• CRRH-UEMOA to launch West Africa’s first mortgage securitization on July 22
• Named “ZAKA,” it targets affordable housing, boosting liquidity for lenders
• Part of efforts to tackle a 3 million-unit housing deficit

The WAEMU Regional Mortgage Refinancing Company (CRRH-UEMOA) is set to achieve a historic milestone in housing finance. On Tuesday, July 22, the institution will officially launch West Africa's first mortgage loan securitization operation. This significant multi-originator securitization transaction will be launched in partnership with BOAD Titrisation, the West African Development Bank’s agency responsible for developing the regional securitization market.

The securitization vehicle, named "ZAKA," is exclusively dedicated to affordable housing. It functions as a Residential Mortgage-Backed Securities (RMBS) structure, allowing banks to transfer portions of their mortgage portfolios to a common fund for liquidity. The primary goal is to enhance mortgage market liquidity and unlock new financing capacity in a region facing a substantial housing shortage.

According to CRRH-UEMOA’s 2024 report, the housing deficit is estimated at 2.5 million to 3.5 million units, with an additional demand of 800,000 housing units per year. Despite this demographic pressure, only 2% to 5% of GDP is currently allocated to mortgage lending. This stands in contrast to some emerging economies, where 30% to 50% of GDP is dedicated to such lending.

This securitization program is an integral part of CRRH-UEMOA's strategic transformation, which began in 2023. Following the launch of a guarantee fund in 2024 and a 60 billion CFA franc ($106 million) social bond in May 2025, the institution is confirming its shift toward a multi-solution model.

Fiacre E. Kakpo