guarantee (GPL) solution with a total value of 125 billion FCFA, intended to support banks and UEMOA MFIs.

Increase in capital

To support its ambitious strategic plan which aims to triple the impact of its financing over the next five-year period, CRRH-UEMOA carried out a capital increase of 1,925 million FCFA to which its main shareholder, the Bank, fully subscribed. West African Development (BOAD).

Following this operation, CRRH-UEMOA is opening the second phase of its capital increase program which is mainly aimed at other institutional investors already present in its shareholding, as well as at Union banks.

Client-focused approach for Sustainable Impact

The new vision of CRRH-UEMOA focuses on a client-centric approach, namely UEMOA banks. It aims to meet the needs of the latter and to

support in the development of their housing loan activities for households. With this in mind, and in order to further increase its impact on the housing ecosystem, CRRH-UEMOA’s refinancing activities are now open to non-shareholder banks.

Finally, CRRH-UEMOA seizes opportunities to mobilize long-term resources at attractive rates to benefit banks, as evidenced by the recent operation to raise resources of 205 million euros (134.4 billion FCFA). on the international financial market, with the guarantee of DFC (US International Development Finance Corporation – American development financing institution), thus bringing to more than 415 billion FCFA the amount of long-term resources mobilized since its creation.

Team building

To support this growth and strengthen its capacities, CRRH-UEMOA continues to expand its team with the recruitment of highly qualified employees to key positions.

It remains resolutely committed to its mission of promoting access to housing and supporting the sustainable economic development of the countries of the Union.

For Mr Thierry TANOH, Chairman of the Board of Directors of CRRH-UEMOA:

“Our new strategic plan, the axes it covers and our innovative real estate financing solutions come at a crucial time to meet the pressing housing needs of our region. The asserted competence of Mrs. Yedau OGOUNDELE, the General Director, and the quality of her teams, augur the continuation under the best auspices of the implementation of our five-year plan, which I remind you, was unanimously supported by our Board of Directors.

As Chairman of the Board of Directors of CRRH-UEMOA, I welcome the successful execution of the program of activities of our institution in 2023. Our commitment to housing financing in the region and our desire to innovate are beginning to bear fruit, as evidenced by our strong financial results and our ambitious strategic plan. I am convinced that the initiatives underway will strengthen our impact and contribute significantly and in the long term to the economic and social development of our member countries.”

About the UEMOA CRRH

Fruit of the cooperation initiated in 2005 by the Central Bank of West African States (BCEAO), the West African Development Bank (BOAD) and the UMOA Financial Markets Authority (AMF-UMOA) , for the establishment of a mortgage market in UEMOA countries, CRRH-UEMOA is a leading regional financial institution in the field of housing financing. Catalyst for housing development through innovative, diversified and large-scale solutions that facilitate the financing of the entire real estate ecosystem, its mission is to promote access to housing in UEMOA countries. . CRRH-UEMOA works closely with banks, microfinance institutions and other stakeholders to expand access to housing finance and improve the living conditions of households across UEMOA countries.

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