Bank of Africa (BOA) Overview
Bank of Africa is a multinational financial institution that provides banking services across several African countries. It was founded in 1982 in Mal.
| Legal Name | Bank of Africa |
|---|---|
| Year Founded | 1959 (66 Years Ago) |
| Type | Public |
| Traded As | CSEMA: BOA |
| Parent Company | BMCE Bank |
| Headquaters | Casablanca, Morocco |
| Employees | 6500 (2022) [1] |
| Market Cap | US$44.02 Billion â–¼ [2] |
| Revenue | MGA$234 Billion â–² [3] |
| Founder | King Mohammed V (1959) |
| Subsidiaries | 19 |
| Official Website |
Company Background
The Bank of Africa Group (BOA Group) was founded in 1982 in Mali as an independent African bank, supported by diverse private investors. It expanded with the creation of Bank of Africa – Benin in 1989 and later established a holding company, African Financial Holding (AFH), which became BOA Group S.A. The bank further extended its presence in Niger (1994), Côte d’Ivoire (1996), and Burkina Faso (1998).
Between 1999 and 2010, BOA Group diversified its operations, transforming into a structured financial group. It expanded beyond commercial banking into asset management and insurance while entering new regions such as Madagascar (1999), Kenya (2004), Uganda (2006), Tanzania (2007), and the Democratic Republic of Congo (2010). It also launched an investment company, BOA-France, and a housing finance bank in Benin.
In 2008, BOA Group partnered with Banque Marocaine du Commerce Extérieur (BMCE Bank), which acquired a 35% stake, later increasing to 65.23% by 2012. This partnership strengthened BOA's financial and operational capacity, allowing further growth and expansion. [4]
Key People
Bank of Africa Group is led by experienced professionals across different regions. The leadership team includes the Chairman and CEO, board members, regional directors, and other key executives responsible for various subsidiaries.
Chairman and CEO
- Othman Benjelloun serves as the Chairman and CEO of Bank of Africa Group.
Board Members
- Azeddine Guessous is a Permanent Representative of RMA and an Intuitu Personae Director.
- Lucien Miara represents Banque Fédérative du Crédit Mutuel as a board member.
Regional Directors
- Kobby oversees the Anglophone subsidiaries of Bank of Africa Group.
- Simon is a financial sector specialist with over 30 years of experience.
Other Key Executives
- Said Adren is the CEO and Executive Director of the board at Bank of Africa United Kingdom (BOAUK).
- Nehemiah Kyando Mchechu is the Chairperson of Bank of Africa Tanzania.
- Adam Charles Mihayo serves as the Managing Director of Bank of Africa Tanzania.
- Prince Agyei Aitee is the Head of Finance at Bank of Africa Ghana.
- Abderrahmane Belbachir is the Managing Director at Bank of Africa Ghana.
- Fatoumata Gakou serves as the Deputy Managing Director at Bank of Africa Ghana.
This leadership team is responsible for managing the bank's operations, strategy, and regional subsidiaries across different markets.
Bank of Africa Statistics
| Stat Name | Stat Count |
|---|---|
| Countries | 19 |
| Workers | 6900 |
| Bank Accounts | 4.6 million |
| Teller Machines | 840 |
| Branches | 530 |
Bank of Africa Subsidiaries
| Name | % Control & Interest | Country |
|---|---|---|
| BOA GROUP S.A. | 100% |  Luxembourg |
| BOA - WEST AFRICA | 100% |  Cote d’Ivoire |
| AFH OCEAN INDIEN | 100% |  Mauritius |
| AFH OI REALTY LTD | 100% |  Kenya |
| AFH SERVICES | 100% |  Bahamas |
| PASS | 100% | Mauritius |
| AGORA - HOLDING | 64,44% | Cote d’Ivoire |
| BOA - BÉNIN | 54,11% |  Benin |
| BOA - BURKINA FASO | 56,48% |  Burkina Faso |
| BOA - CÔTE D’IVOIRE | 69,68% | Cote d’Ivoire |
| BOA - MADAGASCAR | 61,11% |  Madagascar |
| BOA - MALI | 64,18% |  Mali |
| BOA - NIGER | 59,06% |  Niger |
| BOA - FRANCE | 70,22% |  France |
| BOA - RDC | 86,56% |  DRC |
| BOA - TOGO | 94,46% |  Togo |
| BOA - SENEGAL | 61,74% |  Senegal |
| BOA - MER ROUGE | 99,99% |  Djibouti |
| BOA - GHANA | 98,01% |  Ghana |
| BOA - KENYA | 70,95% | Kenya |
| BOA - UGANDA | 44,83% |  Uganda |
| BOA - TANZANIA | 95,23% |  Tanzania |
| BANQUE DE CRÉDIT DE BUJUMBURA (BCB) | 24,22% |  Burundi |
| BOA SERVICES | 99,92% | Senegal |
| SCI OLYMPE - BURKINA FASO | 56,48% | Burkina Faso |
| BOA - CAPITAL | 49,00% |  Marocco |
| BOA - RWANDA | 95,00% |  Rwanda |