Bank Of Africa

Introduction

Bank of Africa is one of the largest financial service providers in Africa, they operate over a network of 18 countries mainly francophone, but they are now installed in anglophone countries including South Africa, Uganda, Kenya, Tanzania, and plenty of others. Established in 1982, the Bank of Africa Group is headquartered in Bamako, the capital of Mali. BOA is owned at 75% by the BMCE also known as the Bank of Africa Morocco. Their services vary from commercial banking, investment banking, and insurance, and total assets are valued at 8.7 billion euros.

Operations

BOA’s biggest priority is economic growth and the implementation of the banking sector in the countries most in need. To better target the African continent, BOA is divided into subsidiaries focusing on local expansion in member countries. It has now been 39 years that BOA operates, and they have widely expanded and diversified their activities. Since 2010, BOA’s objective is to institutionalize its operations and ensure a sustainable trans-African banking union.

Strategy

BOA’s continuous effort to create a banking union between African emerging countries falls under six strategic axes:

• Strengthen financing activities in Africa: BOA strongly believes that African companies need more financial help from local banks when it comes to initial investments. Therefore, BOA’s first objective is to be more involved in investing activities concerning African companies.

• Better risk management: BOA wants to strengthen its financial and operational risk structure to better tackle unusual hazards.

• Better control of financial and operational charges: Similarly to risk management, BOA wants to optimize its structure.

• Focus on safe targeted growth: By entering into partnerships with big institutions like the BMCE, BOA wants to reflect a stable development, mainly focused on digital growth.

• Digital transformation: Like many other banks, BOA sees in digitalization an opportunity to enhance their product offering as well as a structurally change banking.

• Keep on building synergies with the BMCE Bank of Africa: The BMCE is at the base of BOA’s expansion, and it is BOA’s major shareholders at roughly 75%.

Digitalization

BOA truly believes that digitalization is essential for the banking future. For instance, the payment platform SmartVisa is one of the biggest growing technology in West Africa and users can now manage their cards thanks to the cloud. On top of that, BOA has launched its first online banking platform BOAweb in 2019, and the application MyBOA in the WAEMU zone (Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, and Togo).

Why KiwiGo

KiwiGo number one priority is to bridge the gap between frontier markets and the rest of the world by bringing technologies and services that improve lives and create new opportunities. On the other hand, BOA’s vision as well as many other banking institutions is to ensure a transition from traditional banking to digital banking. Not only that, BOA’s main objective is to be involved in local economies and create a bridge between finance and the African economy. Taking into account KiwiGo’s superapp infinite potential in Africa, and it’s token for favoring decentralized payments, BOA’s strategic goals are in perfect accordance with KiwiGo.