The history of the Group integration, which started in 1982 in Mali, can be summarized in five phases, each associated with a specific development.

1982 - 1990: THE LAUNCH

It is a pioneering project in the banking field: the creation of an African bank, independent of large international groups and funded by well-diversified African private capital.
After the beginning of operations of BANK OF AFRICA in Mali in 1982, a holding company was incorporated in 1988 – AFRICAN FINANCIAL HOLDING (AFH) – which later became BOA GROUP S.A.
This incorporation came at the beginning of the creation of BANK OF AFRICA – BENIN in 1989, its reference shareholder, and now the market leader in Benin.

1991 – 1998: THE EXPANSION

The “BANK OF AFRICA” concept, based on a balanced diversified shareholding and on a single strategy, was hence specified, developed and consolidated. At the same time, the decision to expand to the West African Economic and Monetary Union (WAEMU) was made, with the brand’s uniqueness and a standardized organisation as basic principles: three new BANK OF AFRICA subsidiaries were founded in Niger in 1994, in Côte d’Ivoire in 1996 and in Burkina Faso in 1998.
The establishment of Group’s Central Structures begins and definition of their organizational management and monitoring parameters.


The desire for diversification, driven by growth objectives, is reflected in three distinct and complementary levels:

  • moving from a set of banks to a real group structure
  • evolve from pure commercial banking activities into those related to banking intermediation, asset management and insurance, in order to create a multi-faceted financial division and a full range of financial products and services
  • expand to other regions of sub-Saharan Africa, including English-speaking zones.

At the end of this phase, the Group had expanded with 7 new BANK OF AFRICA subsidiaries – Madagascar in 1999, Senegal in 2001, Kenya in 2004, Uganda in 2006, Tanzania in 2007, Burundi in 2008, the Democratic Republic of Congo and Djibouti in 2010, as well as the creation of an investment company operating for the whole Group, a financial company in France dedicated to diaspora (BOA-FRANCE) and a housing finance bank in Benin (BHB), as well as a significant investment in a major insurance company.


This policy also required enhancement of the Group’s resources, particularly financial resources. This is why towards the end of 2005, the Group took on the search of a banking partner capable of reinforcing its financial capacities on the one hand, and its human and operational resources on the other hand. This alliance project was concluded on February 25th 2008, achieving a capital increase of 14 million Euros for BOA GROUP S.A, the new name of the AFH holding company, entirely dedicated to ‘BANQUE MAROCAINE DU COMMERCE EXTERIEUR’ (BMCE Bank) which hence joined the shareholding of BANK OF AFRICA Group at 35%. This significant capital increase, as well as the appointment of a Deputy Chief Executive Officer from BMCE Bank on the one hand, and the entry of this strategic banking shareholder on the other hand, provided stronger resources, not only for the growth of each of the existing entities of BANK OF AFRICA Group, but also for an easier implementation of geographic and sectorial development projects.

As of December 31st 2009, the capital of BOA GROUP S.A increased to approximately 40.3 million Euros, with BMCE Bank owning 42.5% and the collaboration between the two Groups was going according to the established program, in the spirit of dialogue and complementarity as expected.

The year 2010 witnessed the outcome of the alliance between BOA and BMCE Bank, which led to the following results:

  • The change of the Chief Executive Officer of BOA GROUP S.A. from January 1st 2011
  • 3 capital increases, each of around 10 million Euros in 2010, 2011 and 2012, moving the capital from 40.3 to 70.6 million Euros
  • The majority shareholding of BOA GROUP S.A. by the Moroccan bank, growing from 55.77% in 2010 to 65.23% at the end of 2012.


Our focus now is on further expansion and on making sure that BOA remains a big sustainable transafrican group, based on six strategic pillars :

  • Boost its involvement in financing the economy, for retail customers and companies of all sizes and comprising major private or public projects.
  • Increase its risk control, both for financial and operational risks, whilst developing, reinforcing and fostering a risk management culture.
  • Better control its financial and operational expenses, with a view to optimising its operations.
  • Pursue targeted, caution and well-considered growth within a framework of balanced development, in particular through the development of a digital offer and a more advanced customer segmention.
  • Step up the digital transformation, in terms of products and services, systems and infrastructures, as well as cultures and mindsets.
  • Pursue the development of synergies with BANK OF AFRICA BMCE GROUP, exploiting the many possibilities offered by our majority shareholder, whose ownership of BOA GROUP stands at 72.41% as at 31 December 2021.

Moreover, two major issues will become vital in the forthcoming years :

  • Investment in human capital through training, guidance, motivation, etc., the various means to guarantee the quality of human resources and promote creativity and innovation.
  • Improvement of the quality of customer service. The downward pressure on rates and conditions will soon reach a floor and only service quality and image will then make a difference A Customer Relations Centre has thus been established, and a Quality Department set up under the Organisation Division.

Finally, management based on caution, anticipation and security is more relevant than ever after a year of health crisis, which had still not been resolved by mid-2021.

  • Caution, as the effects of this crisis are not all known
  • Anticipation, as we are experiencing an acceleration in the transformation of the profession
  • Security, as threats become more complex

The BANK OF AFRICA Group adheres to the strategy that is it fine-tuned and that has served it well for more than 35 years and is constantly adapting, while maintaining the values and points of reference that have always driven its activities :

  • professionalism and rigor;
  • proximity to customers and involvement in national development;
  • promotion of Africans, whether they are employees, shareholders, clients or partners

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foundation commitments

Through its respective foundations, BANK OF AFRICA Group is committed to support the communities in its country network in order to improve the living conditions of the most vulnerable populations and contribute to the local development…




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