• Ecobank and Coris Bank dominate WAEMU public securities market

• Ecobank leads largest, liquid markets; Coris strong in Sahelian states

• Banks play growing role as governments raise record domestic debt

Ecobank and Coris Bank International have established themselves as the leading players in the public securities market of the West African Economic and Monetary Union (WAEMU), according to the latest ranking of Primary Dealers.

The ranking underscores their central role in financing member states at a time of rising budget needs and tighter financial conditions.

Ecobank, which operates in all eight WAEMU countries, ranks first in several of the bloc’s largest markets, including Côte d'Ivoire, Senegal, Benin and Togo. These countries account for a substantial share of treasury bill and bond issuance across the union.

Coris Bank International has also emerged as a key player, particularly in Sahelian countries. Headquartered in Burkina Faso, the bank ranks first among Primary Dealers in Burkina Faso, Mali, Niger and Guinea-Bissau. In most of these markets, it is closely followed by the Ecobank group. In economies that rely more heavily on domestic financing, Coris Bank benefits from close relationships with national treasuries.

The distribution of leadership highlights a regional market dominated by two groups. Ecobank leads in the deepest and most liquid markets, while Coris Bank plays a more prominent role in countries where government financing depends largely on the local banking system. Together, the two groups account for a large share of intermediation between states and investors.

Other institutions, including Bank of Africa, Orabank, CBAO and several asset management and brokerage firms, also operate in the market. However, their presence does not challenge the dominance of the two leading banks.

As WAEMU governments continue to rely heavily on domestic markets to fund their budgets, the role of Primary Dealer banks has become increasingly critical to the stability and liquidity of the regional debt market.

As of Dec. 17, governments had raised more than 11.46 trillion CFA francs ($20.47 billion) from investors on the regional market, up about 41% from the 8.13 trillion CFA francs raised over the full year in 2024. Between 80% and 90% of these amounts are held by banks within the union, underscoring their central role in holding and distributing sovereign debt.

Only institutions licensed as Primary Dealers are authorised to participate directly in treasury bill and bond auctions conducted by the UMOA-Titres agency on behalf of member states.