Bank of Africa Kenya

What Bank of Africa Kenya does

Bank of Africa Kenya Limited is a commercial bank licensed and regulated by the Central Bank of Kenya, operating as the Kenyan subsidiary of the pan-African Bank of Africa Group (headquartered in Mali, present in 18 countries with a consolidated balance sheet of EUR 9.4 billion as of 31 December 2021). The bank commenced Kenyan operations in July 2004 after acquiring the local branch of Credit Agricole Indosuez. It serves retail, SME, and corporate customers through 21 fully networked branches nationwide (headquartered at BOA House, Karuna Close, Westlands, Nairobi), supplemented by digital channels including the B-Mobile smartphone app, USSD (*987#) for feature phones, BOAWeb internet banking, and a Visa debit card network. Distribution also extends through mobile money integration (M-Pesa Paybill 972900, Airtel Money), MoneyGram and Western Union remittances, and PesaLink real-time bank-to-bank transfers.

The product portfolio spans personal banking (current accounts, savings accounts, salary accounts, personal loans, mortgages, asset finance), business banking (SME accounts, corporate loans, trade finance, cash management, invoice discounting), treasury services (spot, forward, forex swap, FX options, and a multicurrency electronic trading platform), and custodial services for bonds, treasury bills, and shares under CMA and RBA approvals. Specialized products target niche verticals: e-Chama for savings groups, Mwanariadha for athletes, Wakili for law firms, Goodwill for NGOs, Soma Loan for education financing, and Agribusiness Loan for farmers. Core technology is a core banking platform with SWIFT/correspondent banking infrastructure and statutory payment integrations (KRA iTax, NHIF, Nairobi County).

Revenue is generated primarily through interest income on loans and credit facilities (personal loans, mortgages, asset finance, business loans, overdrafts), transaction fees (ledger fees, ATM withdrawals, EFT/RTGS/SWIFT transfers), foreign exchange revenue from treasury products, custodial and investment service fees, and commissions from money transfer services (M-Pesa, Airtel Money, MoneyGram, Western Union). Customer acquisition occurs through relationship banking with dedicated relationship managers for business and institutional customers, branch-based retail onboarding, and digital self-service. The bank is privately held (not listed) and majority-owned by BOA Group S.A. (38.60%), with other regional BOA entities and development finance institutions (notably FMO at 10.51%) as shareholders.

Name

Bank of Africa Kenya

Legal name

Bank of Africa Kenya Limited

Website

https://boakenya.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

101–250 employees

Short description

Bank of Africa Kenya Limited is a commercial bank serving retail, SME, and corporate customers in Kenya through 21 branches and digital channels (B-Mobile, BOAWeb), offering current accounts, loans, trade finance, treasury, custodial services, and specialized products for NGOs, law firms, athletes, and agribusiness.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211)

SIC

National Commercial Banks (6021)

akta.pro primary industry

SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)

akta.pro secondary industries

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD), Student & Youth Banking (FSABAAAH)

Keywords

• Retail banking services
• Corporate banking
• Trade finance
• Digital banking
• Treasury services

Headquarters

HQ city

Westlands

HQ country

Kenya

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Interest earned on loans and credit facilities including personal loans, mortgages, asset finance, business loans, and overdrafts. Interest rates vary by product and customer segment.
2. Transaction Fees: Fees charged on banking transactions including ledger fees, ATM withdrawals, over-the-counter transactions, and transfer fees (EFT, RTGS, SWIFT).
3. Foreign Exchange Revenue: Revenue from currency exchange services and forex trading. The bank offers spot, forward, flexible forward, forex swap, and FX options products.
4. Custodial and Investment Services: Fees from custody services, safekeeping, bond and treasury bill investments, shares investments, and settlement services for institutional and retail customers.
5. Money Transfer Services: Commission from M-Pesa, Airtel Money, MoneyGram, Western Union transfers, and cross-border payment solutions.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Bank of Africa Kenya is a commercial bank that provides personal banking (current accounts, savings accounts, salary accounts, personal loans, mortgages, asset finance), business banking (SME and corporate current accounts, business loans, trade finance, cash management), treasury services (foreign exchange products, custodial services), and digital banking (B-Mobile mobile app, BOAWeb internet banking, Visa debit cards). The bank serves retail consumers, SMEs, and corporate clients through 21 branches across Kenya and integrated digital channels including mobile money and correspondent banking.

Product overview

Bank of Africa Kenya operates as a commercial bank offering a comprehensive suite of banking products and services through multiple delivery channels. The bank provides Personal Banking (current accounts, savings accounts, salary accounts, and personal loans), Business Banking (SME accounts, corporate loans, trade finance), Treasury Services (forex products, custodial services), and Digital Banking (B-Mobile app, BOAWeb internet banking). The product portfolio includes specialized accounts for various segments including Chamas (group savings), students, athletes (Mwanariadha), law firms (Wakili), and non-profits (Goodwill). Loan products span personal loans, asset finance, mortgages, agribusiness financing, and SME working capital solutions. Digital integration with M-Pesa, Airtel Money, Pesalink, Visa, KRA iTax, and NHIF enables comprehensive digital banking services.

Differentiator

Problem solved

Functional benefit

Brands

• B-Mobile: Mobile banking application allowing customers to access banking services from their mobile phones, including balance inquiry, funds transfer, M-pesa transactions, bill payments, and cardless withdrawals.
• BOAWeb
• e-Chama

Products and services

• B-Mobile Mobile Banking

Quantifiable outcome

• Angaza Kifafa initiative reached over 10 million people across 18 counties since 2015, with 5,000 patients referred for treatment and 6,000 medics trained
• +2 more outcomes

Named customers7 records

Segments8 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature5 records

Partnerships

16 partnerships are on record, tiered core and minor.

• The National Epilepsy Committee Council (NECC)coreStrategic or Co-development Partner · 1 January 2015CSR partner for Angaza Kifafa epilepsy awareness caravan initiative. BOA Kenya has supported this partnership since 2015, reaching over 10 million people across 18 counties and training 6,000+ healthcare workers.
• Citibank NA (London & New York)coreTechnology or IntegrationCorrespondent banking partner for USD, GBP, CHF, and JPY transactions. Citibank London handles GBP transactions (SWIFT CITIGB2L, Sort Code 18-50-08) and JPY routing. Citibank New York handles USD transactions (SWIFT CITIUS33, Routing 021000089).
• Crédit Agricole Corporate and Investment BankcoreTechnology or IntegrationCorrespondent banking partner for EUR transactions. Located in Montrouge, France (SWIFT BSUIFRPP). Handles EUR transfers for BOA Kenya with account FR7631489000100026236957747.
• JP Morgan Chase Bank NAcoreTechnology or IntegrationCorrespondent banking partner for USD transactions as secondary correspondent. Located in New York (SWIFT CHASUS33) with account 609195760.
• Standard Bank of South AfricacoreTechnology or IntegrationCorrespondent banking partner for ZAR transactions. Located in Johannesburg (SWIFT SBZAZAJJ) with account 7117422 and bank code 051-001.
• Bank of Africa RwandacoreTechnology or IntegrationRegional correspondent banking partner for RWF (Rwandan Franc) transactions. Located in Kigali (SWIFT AFRWRWRW) with account 01250010066. Part of BOA Group regional network.
• Bank of Africa TanzaniacoreTechnology or IntegrationRegional correspondent banking partner for TZS (Tanzanian Shilling) transactions. Located at NDC Development House, Dar es Salaam (SWIFT EUAFTZTZ) with account 10400026009.
• Bank of Africa UgandacoreTechnology or IntegrationRegional correspondent banking partner for UGX (Ugandan Shilling) transactions. Located at Plot 45 Jinja Road, Kampala (SWIFT AFRIUGKA) with account 44207015003. Enables cross-border transfers between BOA Kenya and BOA Uganda for $3.
• Toyota KenyacoreChannel Partner/ Reseller/ DistributorPartnered car dealership for asset finance program. BOA Kenya provides vehicle financing through approved dealerships including Toyota Kenya for new and used vehicles.
• Toyotsu Auto Mart KenyacoreChannel Partner/ Reseller/ DistributorPartnered car dealership for asset finance program offering new and used vehicle financing.
• CMC MotorscoreChannel Partner/ Reseller/ DistributorPartnered car dealership for asset finance program offering new and used vehicle financing through BOA Kenya.
• Simba CorporationcoreChannel Partner/ Reseller/ DistributorPartnered car dealership for asset finance program. BOA Kenya provides vehicle financing through this dealership.
• Safaricom (M-Pesa)coreTechnology or IntegrationStrategic mobile money partnership enabling M-Pesa deposits, withdrawals, transfers, and Lipa na M-Pesa merchant services. BOA Paybill number is 972900 for deposits.
• Education for All Children (EFAC)minorStrategic or Co-development PartnerCSR education pillar partner sponsoring needy brilliant students through four years of tertiary education.
• Lewa Wildlife Conservancy (LEWA)minorStrategic or Co-development PartnerCSR education pillar partner in sponsoring students through tertiary education alongside EFAC.
• BOA Vikings Ladies Hockey ClubminorStrategic or Co-development PartnerSports sponsorship under CSR pillar, supporting the BOA Vikings Ladies Hockey club.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Equity Bank Kenya: Largest retail/SME-focused bank in Kenya by customer base, with deep mobile-banking penetration (Eazzy App) and a branch network spanning hundreds of locations — directly competing with BOA Kenya in retail deposits, SME lending, and digital banking.
• KCB Bank Kenya: Tier-1 Kenyan commercial bank with nationwide branch network, strong corporate banking franchise, and the KCB-MPesa mobile-money partnership — competes head-on with BOA Kenya in retail, SME, corporate, and trade finance.
• Co-operative Bank of Kenya: Major Kenyan commercial bank with strong SME and retail footprint built on co-operative/membership networks; directly comparable to BOA Kenya in current/savings accounts, unsecured personal loans, and M-Coop Cash mobile banking.
• NCBA Bank Kenya: Kenyan universal bank formed from NIC and CBA merger, offering retail, SME, corporate, and asset finance — directly comparable product mix to BOA Kenya. Notable because former NCBA executives appear in BOA Kenya's management lineage.
• Absa Bank Kenya: Kenyan subsidiary of Absa Group (formerly Barclays Africa) offering retail, SME, corporate, and treasury services; competes directly with BOA Kenya on trade finance, FX, and digital banking, and shares talent flows with BOA Kenya.
• Standard Chartered Bank Kenya: International bank with full Kenyan license competing in corporate, trade finance, FX, and priority retail — directly comparable to BOA Kenya's corporate banking, treasury products, and correspondent-banking-supported cross-border franchise.
• Stanbic Bank Kenya: Standard Bank Group subsidiary offering corporate, investment, and retail banking; competes with BOA Kenya in trade finance, FX, custody, and SME lending and shares the broader pan-African/Diaspora orientation.
• Diamond Trust Bank Kenya: Mid-tier Kenyan commercial bank with strong SME, corporate, and trade-finance focus and East African regional footprint — closely comparable to BOA Kenya in branch scale, customer mix, and product set.
• I&M Bank Kenya: Mid-tier Kenyan bank with retail, SME, and corporate banking plus investment-banking and FX capabilities — comparable to BOA Kenya in customer segments and offering depth, and operating as a private/closely-held institution.
• Ecobank Kenya: Pan-African banking group (ETI) with Kenyan subsidiary offering retail, SME, and corporate banking plus intra-Africa trade and FX; structurally similar to BOA Kenya in pan-African group backing and cross-border trade-finance value proposition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bankofafrica_ke
• YouTubeyoutube.com/channel/UC81epBy_LUq0I6vyVsgrQ6g
• Facebookfacebook.com/bankofafricakenya
• LinkedInlinkedin.com/company/bankofafrica_kenya

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

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 Kenya