As the housing shortage in the UEMOA region—comprising 15 African countries—reaches 3.5 million units, the Union Economique et Monétaire Ouest Africaine (UEMOA) is turning to its regional financial market to boost access to local currency resources. The Shelter Afrique Development Bank (ShafDB) plans to raise 60 billion CFA francs, about 102 million USD, through a bond issuance on the UEMOA financial market. This will fund affordable and sustainable housing projects across the region. The bond offering, announced on October 5, is open for subscription from October 7 to October 30, 2026, and is divided into two tranches. The first tranche, maturing in five years, offers a return of 6.10 percent, while the second, with a seven-year maturity, offers 6.30 percent. CGF Bourse is leading the arrangement, with the International Finance Corporation (IFC) and Ecobank Group, through Ecobank Senegal, acting as reference investors. According to the World Bank, cited by ShafDB, around 250,000 new housing units must be built annually to meet the growing demand caused by population increases and urbanization. However, access to financing for housing remains limited. AFINHAB, a regional financial institution that focuses on refinancing residential mortgages, reported in its 2025 annual report that housing loans make up only 3 to 5 percent of commercial banks' portfolios in the UEMOA. This is far below what is needed. The structural housing deficit in the region has grown by about 800,000 units each year due to demographic growth and urbanization. AFINHAB also highlights that high mortgage rates—ranging from 6 to 12.5 percent across different countries—and long repayment periods, which can extend up to 30 years, make it difficult for households to access mortgage credit. Additional challenges include the difficulty of securing land and the high cost of construction materials. In response, capital markets are increasingly becoming a key source of funding for housing in the region. AFINHAB launched its first Social Bonds issuance in 2025, raising 60 billion CFA francs to refinance residential mortgages provided by UEMOA banks. This was followed by a second issuance in 2026, raising an additional 40 billion CFA francs. To date, AFINHAB has mobilized 100 billion CFA francs through its Social Bonds program, aimed at refinancing mortgages for low- and moderate-income households. Shelter Afrique is now joining this effort. The institution has prior experience in African capital markets, having issued 11 bonds across the continent. Its most recent bond issuance took place in April 2022 in Nigeria, where it raised 46 billion naira, roughly 110 million USD at the time. With the current 60 billion CFA francs bond offering, ShafDB aims to increase its access to regional savings and enhance its ability to finance housing projects in the UEMOA region. This move reflects a broader trend of relying on capital markets to address the growing housing demand and financing challenges in the region. By tapping into these financial instruments, institutions like ShafDB and AFINHAB are seeking to bridge the gap between housing needs and available resources.