Bank of Africa Group is continuing its development, particularly with the creation of BOA Cameroon and the strengthening of several existing banks. This financing will support the Group’s long-term financing capacity.
Bank of Africa (BOA) Group is a banking network established in over 15 Sub-Saharan African countries. It was set up in Mali in the early 1980s with African private capital and support from financial institutions (FMO, Proparco, etc.). BOA is active on both the individual and corporate markets. Banque Marocaine du Commerce Extérieur (BMCE) has been its majority shareholder since 2010.
Proparco’s loan will allow BOA Group to continue its expansion policy. The group’s strategy includes the creation of BOA Cameroun, the acquisition of the Equato-Guinean subsidiary of Société Générale, and the strengthening of the capital of the various banks in the network. Proparco’s financial support will assist BOA in the development of a CSR policy and an environmental and social risk assessment process. This financing has been mobilized from the Support Fund for Governance Capacity Building (FRCG) managed by AFD.
This operation will strengthen the local financing capacity in BOA’s countries of operation, where long-term financial resources are often insufficient. It will particularly benefit SMEs operating in the sectors of trade, transport, telecoms, services and construction, which is the core activity of its network. More generally, the support for a strong pan-African banking player will contribute to strengthening the financial sector on the continent. This financing will also contribute to disseminating CSR good practices in the banking sector.