Bank of Africa Côte D'ivoire

What Bank of Africa Côte D'ivoire does

Bank of Africa Côte d'Ivoire (BOA-CI) is a universal commercial bank headquartered in Abidjan, Côte d'Ivoire, established in 1996 as part of the pan-African Bank of Africa Group. Since 2010, the bank has been majority-owned by BMCE Bank of Africa, Morocco's third-largest bank. The bank operates 42 branches across Côte d'Ivoire (31 in Abidjan including 3 dedicated Centres d'Affaires for corporate clients, plus 8 regional agencies) and employs approximately 500 staff. It is publicly listed on the BRVM regional stock exchange under the ticker BOAC and operates under the prudential supervision of BCEAO.

BOA-CI serves three principal segments: retail individuals (segmented by salary level into packs ranging from Mon Business at 1,100 F CFA/month to Pack Elite at 15,000 F CFA/month for clients earning over 1 million F CFA), SMEs (served through Pack Business and dedicated relationship managers), and large enterprises (served through three Centres d'Affaires in Abidjan). Its product suite spans current and foreign-currency accounts, savings and term deposits, consumer loans (Prêt Ma Maison mortgages up to 25 years, Prêt Equipement, Découvert), VISA and regional Sésame cards, digital banking channels (MyBOA mobile app, BOAweb online platform, B-SMS, B-Phone, Swift-On), the Zen bancassurance line developed with Sanlam, and money transfer services via Western Union, MoneyGram, and the proprietary BOA Express.

The bank's revenue is generated primarily through net interest income from lending activities, recurring monthly fees from tiered pack subscriptions, transactional fees on cards and international transfers, and insurance commissions through its Sanlam partnership. As of June 2023, BOA-CI held a total balance sheet of 843.3 billion F CFA with customer deposits of 645.3 billion F CFA. The bank reported net profit of 26,075 million F CFA in 2023 (up 29.9% year-over-year) and approximately $62.4 million USD in 2025, with planned dividend distributions of $47.5 million for 2025.

Name

Bank of Africa Côte D'ivoire

Legal name

BANK OF AFRICA – CÔTE D'IVOIRE

Website

https://boacoteivoire.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

101–250 employees

Short description

Bank of Africa Côte d'Ivoire is a universal commercial bank in Abidjan serving retail individuals, SMEs, and large enterprises through 42 branches, digital banking channels, tiered account packs, consumer and mortgage lending, VISA/regional cards, and a Sanlam-partnered bancassurance line.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Retail banking
• Commercial banking
• Consumer lending
• Corporate banking
• Digital banking

Headquarters

HQ city

Abidjan

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Interest income from lending activities (consumer loans, mortgage loans, equipment loans, business financing) and interest paid on customer deposits. The bank extends credit to individuals (Prêt Ma Maison, Prêt Equipement, credit cards) and corporates (investment financing, working capital facilities).
2. Fee and Commission Income: Fees from account maintenance, card transactions, international transfers, money transfers (Western Union, MoneyGram, BOA Express), insurance products, and banking package subscriptions. Multiple pack tiers (Mon Business at 1,100 F CFA/month, Salaria at 5,500 F CFA/month, etc.) generate recurring fee revenue.
3. Bancassurance: Insurance product distribution through partnerships with Sanlam Assurance Vie Côte d'Ivoire, earning commissions on insurance products (Zen Auto, Zen Voyage, Zen Educ, Zen Assurance Habitation, etc.) sold alongside banking products.
4. Digital Banking Services: Revenue from digital banking subscriptions and transaction fees on mobile and online banking services (BOAweb, MyBOA, B-SMS, B-Phone, Swift-On).

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels5 records

Core offering

Bank of Africa Côte d'Ivoire is a universal commercial bank providing retail, SME, and corporate banking products through a 42-branch network in Côte d'Ivoire complemented by digital channels. Its core offering covers deposit accounts, consumer and mortgage lending, payment cards, money transfer services (Western Union, MoneyGram, BOA Express), trade finance and cash management for businesses, and bancassurance products distributed in partnership with Sanlam.

Product overview

Bank of Africa Côte D'ivoire operates as a universal commercial bank within the BOA Group, offering a comprehensive platform of banking products and services organized into five main categories: accounts and deposits (checking, savings in multiple currencies, term deposits, and savings plans), credit and lending (home loans, equipment financing, overdrafts, and advances), card services (VISA international cards and Sésame regional cards across tiered levels), digital banking (BOAweb online platform, MyBOA mobile app, B-SMS, B-Phone, and Swift-On), and bancassurance products (Zen insurance line covering auto, travel, education, home, and funeral needs in partnership with SANLAM). The bank also offers packaged solutions (ELITE, Fonxionaria, Salaria, Prima, Mon Business) targeting specific customer segments including civil servants, private sector employees, and SMEs. Money transfer services through Western Union and MoneyGram extend the bank's reach internationally.

Differentiator

Problem solved

Functional benefit

Brands

• MyBOA: Mobile banking application for customers to manage accounts from mobile devices
• BOAweb
• BOA Express
• Zen Assurance
• Plan Épargne Ambition
• Plan Épargne Logement

Quantifiable outcome

• Net profit of 26,075 million F CFA in 2023, representing a 29.9% increase year-over-year.
• +1 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Sanlam Assurance Vie Côte d'IvoirecoreStrategic or Co-development PartnerSanlam Assurance Vie Côte d'Ivoire is a key insurance partner for Bank of Africa Côte d'Ivoire, co-developing the Zen product line of insurance products including Zen Auto (auto insurance with installment financing), Zen Voyage (travel insurance with medical coverage up to 30,000 euros), Zen Educ (education savings with guaranteed 3.5% annual growth), Zen Assurance Habitation (home insurance), Zen Découvert (overdraft protection), and Zen Emprunt (loan protection insurance).
• Western UnioncoreChannel Partner/ Reseller/ DistributorWestern Union money transfer services are available in all Bank of Africa branches across Côte d'Ivoire, enabling customers to send and receive international remittances worldwide. The service is open to both bank customers and non-customers.
• MoneyGramcoreChannel Partner/ Reseller/ DistributorMoneyGram international money transfer services are available in all Bank of Africa branches, providing customers with an additional option for sending and receiving money globally. Open to both customers and non-customers.
• WEMA BankminorStrategic or Co-development PartnerPartnership between BANK OF AFRICA and WEMA BANK to facilitate banking exchanges with Nigeria (Anglophone Africa). The partnership aims to simplify cross-border financial transactions and promote trade between West African markets.
• BOA Capital Asset ManagementcoreOthersBOA CAPITAL ASSET MANAGEMENT is the asset management subsidiary of the BANK OF AFRICA Group that manages the FCP Emergence fund (a mixed OPCVM fund comprised of 70% bonds and 30% equities and liquid assets), made available to Bank of Africa Côte d'Ivoire customers.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• SGBCI (Société Générale de Banques en Côte d'Ivoire): One of the largest commercial banks in Côte d'Ivoire and part of Société Générale group, directly competing with BOA CI in retail, SME and corporate banking with similar universal banking offerings and international trade finance capabilities.
• Ecobank Côte d'Ivoire: Direct competitor as a pan-African commercial bank operating in Côte d'Ivoire with similar universal banking coverage (retail, SME, corporate), comparable deposit and lending products, and digital banking channels targeting the same Ivorian customer segments.
• NSIA Banque Côte d'Ivoire: Domestic Ivorian commercial bank directly competing across retail, SME and corporate banking with similar pack-based retail offerings, mortgage products and digital banking channels.
• BICICI (Banque Internationale pour le Commerce et l'Industrie de la Côte d'Ivoire): Direct competitor part of the BCP group, providing universal banking services (retail, SME, corporate) with comparable product suite and distribution network across Côte d'Ivoire, including cards, savings and trade finance.
• Banque Atlantique Côte d'Ivoire: Regional West African commercial bank with a presence in Côte d'Ivoire offering similar retail and corporate banking products, including deposits, lending, cards and money transfer services targeting overlapping customer segments.

Broad incumbents

• BMCE Bank of Africa: Parent company and Morocco's third-largest bank; broader incumbent providing the same universal banking services at scale and parent of the BOA network, setting strategic direction for BOA Côte d'Ivoire and competing indirectly via group-level mandates.
• Standard Chartered Bank Côte d'Ivoire: Global incumbent bank operating in Côte d'Ivoire with focus on corporate, transaction banking and wealth management; competes with BOA CI for large enterprise and trade finance mandates rather than mass retail.
• Société Générale West Africa: Regional head of Société Générale's West African operations; comparable as a broader-incumbent French banking group with overlapping retail/SME/corporate offerings across UEMOA and active in Côte d'Ivoire via SGBCI.

Emerging players

• Coris Bank Côte d'Ivoire: Regional Burkinabè-headquartered bank expanding into Côte d'Ivoire with growing retail and SME banking operations; comparable in segment focus (retail/SME) but smaller scale, making it an emerging competitor in shared customer segments.

Regional players

• BOA Senegal: Sister subsidiary within the BOA Group operating in Senegal with the same universal banking model, pack-tier retail products and digital channels; comparable peer for benchmarking unit economics, though operating in a different national market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/boacotedivoire

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 Côte D'ivoire