Bank Of Africa

What Bank Of Africa does

Bank of Africa – Madagascar (BOA-Madagascar) is a universal commercial bank operating in Madagascar for over 130 years, serving retail customers, small and medium enterprises, large corporates, and the agricultural sector through 89 agencies, 4 Business Centers, 1 Institutional agency, 4 Elite agencies, and 13 Business Spaces covering all 22 regions of Madagascar, supported by 160+ ATMs and digital channels including the MyBOA mobile application, BOAweb online platform, B-SMS alerts, and MBanking mobile money integration with Airtel Money, MVola, and Orange Money.

The bank operates a comprehensive platform-plus-modules product architecture spanning savings and investment products (Compte TAHIRY, Plan Epargne Ambition, Dépôt à Terme, Bon de Caisse), consumer and mortgage lending (Prêt Consommation, Prêt Immobilier Akany, Prêt Évènements Familiaux), business financing (Prêt 72, Crédit Bail, Avance Sur Marchandises, Microfinance, Mésofinance), government-backed loans under the FIHARIANA program, international cards (VISA Bleue, Gold, Platinum, Prépayée Verte) on the Sésame local network and VISA global network, trade finance (Crédit Documentaire), money transfer services (BOA Express, Western Union, SWIFT), insurance partnerships (Zen Educ, Zen Voyage, SAHAM Assurance), and bundled segment-specific packs for students, young professionals, civil servants, and salaried employees.

BOA-Madagascar is a wholly-owned subsidiary of the Groupe BANK OF AFRICA, which operates across 19 countries and has been majority-owned by BMCE Bank (Morocco's third-largest bank) since 2010. The Group reports a consolidated balance sheet of 11.2 billion euros and a 2024 net result of 295 million euros. Revenue is generated through traditional banking interest income from lending, transaction and fee income from accounts, cards, and wire transfers, and commission income from international operations, currency exchange, and Western Union money transfers. The bank's pricing model is subscription-based with tiered account products (e.g., minimum 15,000 Ar for Compte TAHIRY, 10,000 Ar monthly for Plan Epargne Ambition), annual card fees, and transaction-based charges, supplemented by government-backed credit guarantee programs for SME expansion.

Name

Bank Of Africa

Legal name

BANK OF AFRICA – MADAGASCAR, en abrégé BOA-MADAGASCAR, Société Anonyme à Conseil d'administration

Website

https://boamadagascar.com

Company type

Private

Founded year

1889

Operating status

Operating

Headcount range

51–100 employees

Short description

Bank of Africa – Madagascar is a universal commercial bank serving retail, SME, corporate, and agricultural customers across Madagascar through 89 agencies, 160+ ATMs, and digital channels. It operates as part of the 19-country pan-African Groupe BANK OF AFRICA, majority-owned by BMCE Bank of Morocco.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Retail banking services
• Commercial and corporate banking
• Consumer and mortgage loans
• Savings and term deposits
• Mobile money integration

Headquarters

HQ city

Antananarivo

HQ country

Madagascar

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain, Others

Revenue model

1. Interest Income: Traditional banking interest income from lending activities including consumer loans, mortgages, business loans, and credit facilities
2. Transaction and Fee Income: Fees from account management, wire transfers, ATM withdrawals, card payments, and other banking transactions
3. Commission Income: Commissions from international operations, currency exchange, and money transfer services including Western Union partnerships

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

BANK OF AFRICA – MADAGASCAR (BOA-MADAGASCAR) is a universal commercial bank offering checking accounts, savings instruments (Compte TAHIRY, Plan Epargne Ambition, Dépôt à Terme, Bon de Caisse), consumer and mortgage loans, VISA and Sésame payment cards, business financing products (Prêt 72, Crédit Bail, Microfinance, Mésofinance, Crédit FIHARIANA), international trade finance (Crédit Documentaire, Swift-On), money transfers (BOA Express, Western Union), and insurance products (Zen Educ, Zen Voyage, Assurance Stocks). The bank delivers these through 89 physical branches, 160+ ATMs, and digital channels (MyBOA mobile app, BOAweb, MBanking with Airtel Money/MVola/Orange Money integrations, B-SMS alerts) serving retail, SME, corporate, and agricultural customers across all 22 regions of Madagascar.

Product overview

Bank of Africa Madagascar operates as a universal commercial bank serving retail, corporate, and financial markets through a platform-plus-multiple-modules architecture. The core banking platform encompasses traditional account services (checking, savings, foreign currency), while digital channels (MyBOA mobile app, BOAweb online banking, B-SMS, MBanking) extend accessibility. Card products span the local Sésame network and international VISA-branded cards (Sésame Turquoise/Mauve, VISA Bleue/Gold/Platinum/Prépayée). Lending products address consumer needs (Prêt Consommation, Prêt Immobilier Akany, Prêt Événements Familiaux), education (Zen Educ), and business financing (Prêt 72, Crédit Équipement, Crédit Investissement, Avance Sur Marchandises, Crédit Bail). Savings and investment products include Compte TAHIRY, Plan Epargne Ambition, Dépôt à Terme, and Bon de Caisse. Money transfer services comprise BOA Express (internal network), Western Union (international), and MBanking linking to Airtel Money/MVola/Orange Money mobile wallets. SME and corporate services include documentary credits, import/export financing, Swift-On SWIFT notifications, FACTO cash management, and TPE payment terminals. Insurance products (Assurance Stocks, Assurance Homme Clé, Zen Educ) extend the offering. Bundled account packages (Pack +, Pack FONXIONARIA, Pack Jeune Actif, Pack Étudiant, Pack Fivelomako, Pack Tsotra, Pack Salaria) package these services for specific customer segments.

Differentiator

Problem solved

Functional benefit

Brands

• MyBOA: Mobile banking application for managing accounts on mobile devices
• BOAweb
• BOA Express
• Zen Educ
• Zen Voyage
• Compte TAHIRY
• Plan Epargne Ambition (PEA)
• Prêt VAHA-OLANA
• Prêt IMMOBILIER AKANY

Products and services

• MyBOA (Mobile Banking Application) Mobile banking application enabling customers to manage accounts, perform operations, and access banking services from mobile devices without visiting physical branches.
• BOAweb (Online Banking Platform) Web-based online banking platform accessible via computer, allowing customers to consult accounts and perform banking operations securely 24 hours a day, 7 days a week.
• Cartes Sésame (Sésame Turquoise and Sésame Mauve) Local debit card network operating within BANK OF AFRICA branches across Madagascar and 17 countries, enabling withdrawals, payments, and account operations.
• Carte VISA Bleue International debit card usable in over 200 countries with 3D Secure online payment protection, contactless payment capability, and weekly limits of 8 million Ariary for withdrawals and 15 million for payments.
• Carte VISA Gold Premium international debit card with global assistance services, travel and medical insurance, and weekly payment limits of 20 million MGA.
• Carte VISA Platinum High-end international debit card offering premium insurance including purchase protection, extended warranty, worldwide assistance, and weekly limits of 12.5 million MGA for withdrawals and 30 million MGA for payments.
• Carte VISA Prépayée Verte Prepaid international card allowing users to control spending by loading predetermined amounts, usable with or without a bank account, with 2-year validity.
• Compte TAHIRY Basic savings account with no account maintenance fees, earning interest, allowing flexible deposits and withdrawals, with optional Sésame Mauve debit card. Minimum deposit 15,000 Ar.
• Plan Epargne Ambition (PEA) Savings plan requiring 12 monthly deposits starting from 10,000 Ar, after which customers become eligible for preferential-rate loans up to twice the saved amount.
• Dépôt à Terme (Term Deposit) Term deposit product with periods from 1 to 12 months (renewable), offering guaranteed remuneration with negotiable rates and advance withdrawal possibilities.
• Bon de Caisse Fixed-term deposit investment product with durations from 1 month to 5 years, offering guaranteed interest rates with optional regular interest payments and premature redemption possibilities.
• Prêt Immobilier Akany (Home Loan) Home loan product enabling customers to build or acquire property with mortgage financing available for periods up to 20 years.
• Prêt Événements Familiaux Personal loan for family events covering up to 4 months of net salary, with quick disbursement, no justification required, no guarantee needed, and 12-month repayment period.
• Prêt 72 (SME Short-Term Loan) Short-term business loan with 72-hour approval response, amounts up to 300 million MGA, reduced guarantees, for enterprises with existing BOA accounts.
• Microfinance Agricultural financing solution supporting farmers and livestock breeders with customized loans aligned to agricultural production cycles, including seasonal financing and equipment purchases.
• Mésofinance Financing solution for small enterprises not served by microfinance or traditional banking, covering working capital, equipment, and construction with flexible guarantees and simplified processes.
• Crédit FIHARIANA Government-backed loan program for entrepreneurs and startups selected through the national FIHARIANA program, with amounts from 200,000 to 200 million Ariary and preferential rates.
• Crédit MIARINA COVID-19 crisis recovery loan backed 100% by the FIHARIANA Fund (capital plus interest), for enterprises with annual revenue under 5 billion Ariary, with preferential rates and up to 24-month repayment.
• Crédit Bail (Equipment Leasing) Equipment leasing solution financing professional equipment with 100% financing, no down payment required, with option to purchase at residual value at contract end.
• Avance Sur Marchandises (Inventory Financing) Inventory financing product allowing commercial or industrial enterprises to obtain capital for stock constitution, with advances up to 80% of verified inventory value.
• Crédit Documentaire (CREDOC) — Documentary Credit Documentary credit service for international trade providing secure payment guarantees against compliant document presentation, available for import and export operations.
• FACTO (Cash Collection and Delivery) Secure cash collection and delivery service for enterprises handling significant cash amounts, reducing risks, optimizing treasury management, and saving time on fund collection.
• TPE (Electronic Payment Terminal) Electronic payment terminal enabling merchants to accept card payments, with mobile or fixed options, WiFi or SIM connectivity, and contactless payment capability.
• BOA Express (Instant Money Transfer) Instant money transfer service within the BANK OF AFRICA network across all national agencies, enabling customers and non-customers to send or receive money quickly and economically.
• Western Union Money Transfer International money transfer service available at all BANK OF AFRICA agencies in Madagascar, enabling customers to receive money from anywhere in the world.
• MBanking (Mobile Money Linkage) Mobile banking service linking BANK OF AFRICA accounts with mobile money wallets (Airtel Money, MVola, Orange Money) for fund transfers, balance inquiries, and third-party payments.
• Swift-On (SWIFT Notification Service) Automatic SWIFT notification service sending instant email alerts with SWIFT message copies (MT 103 for transfers, MT 700/707 for documentary credits) when international banking operations are executed.
• Zen Educ (Education Insurance) Education savings insurance product providing 6 annual annuities over 5 years with guaranteed minimum 3.5% annual revaluation, death/invalidity coverage, and flexible contribution options.
• Assurance Stocks (Inventory Insurance) Inventory insurance product in partnership with SAHAM ASSURANCE covering damages from fire, lightning, explosion, water damage, and theft for stock financed by BANK OF AFRICA.
• Assurance Homme Clé (Key Person Insurance) Key person insurance covering enterprises against premature death or absolute/invalidity disability of critical employees, with annual renewable premiums and liquidity provision for business continuity.
• Pack + (Premium Bundled Account) Premium bundled account package including free checking account, TAHIRY savings account, free VISA Gold card, MyBOA and BOAweb digital banking, and bundled insurance coverage.
• Pack FONXIONARIA (Public Sector Package) Banking package for public sector employees including free checking, PEA savings plan, Sésame Turquoise card, overdraft facility up to 50% of salary, and bundled insurance.
• Pack Jeune Actif (Young Professional Package) Banking package for young professionals aged 21-35, including free checking account, TAHIRY savings, free Sésame Turquoise card, Mobile Banking, and preferential rates on international VISA cards.
• Pack Étudiant (Student Package) Student banking package with free Sésame Turquoise card, MyBOA and BOAweb digital banking, Mobile Banking with mobile money integration, and payment protection insurance.
• Pack Tsotra (Private Sector Employee Package) Complete banking service bundle for private sector employees including checking account, TAHIRY savings, Sésame Turquoise card, automatic overdraft, MyBOA app, and Mobile Banking.
• Pack Salaria (Salaried Employee Package) Six-product bundled account package with automatic overdraft for financing unexpected expenses, designed for salaried employees with preferential conditions.
• B-SMS (SMS Banking Alerts) SMS banking service providing account balance updates, transaction alerts, and customizable notifications for account activities including salary deposits and spending thresholds.
• GAB (Automated Teller Machine Operations) Automated teller machine network available 24/7 for cash withdrawals, balance inquiries, PIN changes, mini-statements, transfers, and JIRAMA bill payments at 160+ machines across Madagascar.

Quantifiable outcome

• Total balance sheet of 5,687,884 million MGA in 2024
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core.

• Morocco Fintech CentercoreStrategic or Co-development Partner · 11 April 2026Partnership signed at GITEX AFRICA 2026 to strengthen Morocco's fintech ecosystem and position the country as a regional hub for financial innovation. The agreement aims to foster synergies between regulators, fintech companies, and financial institutions while providing fintechs with testing environments, industry expertise, and support to accelerate and validate their business models. Both parties expressed commitment to enabling national fintechs to expand at continental and international levels.
• Western UnioncoreChannel Partner/ Reseller/ DistributorInternational money transfer service available at all BANK OF AFRICA branches in Madagascar, allowing customers to receive money from abroad quickly, securely, and accessible to all.
• SAHAM AssurancecoreStrategic or Co-development PartnerInsurance partnership for stock insurance products. The insurance covers damages from fire, lightning, explosion, water damage, theft, etc. for stocks financed by BANK OF AFRICA. In case of loss, the insurer substitutes the insured for reimbursement to the bank.
• Airtel MoneycoreTechnology or IntegrationMobile money integration partnership allowing BANK OF AFRICA customers to link their bank account to Airtel Money for transfers, balance top-ups, and mobile payments.
• MVolacoreTechnology or IntegrationMobile money integration partnership (Telma) enabling BANK OF AFRICA customers to transfer money between bank accounts and MVola mobile money wallets.
• Orange MoneycoreTechnology or IntegrationMobile money integration partnership allowing BANK OF AFRICA customers to link their bank account to Orange Money for seamless money transfers and payments.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Standard Bank Group: Africa's largest banking group by assets, operating across 20+ African countries with universal banking services. Comparable to BOA's geographic and product breadth, though at materially larger scale.
• Absa Group: Pan-African banking group with presence across 12 African countries offering universal banking. Comparable to BOA's pan-African franchise and product mix, though larger and more established in Southern Africa.
• BMCE Bank of Africa (Parent): Morocco's 3rd largest bank and majority owner of Group BANK OF AFRICA since 2010. Operates universal banking across Morocco and Africa with much larger balance sheet (~11.2B EUR group total) and broader product suite than BOA-Madagascar.

Direct peers

• Ecobank Transnational Incorporated: Pan-African commercial banking group with operations in 35+ African countries, offering retail, SME, and corporate banking plus mobile money integration. Directly comparable to BOA's 19-country pan-African franchise and universal banking model.
• United Bank for Africa (UBA): Pan-African banking group operating in 20+ African countries plus major financial centers, with retail, SME, corporate, and digital banking services. Closely comparable to BOA's footprint, universal banking model, and African expansion strategy.
• Société Générale Madagascar: Subsidiary of global banking group Société Générale operating in Madagascar, providing retail, corporate, and investment banking. Directly comparable to BOA-Madagascar as a foreign-owned universal bank competing in the same market.
• MCB Madagascar: Subsidiary of Mauritius Commercial Bank providing retail, SME, and corporate banking in Madagascar. Directly comparable to BOA-Madagascar as a regional bank with multi-channel distribution and similar target segments.
• BNI Madagascar: One of Madagascar's largest commercial banks and a direct domestic competitor of BOA-Madagascar, offering retail, corporate, and SME banking with a similar multi-channel distribution model across the country.
• BMOI (Bank of Mauritius in Madagascar): Major Malagasy commercial bank subsidiary of Mauritius Commercial Bank group, directly competing with BOA-Madagascar in retail, corporate, and SME banking across Madagascar with similar product breadth.

Emerging players

• Equity Group Holdings: Pan-African banking group with strong presence in East Africa (Kenya, Uganda, Tanzania, Rwanda, DRC) and growing digital banking footprint via Equitel. Comparable to BOA's East African footprint and focus on financial inclusion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/BankOfAfrica_Ug
• LinkedInlinkedin.com/company/bank-of-africa

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries15 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank Of Africa