Coris Bank International, a financial services organization based in Burkina Faso led by Burkinabe businessman Idrissa Nassa, has announced the launch of a new branch in Lome, Togo.
The branch, which opened on December 22 in Agoe Sogmaxito, northwest of Lome, is part of the bank’s strategy to become a reference in the country and increase financial inclusion. Alassane Kabore, managing director of CBI-Togo, said more branches will be opened in the near future.
In addition to expanding its physical presence, Coris Bank International is also expanding its range of services. The bank has partnered with GTA, the insurer, to roll out two new bancassurance products, Coris Auto and Coris Voyage.
For context, bancassurance products are financial products, such as insurance, that are sold by banks. These products can include life, health, property, and automobile insurance and may offer discounts or perks to bank customers.
Coris Bank International is a leading force in the West African financial services sector, with operations throughout francophone Africa. The group operates in Burkina Faso, Cote d’Ivoire, Mali, Togo, Senegal, Benin, Niger, and Guinea-Bissau.
Under the leadership of Nassa, the bank has grown into a leading force in the industry by basing its development strategy on a distinctive industrial model customized for each of its geographic presences.
The launch of the new branch in Togo comes nearly six months after the group launched an e-money service, Coris Money, in the country. This move aligns with initiatives to increase financial inclusion in the region through the use of mobile payment technologies.
At the time of this report, shares in Coris Bank International were trading at CFA8,395 ($13.63) per share, giving the bank a market cap of CFA269 billion ($436.5 million) and ranking it as the fifth most valuable company on the BRVM Stock Exchange.
The bank is dedicated to providing its customers with the financial services they need, and with the launch of the new branch and the introduction of new bancassurance products, it is clear that the bank is committed to being a leader in the financial industry in West Africa.