15 year social bond for equitable housing

Subscription open 9–29 July 2026 · Available to investors on Daba

Every so often, an investment lets you do two things at once: earn a solid, predictable return and put your money to work on a problem that matters. The Social Bond AFINHAB 6.00% 2026–2041 is one of those. It pays 6% a year, completely free of tax across the UEMOA, and every franc raised goes toward one thing — helping low- and moderate-income families across West Africa access decent, affordable housing.

Here’s what you need to know before the subscription window closes on 29 July.

The opportunity at a glance

Feature	Detail
Instrument	Social Bond AFINHAB 6.00% 2026–2041
Issuer	AFINHAB (formerly CRRH-UEMOA)
Coupon	6.00% per year, net and tax-free in all UEMOA countries
Size	40 billion FCFA (≈ €61m / ≈ $67m)
Maturity	15 years, with a 1-year grace period on principal
Payments	Semi-annual (interest + capital)
Minimum	10,000 FCFA (≈ $17) per bond
Ratings	Bloomfield AAA (regional) / A1+ · Moody’s social-bond opinion SQS1 “Excellent”
Security	Zero-debit escrow account + first-rank pledge over residential mortgage portfolios
Listing	BRVM bond market · eligible for BCEAO refinancing
Subscription	9–29 July 2026

Who is AFINHAB?

AFINHAB — until recently the Caisse Régionale de Refinancement Hypothécaire de l’UEMOA (CRRH-UEMOA) — is the institution that refinances home loans across the eight-country West African monetary union. Think of it as the wholesale engine behind mortgage lending in the region: commercial banks and microfinance institutions make housing loans to families, and AFINHAB provides them the long-term funding to do so at scale.

It is owned by a roster of heavyweight development institutions — the West African Development Bank (BOAD), IFC (World Bank Group), the ECOWAS Bank (BIDC), and Shelter Afrique — alongside 64 commercial banks. Its equity stood at 29.8 billion FCFA at the end of 2025.

The track record is the part that should catch your attention. Since its first issue in 2012, AFINHAB has raised 258 billion FCFA across ten prior bond issues — and has never missed or delayed a single payment. Its net banking income has grown 87% over the last five years, it has been profitable every year, and its cost of risk is essentially zero. This is the eleventh bond issue, and the second dedicated social bond.

Why it’s compelling

A genuinely attractive, tax-free yield. 6% net, exempt from tax across the UEMOA, is a strong real return in a monetary zone where inflation has generally run in the low single digits. Because the interest is tax-exempt, your effective take-home is higher than a comparable taxable bond.

Built-in security. This isn’t an unsecured promise. Payments flow through a zero-debit escrow account funded by the member banks’ repayments, and the bond is backed by a first-rank pledge over the underlying residential mortgage portfolios. Layered on top is the collective backstop of AFINHAB’s 64 shareholder banks.

Best-in-class social credentials. The bond carries a regional AAA rating from Bloomfield and earned Moody’s highest social-bond score, SQS1 “Excellent,” in its independent Second Party Opinion. It aligns with UN Sustainable Development Goals 1 (ending poverty), 10 (reducing inequality) and 11 (sustainable cities).

Liquidity and collateral value. The bond is listed on the BRVM’s bond compartment and is eligible for the BCEAO’s refinancing window — features that support trading on the secondary market and give the paper real utility as collateral.

Accessible to everyone. At a minimum of 10,000 FCFA — around $17 — this is not a bond reserved for institutions. Anyone can participate.

The impact, in plain terms

Housing is one of West Africa’s most persistent development gaps. When you buy this bond, your capital is channeled — in full — into refinancing mortgage portfolios that let banks lend to households that would otherwise be locked out of home ownership. Your 6% is paid by families steadily paying down their homes. It is about as direct a line as you’ll find between a coupon and a concrete social outcome.

Risks to weigh honestly

No investment is free of risk, and a responsible read means naming them:

• This is a long, 15-year commitment. Your capital is returned gradually over the life of the bond (after a one-year grace period), giving an average life of roughly eight years. If you may need the money sooner, you’ll depend on the secondary market, which on the BRVM can be thin.
• “AAA” here is a regional rating. On Bloomfield’s West-African scale AFINHAB is AAA; on Moody’s international scale the issuer is rated Ba2 with a negative outlook. Regional AAA is not the same as global AAA — size your expectations accordingly.
• Currency. The bond is in CFA francs, which are pegged to the euro. If you think in dollars or another currency, you carry EUR-related exchange-rate risk.
• Regional exposure. Returns ultimately rest on the health of UEMOA banks, the housing market, and the region’s macro and security environment.
• Tax. The tax exemption applies within the UEMOA. If you’re resident elsewhere, check your local tax treatment.

Who is this for?

This bond suits investors with a medium-to-long horizon who want steady, tax-efficient income and care about where their money goes — including the West African diaspora looking for a credible, impact-aligned way to invest back home. It is an income-and-impact holding, not a short-term trade.

How to invest

The subscription window runs 9–29 July 2026. Daba users can explore and subscribe to this and other African fixed-income opportunities directly from the app — no minimums out of reach, no paperwork maze. If you’ve been waiting for a reason to put your capital to work on the continent, a 6% tax-free bond that builds homes is a pretty good one.

---

This article is for information only and is not investment advice or an offer. Capital is at risk and returns are not guaranteed. Interest is tax-exempt within the UEMOA; investors resident elsewhere should consider their own tax position. The bond is denominated in CFA francs (XOF), pegged to the euro. Ratings and Second Party Opinions reflect the opinions of the respective agencies and can change. Please read the official Note d’Information (AMF-UMOA visa N° EOP/26-01) before investing.