By becoming a shareholder of Bank of Africa France, Proparco is helping reduce the cost of remittances by African diasporas in France to their countries of origin. This is a specialty of BOA Group’s subsidiary.
BOA France was set up in 2009 and is a French subsidiary of the pan-African banking group Bank of Africa (BOA), whose core activity is remittances from African diasporas residing in France to their countries of origin. Bank of Africa was set up in Mali in 1982 and today operates in 17 countries. Since 2010, Banque Marocaine du Commerce Extérieur (BMCE) has been BOA’s majority shareholder.
By becoming a shareholder of BOA France, Proparco will contribute to the institution’s growth. This financing is in line with an already longstanding partnership between Proparco and BOA. Indeed, Proparco is a shareholder of BOA Group, BOA Benin, and recently allocated credit lines to BOA Kenya, BOA Uganda and BOA Group.
This operation will substantially reduce costs related to remittances from African diasporas to their countries of origin, as BOA France applies a single transfer fee, whatever the amount sent. By increasing the available income for beneficiary households, these remittances will have an immediate impact on increasing incomes for local populations.