Bank of Africa

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Bank of Africa Group
Industry Financial Services
Founded 1982
Headquarters Bamako, Mali
Key people
Ammish Owusu-Amoah
Managing Director
Abdekabir Bennani
Board Member[1]
Products Loans, Savings, Investments, Debit Cards, Credit Cards
Revenue IncreaseAftertax:€51.4 million (US$65 million) (2010)
Total assets €3.55 billion (US$4.49 billion) (2010)
Number of employees
4,000+ (2012)[2]
Website Homepage

Bank of Africa (BOA), also known as Bank of Africa Group, is a multinational pan-African banking conglomerate, with banking operations in 14 African countries, and a representative office in Paris, France. Bank of Africa maintains its headquarters in Bamako, the capital city of Mali.


BOA is a large financial services provider in 14 sub-Saharan Countries. As of December 2010, the group's total assets were valued at €3.55 billion (US$4.49 billion)[3] In addition to its 14 commercial banks, the Group also includes a finance company, a housing bank, a leasing company, one brokerage firm and two investment firms, as well as a management company and a representative office in Paris.[4]


The maiden bank of the BOA Group, BOA Mali, was established in late 1982, in Bamako, Mali, by local businesspeople. It was formed to address the scarcity of banking services for local businesses and individuals, which was prevalent not only in Mali at that time, but across most of Francophone West Africa. This initial effort was without any external financial backing.

The success of BOA Mali, led to the establishment of African Financial Holdings (AFH), as the holding company for BOA Mali in 1988. The objective of AFH was (a) to promote the establishment of banking subsidiaries across Africa, with local capital participation as a key component and (b) BOA would offer both management, technical support as well as equity participation in these new banking subsidiaries.

Starting in 1990 with BOA Benin, the group started opening subsidiaries across the continent, initially in Francophone countries but eventually in Anglophone Africa, starting with BOA Kenya in 2004. To increase their capital base, AFH took on new investors including the PROPARCO, a division of the French Development Agency, Netherlands Development Finance Company (FMO) and Natexis (now Natixis) of France.

In 2008, Banque Marocaine du Commerce Exterieur (BMCE) took a 35% shareholding interest in AFH, which had rebranded to Bank of Africa Group, bringing much needed financial capital and banking expertise to the group.[5]

Bank of Africa Group[edit]

BOA has operational bank subsidiaries in the following countries, as of May 2012:

  1. BOA Benin
  2. BOA Burkina Faso
  3. BOA Burundi
  4. BOA DRC
  5. BOA Djibouti
  6. BOA Ghana
  7. BOA Kenya
  8. BOA Ivory Coast
  9. BOA Madagascar
  10. BOA Mali
  11. BOA Niger
  12. BOA Senegal
  13. BOA Tanzania
  14. BOA Uganda
  15. BOA France - Representative office in Paris only.


The specialized subsidiaries of Bank of Africa Group include the following:

  1. Banque de l'Habitat du Bénin (BHB)
  2. Equipbail Benin
  3. Equipbail Mali
  4. Equipbail Mada
  5. Actibourse SA
  6. Agora SA
  7. Aissa - BOA's IT company
  8. Attica SA


The stock of Bank of Africa Group is owned by the following corporate entities and individuals:[6][7]

Bank of Africa Stock Ownership
Rank Name of Owner Percentage Ownership
1 Banque Marocaine du Commerce Exterieur (BMCE) of Morocco 35.00
2 PROPARCO of France
3 Netherlands Development Finance Company (FMO) of the Netherlands
4 Natixis of France
5 Businesspeople from Mali
6 International Finance Corporation from USA
7 Aureos Capital from the United Kingdom
8 Belgian Investment Company for Developing Countries (BIO)
Total 100.00

See also[edit]

External links[edit]