BANK OF AFRICA SENEGAL

What BANK OF AFRICA SENEGAL does

BANK OF AFRICA - SÉNÉGAL (BOA-SÉNÉGAL) is a universal commercial bank headquartered in Dakar and the only Senegalese bank listed on the Bourse Régionale des Valeurs Mobilières (BRVM). The bank was licensed by arrêté n° 7810 MEF-DMC on September 19, 2001 and operates under BCEAO prudential supervision, distributing through 52 branches (29 in Dakar including 2 dedicated business centers, plus 21 regional branches across cities such as Kaolack, Ziguinchor, Thiès, Saint-Louis, and Tambacounda) and digital channels. It serves individual retail customers segmented by income level, civil servants, SMEs, and large enterprises, with 428,192 customer accounts and total assets above 783 billion XOF as of December 31, 2024. BOA-SÉNÉGAL is part of the BANK OF AFRICA Group, majority-owned since 2010 by Morocco's BMCE Bank.

The product platform spans tiered subscription packs (Viva, Salaria, Fonxionaria, Prima, Elite) with monthly fees from 1,750 to 13,783 XOF, full loan book (home, vehicle, education, consumption, civil-servant credit, marketplace installments), savings and term-deposit products, and a Zen-branded insurance line distributed in partnership with Sanlam. The core technology stack is conventional digital banking infrastructure rather than AI-driven: the MyBOA mobile app (available on Google Play, Apple App Store, and Huawei AppGallery), the BOAweb online platform, Bank to Wallet interoperability with Orange Money and Wave, SWIFT-on notification services, and PI-SPI instant-transfer integration with the BCEAO regional system. Partnerships with Western Union, MoneyGram, RIA, Small World, Free Money, and the BOA Express intra-group network extend cross-border reach across more than 160 countries.

The business model is a standard net-interest-margin-plus-fees universal bank. Top-line is measured by Net Banking Income, which reached 51.93 billion XOF in 2025 (+4.6% year-over-year), producing net profit of 21.9 billion XOF (+10% year-over-year) and supporting a maintained dividend of 450 XOF per share. Revenue is generated through lending spreads on consumer and SME credit, transaction fees on cards and transfers, subscription fees on tiered banking packs, and commissions on insurance and mobile-money distribution. The August 2024 group-wide capital increase, executed in response to BCEAO Notice 001-01-2024 on minimum capital, signals an offensive growth posture aligned with regulatory requirements.

Name

BANK OF AFRICA SENEGAL

Legal name

BANK OF AFRICA – SÉNÉGAL

Website

https://boasenegal.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

BANK OF AFRICA SENEGAL is a universal commercial bank headquartered in Dakar, serving retail customers, SMEs, and large enterprises through 52 branches plus digital platforms (MyBOA, BOAweb). It is the only Senegalese bank listed on the BRVM regional stock exchange.

Ownership category

akta.pro rank

Headquarters

HQ city

Dakar

HQ country

Senegal

HQ region

Africa

Offices1 record

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. Net Banking Income: Interest income from lending activities including consumer loans, mortgages, and business financing; fee income from account management, card transactions, and service charges
2. Net Banking Income: 4.6% growth in net banking income to 51.93 billion XOF in 2025
3. Digital Banking Services: Revenue from digital services including mobile banking, online transfers, and electronic payments

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

BANK OF AFRICA SENEGAL operates as a universal commercial bank providing retail and corporate banking services across Senegal. The bank offers packaged banking accounts, personal and business loans, savings products, payment cards, insurance, money transfer services, and digital banking through its MyBOA mobile app and BOAweb online platform. It serves individual customers, SMEs, and large enterprises through a network of 52 branches.

Differentiator

Problem solved

Functional benefit

Brands

• BOA Express: Money transfer service of BANK OF AFRICA Group offering fast and economical transfers across the network
• MyBOA
• BOAweb
• Zen

Products and services

• Pack Viva Packaged basic banking account designed for low-income earners, providing essential banking services with subsidized monthly fees and basic features. Targeted at individuals entering the formal banking system.
• Pack Salaria
• Pack Fonxionaria
• Pack Prima
• Pack Elite
• Prêt Ma Maison
• Prêt Tous à l'École
• Crédits Fonctionnaires
• Prêt Ma Voiture
• Prêt Consommation
• Prêt Equipement
• Prêt Tous en Fête
• Découvert
• Compte Épargne Classique
• Compte Épargne +
• Épargne Elite
• Plan Épargne Ambition
• Plan Épargne Logement
• Dépôt à Terme
• Carte VISA Platinum
• Carte VISA Gold
• Carte VISA Bleue
• Cartes Sésame
• MyBOA
• BOAweb
• Bank to Wallet
• Zen Voyage
• Zen Auto
• Zen Educ
• Zen Emprunt
• Zen Découvert
• BOA Express

Quantifiable outcome

• 428,192 customer accounts as of December 2024
• +3 more outcomes

Named customers5 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

Integration16 records

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Western UnioncoreChannel Partner/ Reseller/ DistributorWestern Union money transfer service available in all BOA branches for global money transfers. Open to both customers and non-customers with simple, fast, and secure service.
• MoneyGramcoreChannel Partner/ Reseller/ DistributorMoneyGram international money transfer service available in all BOA branches. Open to both customers and non-customers for sending and receiving money globally.
• Orange MoneycoreChannel Partner/ Reseller/ DistributorMobile money partnership with 5,000 distributors (banks, Orange agencies, approved points) across Senegal. Services include cash deposits, transfers, mobile credit purchases, merchant payments, and bill payments. Available at all BOA branches to customers and non-customers.
• Free MoneyminorChannel Partner/ Reseller/ DistributorNational money transfer service for Free mobile customers. Available at all BOA branches for cash deposits and withdrawals without registration.
• RIAminorChannel Partner/ Reseller/ DistributorInternational money transfer and payment operator with 389,000 points in 161 countries. Also offers bill payments, mobile recharges, prepaid cards, and check cashing. Cash-to-cash service available in all BOA branches.
• Small WorldminorChannel Partner/ Reseller/ DistributorInternational money transfer service with 250,000 withdrawal points in 165+ countries. 4th largest global operator by activity and 3rd by points of sale. Available in all BOA branches.
• Orange and WavecoreTechnology or IntegrationBank to Wallet service linking BOA bank accounts to Orange Money and Wave mobile wallets for seamless fund transfers between bank accounts and electronic wallets.
• SANLAM Assurance ViecoreStrategic or Co-development PartnerInsurance partner for Zen Educ (education savings with 6 annual rents over 5 years), offering guaranteed 3.5% annual revaluation rate and death/disability coverage.
• SANLAM AssurancecoreStrategic or Co-development PartnerZen Auto insurance partnership providing auto insurance with 0% financing for 3-6 month payments, 2% financing for 9-month option. Developed with Sanlam's insurance expertise and BOA's integrated financing.
• SANLAM AssurancecoreStrategic or Co-development PartnerZen Voyage travel insurance partnership offering comprehensive coverage including medical assistance (up to 30,000 euros), baggage protection, and Schengen visa requirements compliance. Zones: West Africa, Schengen, North Africa, Worldwide.
• BANK OF AFRICA Group BranchescoreChannel Partner/ Reseller/ DistributorBOA Express money transfer service available across all BANK OF AFRICA branches in 10 countries: Benin, Burkina Faso, Côte d'Ivoire, Mali, Madagascar, Niger, DRC, Rwanda, Senegal, and Togo.
• GIM-UEMOA (Groupement Interbancaire Monétique)coreTechnology or IntegrationInterbank electronic money network enabling card payments and withdrawals across UEMOA zone member banks, providing interoperability for BOA cards.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Ecobank Senegal: Ecobank Senegal is a subsidiary of pan-African Ecobank Group (Togo HQ), offering retail, SME, and corporate banking with a strong regional network. It competes with BOA Senegal using a similar pan-African platform advantage and overlapping target customer base.
• Société Générale de Banques au Sénégal (SGBS): SGBS is one of the oldest and largest commercial banks in Senegal, part of the Société Générale group. It competes head-to-head with BOA Senegal for retail salary accounts, corporate banking, and trade finance in the same Dakar and regional branch footprint.
• BICIS (Banque Internationale pour le Commerce et l'Industrie du Sénégal): BICIS is the BNP Paribas subsidiary in Senegal, offering full-service retail, corporate, and private banking. It directly competes with BOA Senegal on packaged retail products, VISA card offerings, and corporate lending in the same Senegalese market.
• CBAO (Compagnie Bancaire de l'Afrique Occidentale): CBAO is the leading retail and commercial bank in Senegal, majority-owned by Attijariwafa bank (Morocco). It directly competes with BOA Senegal across retail, SME, and corporate segments with a comparable universal banking model and similar income-tiered packaging.
• NSIA Banque Sénégal: NSIA Banque Sénégal is a fast-growing commercial bank backed by Côte d'Ivoire-based NSIA Group. It directly competes with BOA Senegal for retail salary accounts, SME credit, and corporate banking, and is a peer in the BOA Group's home market.
• Banque Atlantique Sénégal: Banque Atlantique Sénégal is the local subsidiary of Atlantic Financial Group (Côte d'Ivoire), operating a universal bank model with retail and corporate offerings. It is a direct competitor in the Senegalese market targeting SMEs and corporates.
• Coris Bank Senegal: Coris Bank Senegal is the local subsidiary of Burkina Faso-based Coris Bank Group. It is a direct competitor in Senegalese retail and SME banking, using a comparable universal banking model and expanding regional distribution.
• Orabank Senegal: Orabank Senegal is part of Togo-headquartered Oragroup, providing retail, SME, and corporate banking across West and Central Africa. It competes with BOA Senegal for the same customer segments using a similar multi-country platform strategy.

Broad incumbents

• BMCE Bank of Africa: BMCE Bank of Africa is the Moroccan parent and majority shareholder of the BOA Group. While not directly competing in Senegal, it is the controlling shareholder of BOA Senegal and shapes its capital, technology, and strategic direction through the BOA Group platform.
• Attijariwafa bank: Attijariwafa bank is a large Moroccan banking group controlling CBAO and a pan-African subsidiary network. It is a broad incumbent that competes with the BOA Group at the regional level and offers comparable packaged retail and corporate products to the same Senegalese customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

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

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 SENEGAL