Bank of Africa Tanzania

What Bank of Africa Tanzania does

Bank of Africa Tanzania Limited is a private commercial bank operating in Tanzania, majority-owned (72.5%) by BANK OF AFRICA GROUP S.A. Luxembourg, which has been controlled by BMCE Bank of Morocco since 2010; the bank is part of a pan-African BOA Group network spanning 18 countries. The bank began operations in Tanzania in June 2007 after acquiring Eurafrican Bank (operating since September 1994) and has grown from 3 branches to a network of 18 branches plus 176 banking agents across 10 regions, with more than 500 employees. It serves four customer segments — Retail, SME, Enterprise/Corporate, and Institutional (government, NGOs, educational institutions, parastatals) — through dedicated business units.

The product portfolio spans personal banking (current accounts, savings, fixed deposits, personal loans, Visa debit cards including Sesame Umoja, Visa Classic, Gold, and Elite), SME banking (Business Pack, working capital loans, asset finance, agriculture and trade finance loans), enterprise banking (multi-currency corporate accounts, trade finance letters of credit and guarantees, corporate term loans up to TZS 50 billion, BOA Pay gateway, Implant Teller on-site service), institutional banking, and treasury services (FX spot/forwards/swaps/options, money market, government and corporate bonds, custody). Digital channels include the B-Mobile app (Android/iOS, relaunched January 2026), USSD banking (*150*13#), BOA Web internet banking, BOA LIPA QR/USSD merchant payments via TIPS, and integrations with M-Pesa, Airtel Money, Mixx by Yas, Halo Pesa, T-Pesa, Western Union, MoneyGram, Visa, and Mastercard. Infrastructure is PCI DSS certified.

Revenue is generated through interest income on loans (13-20% p.a. depending on segment), interest spreads on deposits (fixed deposit rates up to 9.50% p.a.), transaction fees (account maintenance, cards, transfers, trade finance: LC issuance 0.25% per quarter, guarantees 1-2% p.a.), digital banking and remittance fees, treasury and investment income (FX, custody, bonds, structured products), and bancassurance commissions. Distribution combines physical branches and an agent network with self-serve digital channels for retail and field-based relationship managers for enterprise and institutional clients. Pricing is a mix of subscription (Business Pack at TZS 50,000/month, fixed deposits), unit pricing (minimum-balance current accounts), and transaction-based take rates (loans, trade finance, FX).

Name

Bank of Africa Tanzania

Legal name

Bank of Africa Tanzania Limited

Website

https://boatanzania.co.tz

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

251–500 employees

Short description

Bank of Africa Tanzania Limited is a private commercial bank in Tanzania, majority-owned by BOA Group (Luxembourg) under BMCE Bank of Morocco. It serves retail, SME, corporate, and institutional customers through 18 branches, 176 agents, and digital channels.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro industry

PRIMARYFSABABAC

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

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Commercial Banking (SME & Middle Market)

SECONDARYFSABAAAA

Mass-Market Consumer Deposit Banking (Checking/Savings)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Retail Banking

SECONDARYFSABAIAD

Account & Balance Services (Operating accounts, statements, eBAM)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Transaction Banking (Cash Management & Treasury Services)

Keywords

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

Headquarters

HQ city

Dar Es Salaam

HQ country

Tanzania

HQ region

Africa

Offices19 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Primary revenue from interest earned on loans (personal, SME, corporate loans) and interest spread on deposits. Fixed deposit rates up to 9.50% p.a., loan rates from 13-20% p.a. depending on product and segment
2. Transaction Fees: Fees from account maintenance, ATM withdrawals, transfers, card issuance and replacement, and other banking transactions. Business Pack at TZS 50,000/month includes bundled services
3. Trade Finance Services: Fees from letters of credit issuance (0.25% per quarter), guarantees (1-2% p.a.), documentary collections, and trade advisory services
4. Digital Banking Services: Revenue from digital transactions, mobile money transfers, international remittances (Western Union, MoneyGram), and forex transactions
5. Treasury and Investment Services: Income from foreign exchange transactions, money market products, custody services, and investment product distribution (bonds, structured products)
6. Bancassurance: Insurance products distribution through partnership arrangements for personal and business needs

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels5 records

Core offering

Bank of Africa Tanzania is a commercial bank providing retail, SME, corporate, institutional and treasury banking services across Tanzania. It offers current, savings and fixed-deposit accounts, personal and business loans, trade finance, foreign exchange, money market and investment products, debit and credit cards, and bancassurance, delivered through 18 branches, an agent network of 176 agents, and digital channels including B-Mobile, USSD and internet banking. The bank is part of the pan-African BOA Group, ultimately owned by BMCE Bank of Morocco.

Product overview

Bank of Africa Tanzania operates as a multi-channel banking platform offering integrated retail, SME, and corporate banking services. The product portfolio spans personal accounts (Faidika Savings, Current, Fixed Deposit, Call Deposit, Smart Junior Investor, Elite Pack, Payroll), personal lending (Personal, Back to School, Home Purchase, Motor, Check Off loans), and card products (Sesame Umoja, Visa Classic Blue, Visa Elite, Visa Gold). Digital access is delivered through B-Mobile App, USSD (*150*13#), and Internet Banking channels. SME Banking encompasses dedicated accounts (Current, Savings, Fixed Deposit, Business Pack), working capital and trade finance loans, while Enterprise Banking serves corporates with trust accounts, institutional banking for government/NGOs/education/parastatals, and specialized corporate loans including renewable energy financing. Treasury services include forex (Spot, Forwards, Swaps, Options), money market (Call Deposits, Treasury Bills, Commercial Papers), risk management, investment products (Government/Corporate Bonds, Structured Products, Fund Management), and custody services. Additional services include merchant payments via BOA LIPA QR/USSD, agent banking through Wakala network (176 agents), international transfers via Western Union and MoneyGram, and bancassurance partnerships. The bank is PCI DSS certified and operates 18 branches with network access to M-Pesa, Airtel Money, and other mobile money services.

Differentiator

Problem solved

Functional benefit

Brands

• B-Mobile: Mobile banking app for digital banking services including account viewing, transfers, bill payments, and airtime purchases.
• BOA LIPA
• Wakala

Products and services

• Personal Banking

Quantifiable outcome

• Fixed deposit rates up to 9.50% p.a.
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature7 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Western UnioncoreTechnology or IntegrationInternational money transfer service enabling customers to send money from Tanzania to more than 200 countries and territories worldwide, and receive money from friends and family globally.
• MoneyGramcoreTechnology or IntegrationInternational money transfer service available for sending and receiving money in over 200 countries with direct-to-account and cash pick-up options.
• Vodacom (M-Pesa)coreTechnology or IntegrationMobile money integration allowing seamless fund transfers between BOA accounts and M-Pesa. USSD code: *150*00#.
• Airtel MoneycoreTechnology or IntegrationMobile money integration connecting BOA accounts with Airtel Money for convenient mobile banking and fund transfers. USSD code: *150*60#.
• Mixx By YascoreTechnology or IntegrationMobile money service integration from Yas for seamless fund transfers between BOA accounts and Mixx wallets. USSD code: *150*01#.
• International Finance Corporation (IFC)minorStrategic or Co-development PartnerDevelopment institution partnership for sustainable development initiatives. BOA Tanzania works alongside development institutions, regulators, and private sector partners to promote sustainable investment.
• Correspondent BankscoreTechnology or IntegrationGlobal correspondent bank network providing international banking services, foreign exchange access, and cross-border transaction capabilities.
• Technology PartnerscoreTechnology or IntegrationStrategic technology partnerships for digital banking infrastructure, payment systems, and cybersecurity capabilities.
• Insurance PartnerscoreChannel Partner/ Reseller/ DistributorBancassurance partnerships for distribution of insurance products (life, general, health) to personal and business banking customers.
• Payment Service ProviderscoreTechnology or IntegrationPayment infrastructure partnerships enabling TIPS integration, merchant payment services, and multi-channel payment acceptance.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/BANKOFAFRICA_TZ
• Facebookfacebook.com/BankofAfricaTZ
• LinkedInlinkedin.com/company/bank-of-africa-tanzania

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Tanzania