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.

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.

BANK OF AFRICA Group continues to strengthen its capital and financial structure, modernize and institutionalize itself, while pursuing its geographic development through the creation of BANK OF AFRICA – GHANA in 2011, BANK OF AFRICA – TOGO in 2013, a Representative Office in Ethiopia for BANK OF AFRICA – MER ROUGE in 2014 and BANK OF AFRICA – RWANDA in 2016. The Group also continued in the pursuit ofsectorial development through the opening of Business Centers, which are banking spaces dedicated to enterprise customers (21 centers as of December 31st 2019) .

Today, it is a matter of maintaining the development and ensuring the sustainability of a large trans-African banking group, based on 6 main strategic axes:

• Strengthen its involvement in financing the economy, as well as both individual customers and companies of all sizes, with specific emphasis on SMEs, and large projects in the private and public sectors.
• Reinforce financial and operational risk management and control, and at the same time cultivate and strengthen a risk culture.
• Better control financial and operating expenses with the aim of optimized functioning.
• Maintain targeted, prudent and smart growth, as part of a balanced development, mainly through the development of a digital products and services.
• Accelerate digital transformation, in terms of products and services, tools and infrastructure, as well as culture and mind-sets.
• Keep on developing synergies with BMCE Bank Of Africa, and thus make the best use of the multiple opportunities provided by our major shareholder, who owns 72.41% of BOA GROUP as of December 31st, 2019.

Moreover, two major challenges will rapidly become essential in the years to come:

• Investment in human resources via training, coaching, motivation, e.t.c., all the pillars that guarantee the quality of human resources, as well as the promotion of creativity and innovation.
• Improvement of customer service quality, because with the downward trend in rates and conditions, a low level will soon be reached and only service quality and image will then make the difference. A Customer Relations Center was thus created, as well as a Quality Unit within the Organization Department.

BANK OF AFRICA Group, which remains faithful to a strategy that has been gradually implemented and refined for more than 35 years, continues its course with success, respecting the values and markers that have always led and guided its actions:

• Professionalism and rigor
• Proximity to customers and involvement in national development
• Promotion of African players, consisting of employees, shareholders, customers and partners.