Bank of Africa; Celebrating 30th milestone
The Bank of Africa Group (BOA Group), which is celebrating its 30th anniversary this year, has stood the test of time and today boasts a presence in 15 African countries through 16 commercial banks, as well as numerous financial companies.
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The group started as a pioneering project to create an African bank that is independent of major international groups, while tapping into private and well diversified African share capital.
The Bank of Africa project kicked off with the setting up of Bank of Africa – Mali (BOA Mali) in 1982, which has grown to become the leading bank in its country.
As the first bank of the group, BOA Mali provided an invaluable opportunity to experiment the general concept and principles that were to become the foundation of a strong network of 16 commercial banks, a mortgage bank, three leasing subsidiaries or departments, a firm of stockbrokers, two investment companies, an asset management company and a financial company in France dedicated to the African diaspora.
Between 1991 and 1998, the “Bank of Africa” concept was solidified and a decision was made to expand into the West African Economic and Monetary Union (WAEMU), based on its bedrock principles of a single brand and a standardised organisational setup. Three new Bank of Africa subsidiaries were founded: Niger in 1994; Côte d’Ivoire in 1996 and Burkina Faso in 1998.
After this period, there was a need to expand further into other parts of Sub-Saharan Africa, including English-speaking countries, as opposed to only the Francophone ones that Bank of Africa had started with.
Seven new Bank of Africa subsidiaries were added; Madagascar in 1999, Senegal in 2001, Kenya in 2004, Uganda in 2006, Tanzania in 2007, Burundi in 2008, and the Democratic Republic of Congo and Djibouti in 2010.
There was also the establishment of a group-wide investment firm, a financing arm in France, dedicated to the African diaspora; a mortgage lending institution in Benin, and a significant stake in a major insurance company.
The group took a decision as far back as 2005 to seek a banking partner able to both expand its financial means and to enrich its human and operating resources. An alliance was, therefore, born on February 25, 2008, with a 35 per cent capital increase of the BOA Group S.A. reserved exclusively for Banque Marocaine du Commerce Exterieur (BMCE), which thus became a shareholder in the Bank of Africa Group.
This provided the means to achieve greater ambitions by helping to expand each of the Bank of Africa entities and facilitate geographical and sector-based expansion projects.
In 2010, the alliance between BOA and BMCE was consolidated with BMCE acquiring a majority equity stake in BOA Group.
Today, the BOA Group is reinforcing its equity and financial structure. It is modernising and raising its institutional profile, while continuing to expand – geographically, through the founding of Bank of Africa – Ghana (BOA-GHANA) in 2011 and Bank of Africa – Togo (BOA-Togo) in 2013, and again by sector, with the opening of eight Business Centres Group-wide (in late September 2013) dedicated to its corporate customers.
The BOA Group’s current focus is on further expansion to make it a permanent fixture in the African banking landscape.
The group’s strategy, which has served it well over the years, continues to maintain its values and guideposts that have constantly driven its activities of professionalism and thoroughness. The importance of its proximity to customers, involvement in national development as well as promotion of Africans, whether they are employees, shareholders, clients or partners have not been compromised.
The BOA Group has and continues to realise its vision of true Panafricanism and has made tremendous impact on the continent by living its slogan: “As strong as a group, as close as a partner,” through its millions of customers who value its contribution and depend on its innovative products and services.