Bank of Africa Mali

What Bank of Africa Mali does

Bank of Africa Mali (BOA-MALI) is a universal commercial bank incorporated in Mali, headquartered in Bamako, and operating as a subsidiary of the pan-African Groupe BANK OF AFRICA (active in 19 African countries). Founded in 1983 as the group's first implantation, BOA-MALI serves retail (particuliers), SME/PMI, large corporate, and public-sector (civil servant) customers through 54 branches and business centres across Mali, supported by digital channels (MyBOA-MALI mobile app, BOAweb online banking, B-SMS) and money-transfer partnerships with Western Union, MoneyGram, Orange Money, and Moov Money.

The bank's product platform spans deposit accounts (current, savings, term deposits, savings plans), payment cards (VISA Platinum/Gold/Bleue/Prépayée plus regional Sésame cards), lending (mortgages, consumer loans, vehicle leasing via IKAMOBILI, SME financing including Prêt 72 with 72-hour approval, invoice and inventory advances), money transfers (BOA Express across 7 UEMOA countries, Western Union, MoneyGram, Orange Money, Moov Money), insurance distribution (Zen Educ with SANLAM, school civil liability, key-person insurance), trade finance (documentary credits, standby letters of credit), and bundled customer packs (Pack Elite, Pack Prima, Pack Fonxionaria, Pack Salaria, Pack Viva, Pack Mon Business). International operations run on SWIFT messaging (Swift-On) and GIM-UEMOA interbank network integration.

BOA-MALI generates revenue primarily through net interest income on its lending book (consumer, mortgage, SME, corporate) and customer deposits (XOF 418 billion as of end-2024), supplemented by transaction and commission fees from money transfers, cards, trade finance, and insurance distribution. The bank was the first Malian enterprise and first bank to list on the BRVM regional exchange (May 2016) under ticker BOAM. As of 2025, total assets reached XOF 593.5 billion, net profit grew 21% year-on-year, and the bank ranked third among Malian banks by deposits (fourth by credits), serving nearly 300,000 customer accounts with 414 employees across 32 points of sale.

Name

Bank of Africa Mali

Legal name

BANK OF AFRICA – MALI (BOA-MALI), Anonyme avec Conseil d'Administration

Website

https://boamali.com

Company type

Public

Founded year

1983

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Bank of Africa Mali (BOA-MALI) is a Bamako-headquartered universal commercial bank serving retail, SME, corporate, and public-sector customers in Mali through a 54-branch network, digital channels (MyBOA-MALI), and money-transfer partnerships; it is the first Malian enterprise listed on the BRVM regional exchange.

Ownership category

akta.pro rank

Product category

Universal Commercial Banking

NAICS

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

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

General SME & Middle-Market Commercial Banking (FSABABAA)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Cross-border/Remittance Neobanks (FSABAFAH), Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD)

Keywords

• Retail banking services
• Commercial banking services
• Consumer lending
• Corporate banking
• Mobile banking

Headquarters

HQ city

Bamako

HQ country

Mali

HQ region

Africa

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Interest income from lending activities (consumer loans, mortgages, SME loans, corporate financing) minus interest paid on deposits. Core revenue driver for a universal bank.
2. Transaction and Commission Fees: Fees from account management, money transfers (domestic and international via SWIFT, Western Union, Moneygram, Orange Money, Moov Money, BOA Express), card transactions, and documentary trade operations.
3. Digital Banking Services: Revenue from digital banking subscriptions, mobile app premium features, and electronic transaction processing.
4. Insurance Distribution: Commission income from distributing insurance products (Zen Educ with SANLAM Assurance Vie, Responsabilité Civile Scolaire, Zen Voyage Elite, insurance embedded in Pack packages) to retail and corporate clients.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels4 records

Core offering

Bank of Africa Mali operates as a universal commercial bank providing retail, SME, and corporate banking services through current and savings accounts, payment cards, consumer and mortgage loans, trade finance, and international money transfers. It serves approximately 300,000 customer accounts across 54 branches in Mali, supplemented by digital banking channels (MyBOA-MALI app, BOAweb, B-SMS) and partnerships with Western Union, MoneyGram, Orange Money, and Moov Money for remittances. The bank distributes insurance products in partnership with SANLAM and offers tailored packages (Pack Viva, Pack Elite, Pack Fonxionaria, Pack Yiriwa) segmented by customer type.

Product overview

BANK OF AFRICA – MALI operates as a universal commercial bank serving retail (particuliers), SME (PME), and corporate (grandes entreprises) segments through a comprehensive multi-channel banking platform. The product portfolio spans: (1) Deposit accounts including checking (Compte Chèque), savings (Compte Epargne Classic, Epargne Elite), and term deposits (Dépôt à Terme), plus specialized savings plans (Plan Epargne Ambition, Plan Epargne Logement); (2) Payment cards including Visa international cards (Platinum, Gold, Bleue, Prépayée) and regional Sésame cards for UEMOA zone; (3) Lending products including mortgages (Prêt Ma Maison), consumer loans (Prêt Consommation, Prêt Personnel, Prêt Fonxionaria), vehicle leasing (IKAMOBILI), debt restructuring (Prêt Vitamine), seasonal loans (Ramadan, TABASKI), education loans (Tous à l'Ecole), and business financing (investment credits, seasonal credits, invoice/stock advances, leasing); (4) Digital banking services (MyBOA-MALI mobile app, B-SMS alerts, Swift-On international messaging, Bank to Wallet Orange Money integration); (5) Money transfers including internal BOA Express and external Western Union, MoneyGram, Orange Money, Moov Money; (6) Insurance products (Zen Educ, Responsabilité Civile Scolaire, Assurance Homme Clé, Assurance Stocks); (7) International trade services (documentary credits, remittances, standby letters of credit, currency guarantees, international transfers); (8) Bundled packages for different segments (Pack Elite, Pack Prima, Pack Fonxionaria, Pack Salaria, Pack Viva, Pack Mon Business for retail; Pack Yiriwa for SMEs). The bank operates across 32 points of sale (15 branches, 1 business center, 14 agencies, and 1 office in provinces) serving approximately 300,000 accounts.

Differentiator

Problem solved

Functional benefit

Brands

• BOA Express: Internal money transfer service of the BANK OF AFRICA Group, fast and economical solution available in all agencies of the network.
• MyBOA-MALI
• IKAMOBILI

Products and services

• Compte Chèque (Current Account) Basic current account for daily banking operations including deposits and payments, with optional credit facilities. Included free in all packages or available as standalone product for individual customers in Mali.
• Compte Epargne Classic (Classic Savings Account) Savings account with no account maintenance fees or commissions, offering competitive interest rates, linkable to a Sésame Mauve withdrawal card for individual customers.
• Plan Epargne Ambition (Aspirational Savings Plan) Monthly savings plan from 10,000 to 100,000 F CFA with 3.5% annual interest. After 12 regular deposits, customers can access a preferential-rate loan up to twice their saved amount.
• Plan Epargne Logement (Housing Savings Plan) Housing savings plan starting at 50,000 F CFA initial deposit with monthly contributions from 20,000 F CFA at 3.5% interest rate. After minimum 36 regular monthly contributions, customers can obtain a preferential Ma Maison mortgage loan up to 6 times their savings.
• Epargne Elite (Elite Premium Savings Account) Premium savings account offering 3.75% annual interest, paid semi-annually (June 30 and December 31). Minimum opening balance of 10,000,001 F CFA with funds available anytime.
• Dépôt à Terme (Term Deposit) Fixed-term deposit product for placing excess cash for a predetermined period with interest based on duration. Advance withdrawals possible if needed.
• Carte VISA Platinum High-end international payment and withdrawal card with global assistance, travel and medical insurance, and 7,000,000 F CFA daily combined ATM and TPE limits. Annual fee 120,000 F CFA HT.
• Carte VISA Gold Premium card with 2,000,000 F CFA daily withdrawal and TPE limits, travel assistance, hotel reservations with discounts, and Visa Secure online protection. Annual fee 50,000 F CFA HT. Requires minimum monthly income of 1,500,000 F CFA.
• Carte VISA Bleue International Visa card with Visa Secure protection for worldwide payments and withdrawals. Daily/weekly limits of 700,000 F CFA for both withdrawal and payment, monthly capacity of 2,500,000 F CFA. Requires BOA current account.
• Carte VISA Verte Prépayée (Prepaid Visa Green Card) Prepaid Visa card usable in over 200 countries, for customers without a bank account or seeking budget control. Rechargeable via transfer or deposit with predefined amounts.
• Cartes Sésame (Regional UEMOA Cards) Local cards usable throughout the UEMOA zone. Turquoise version linked to checking account offers full functionality; Mauve version linked to savings account is withdrawal-only within BOA network.
• Pack Elite (Premium Elite Package) Comprehensive package for elite clients: checking account, Elite savings account (3.5–3.75% rate), VISA Platinum card, MyBOA-MALI access, travel and education insurance, and BOA Elite Club merchant discounts.
• Pack Prima (Premium Private Sector Package) Package for affluent private sector employees: VISA Gold card, savings account with auto-transfer, death/disability insurance, and MyBOA-MALI access with child account linking.
• Pack Fonxionaria (Civil Servant Package) Package for public sector civil servants: checking account, VISA Blue card, 50% salary overdraft facility, preferential loan rates, and 1-month salary credit repayable over 10 months.
• Pack Fonxionaria Prima (Premium Civil Servant Package) Premium package for affluent civil servants: VISA Gold card, automatic 50% salary overdraft, second card at 50% discount, death/disability insurance, and salary-equivalent reserve.
• Pack Salaria (Private Sector Employee Package) Package for private sector employees with multiple products including VISA card options and death/disability insurance at competitive monthly rates.
• Pack Viva (Mass Market Package) Basic banking package for mass market salaried clients and civil servants with salary domiciliation: checking account, savings account, Sésame Turquoise card, automatic 20% salary overdraft, payment protection insurance, and MyBOA-MALI access.
• Pack Mon Business (Micro-Business Package) All-in-one banking solution for micro-businesses at 1,000 F CFA monthly, including current account (no cheque book), Sésame card (Zone UEMOA), savings account, and B-SMS monitoring. Initial deposit 25,000 F CFA.
• Prêt Ma Maison (Mortgage Loan) Housing loan for property acquisition or construction, repayable up to 20 years with fixed interest rates. Financing up to 80% of property value or total construction cost based on borrower capacity. Requires salary domiciliation and insurance.
• Prêt Fonxionaria (Civil Servant Loan) Short to medium-term loan for civil servants up to 10 million F CFA, repayable over 10 years for purchasing consumer goods or equipment. Requires Pack Fonxionaria and death/disability insurance.
• Prêt Consommation (Consumer Loan) Consumer loan up to 7 million F CFA for purchasing consumer goods or equipment, with repayment up to 7 years and 72-hour approval response. Based on quotité cessible and repayment capacity.
• Prêt Personnel (Personal Loan) Medium-term personal loan up to 84 months for purchasing consumer goods or equipment, with amount based on borrowing capacity and mandatory credit insurance.
• Prêt Véhicule IKAMOBILI (Vehicle Lease-to-Own) Lease-to-own vehicle financing (Location avec Option d'Achat) for new or used vehicles with all-risk insurance included. 5% entry payment, monthly rents, and 5% residual buyout over up to 5 years.
• Prêt Vitamine (Debt Restructuring Loan) Loan restructuring service for customers with heavy credit obligations. BOA purchases the credit from other institutions and offers more favourable terms including longer duration or lower interest rates.
• Prêt Ramadan (Ramadan Seasonal Loan) Special advance of up to 500,000 F CFA for Ramadan expenses, repayable over 11 months. Available to permanent and fixed-term employees from both public and private sectors.
• Prêt TABASKI (Tabaski Seasonal Loan) Festival advance of up to 500,000 F CFA for Tabaski (Eid al-Adha) expenses with irrecoverable salary domiciliation required.
• Prêt Tous à l'Ecole (Education Loan) School expense loan allowing parents to spread costs over a maximum of 11 months, with favourable interest rates and amounts up to 5 months salary.
• Avance (Overdraft Credit) Short-term credit facility for unexpected personal expenses, provided through account debit with terms including loan amount, filing fees, repayment period, interest rate, and insurance premium.
• MyBOA-MALI (Mobile and Online Banking Application) Mobile and web banking application for account consultation, real-time transaction monitoring, fund transfers, card management, and cheque book requests. Available on Google Play and App Store.
• B-SMS (SMS Banking Alerts) SMS-based account monitoring service providing real-time notifications on account movements, commercial offers, and balance inquiries delivered to mobile phones.
• Swift-On (SWIFT Copy Notification) Automatic SWIFT copy delivery by email for international banking operations including MT 103 transfers and documentary credits (MT 700 and MT 707). Pay-per-use fees from 1,000 to 1,500 F CFA per operation.
• Bank to Wallet (Bank–Mobile Money Integration) Partnership service with Orange Finance Money linking BOA-MALI bank accounts with Orange Money wallets for seamless fund transfers between the bank account and mobile wallet.
• BOA Express (Cross-Border Money Transfer) Internal money transfer service of the BOA Group available in all BANK OF AFRICA branches across 7 UEMOA countries (Benin, Burkina Faso, Côte d'Ivoire, Mali, Niger, Senegal, Togo). Open to both customers and non-customers.
• Zen Educ (Education Savings Insurance) Savings insurance product developed with SANLAM Vie providing 6 annual rents over 5 years for education or project purposes. Includes 3.5% guaranteed annual revaluation and death/disability coverage.
• Responsabilité Civile Scolaire (School Civil Liability Insurance) School liability insurance protecting children whether as victim or responsible party during school and extracurricular activities. Includes civil liability and individual accident coverage.
• Facilités de Caisse et Découverts (Cash Facilities and Overdrafts) Cash facilities and overdrafts for temporary or occasional corporate cash flow needs. Facility amount typically one month's revenue; authorization valid for one year and renewable.
• Financement des Investissements (Investment Financing) Investment credit for business creation, expansion, or modernization. Financing up to 80% of total investment cost including working capital, with medium-term (2–5 years) and long-term (5+ years) options.
• Crédit Bail (Equipment Leasing) Equipment leasing (credit-bail mobilier) for businesses to finance investments through rental payments. 100% financing without upfront capital, with option to purchase at contract end. VAT recoverable.
• Crédits Documentaires (Documentary Credits) Documentary credit service for international trade providing guarantees to exporters and importers through bank intermediation. Includes irrevocable, confirmed, back-to-back, transferable, and revolving credits.
• Remises Documentaires (Documentary Collections) Documentary collection service for trusted trade partners, enabling document delivery against payment or acceptance. Includes D/P and D/A options for import and export transactions.
• Lettre de Crédit Stand-by (Standby Letter of Credit) Standby letter of credit (SBLC) as a lighter guarantee procedure than documentary credit. Payable on first demand upon presentation of specified documents proving counterparty default.
• Avals en Devises (Foreign Currency Guarantees) Bank guarantee service for international transactions, avalizing bills in XOF or foreign currency for import payments or foreign credits.
• Escompte (Invoice Discounting) Short-term financing allowing businesses to receive immediate payment for client receivables by assigning commercial paper to the bank before maturity.
• Cautions (Surety Bonds) Surety bonds for businesses including fiscal guarantees, customs obligations, bid bonds, performance bonds, advance payment guarantees, and retention money bonds.
• Crédit Spot (Short-Term Spot Credit) Short-term loan for important one-time financing needs, disbursed over periods from 15 days to 12 months for specific operations like market prefinancing or opportunistic stock building.
• Prêt Collectif (Group Employee Loan) Short-term credit facility enabling companies to provide exceptional loans to employees, with maximum duration of 10 months and favourable conditions.
• Crédit de Campagne (Seasonal Credit) Credit solution for seasonal or cyclical businesses facing cash flow gaps during operating cycles. Repayment aligned with sales proceeds, typically within one year.
• Avance sur DAT (Term Deposit Advance) Overdraft facility against term deposits, allowing depositors to access up to 80% of their deposit value for unexpected expenses while maintaining the original deposit.
• Avance sur Marchandises (Inventory Financing) Working capital financing for commercial or industrial businesses to build inventory. Financing up to 80% of stock value with repayment tied to stock turnover, typically within one year.
• Assurance Stocks (Stock Insurance) Stock insurance covering financed inventory against fire, theft, and water damage risks. Protects businesses from degradation of financed stock with reimbursement at stock value.
• Avance sur Facture (Invoice Advance) Short-term working capital facility for SMEs based on confirmed customer invoices. Advances from 1 million F CFA up to 80% of invoice value with maximum 120-day terms.
• Avance sur Stock (SME Inventory Advance) Inventory-based financing for SMEs with stock needing working capital. Advances from 5,000,000 F CFA up to 80% of stock value with monthly repayment over maximum 1 year.
• Prêt 72 (SME Quick Loan) Quick credit facility for SMEs with resources at BOA needing urgent working capital. Response within 72 hours, amounts up to 100 million F CFA over 12 months with simplified guarantees.
• BOA-Leasing (SME Equipment Leasing) Equipment leasing solution for SMEs to finance movable assets through rental payments while preserving cash flow and borrowing capacity.
• Assurance Homme Clé (Key Person Insurance) Life insurance protecting SMEs from financial impact of a key person's death or absolute permanent disability. Capital equals loan amount, with remainder going to business continuity.
• Pack Yiriwa (SME Banking Package) Comprehensive banking solution for SMEs and SMIs including current account, VISA Elite card, MyBOA-MALI access, and payment protection insurance.
• Compte en Devises (Foreign Currency Account) Foreign currency account for managing international transactions in foreign currency, avoiding exchange rate risk. Requires authorization from the Ministry of Economy and BCEAO.
• Compte Courant (Business Current Account) Current account for businesses and professionals conducting commercial activities. Enables secure commercial transactions with expert guidance throughout the business lifecycle.
• Carte BOA VISA Verte Prépayée (Business Prepaid Card) Prepaid card for SMEs with controlled spending or occasional use like business travel. Usable in 200+ countries, valid 3 years, with 5,000,000 F CFA monthly payment and withdrawal limits.
• Carte BOA VISA Bleue (Business Standard Card) Business Visa card for SMEs usable in 200+ countries with 700,000 F CFA daily limits for withdrawals and payments, and 2,500,000 F CFA monthly capacity.
• Carte BOA VISA Elite (Business Elite Card) Prestigious international card for SMEs with enhanced payment capacity. Daily/weekly limits of 1,500,000 F CFA for withdrawals and payments, 4,000,000 F CFA monthly capacity.

Quantifiable outcome

• 21% increase in net profit for 2025 (XOF 593.5 billion in assets), driven by higher revenue and reduced bad loan provisions despite economic challenges in Mali
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core.

• Western UnioncoreChannel Partner/ Reseller/ DistributorWestern Union money transfer service is available in all BOA-MALI branches, enabling customers and non-customers to send and receive international money transfers worldwide. Service is described as simple, fast, and secure.
• MoneygramcoreChannel Partner/ Reseller/ DistributorMoneygram money transfer service is available in all BOA-MALI branches for international money transfers worldwide. Open to both customers and non-customers with a simple, fast, and secure process.
• Orange Money (Orange Mali)coreChannel Partner/ Reseller/ DistributorOrange Money cash-to-cash transfer service available in all BOA-MALI branches for domestic and international money transfers. Open to both customers and non-customers.
• Moov Money (Moov Africa Malitel)coreChannel Partner/ Reseller/ DistributorMoov Money service of Moov Africa Malitel provides cash-to-cash transfer capabilities available in all BOA-MALI branches for both banked and unbanked customers.
• CFAO MotorscoreStrategic or Co-development PartnerPartnership with CFAO Motors for preferential vehicle leasing and financing terms. CFAO Motors supplies vehicles for the IKAMOBILI leasing product (location avec option d'achat) and for credit bail equipment financing. BOA-leasing and vehicle loans offered in partnership with CFAO Motors.
• Orange Finance Money (Orange)coreTechnology or IntegrationBank to Wallet service links BOA-MALI bank accounts with Orange Money wallets, enabling seamless fund transfers between the bank account and mobile money account. A key integration for financial inclusion connecting traditional banking with mobile money.
• SANLAM Assurance ViecoreStrategic or Co-development PartnerSANLAM Assurance Vie is the insurance partner for Zen Educ, an education savings product that pays 6 annual rents over 5 years, with guaranteed annual revaluation of at least 3.5%. SANLAM provides the insurance underwriting and guaranteed return mechanism.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• Coris Bank International Mali: Malian subsidiary of Coris Bank Group, an emerging pan-African player expanding from Burkina Faso. Comparable as a growing UEMOA challenger with universal banking ambitions and BCEAO-supervised model.

Others

• Orange Money Mali: Mobile money operator and BOA-MALI's bank-to-wallet partner. Not a direct competitor but a key ecosystem participant whose scale in unbanked payments shapes the competitive context for retail deposits and transfers.

Direct peers

• Banque Malienne de Solidarité (BMS-SA): Mali-based universal commercial bank directly competing for retail, SME and corporate deposits and loans. Most direct domestic peer in terms of geography, customer segments, and product breadth.
• Banque Nationale de Développement Agricole (BNDA): Malian commercial and development bank with agricultural and SME focus. Competes for SME and corporate deposits/credit in the same Malian market, with similar BCEAO supervision and product overlap.
• BOA-Sénégal: Sister BOA subsidiary in Senegal with the same group playbook across retail, SME, corporate, and trade finance; comparable customer packs and digital banking proposition under the same BCEAO/UEMOA regime.
• BICIM (Banque Internationale pour le Commerce et l'Industrie du Mali): Malian commercial bank part of the Groupe Banque Populaire (formerly BMCE/BOA-aligned network). Directly comparable universal bank competing for corporate, SME, and retail customers in Mali.
• Banque Commerciale du Sahel (BCS): Malian universal commercial bank competing across deposit, lending, and trade finance segments. Similar product breadth and BCEAO-supervised operating model make it a relevant domestic comparable.
• BOA-Bénin: Sister subsidiary of BANK OF AFRICA Group operating in Benin. Directly comparable as another UEMOA commercial banking subsidiary of the same parent with similar product set, BCEAO-supervised framework, and BRVM listing.
• BOA-Côte d'Ivoire: Another BOA Group subsidiary in Côte d'Ivoire. Most directly comparable given shared parent, similar universal banking model, regional cross-border linkages (BOA Express), and BRVM listing.

Broad incumbents

• Ecobank Mali: Subsidiary of Ecobank Transnational Incorporated, a pan-African banking group with deeper scale and broader regional reach. Overlaps with BOA-MALI across retail, SME, corporate, and trade finance but offers a wider product suite.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Mali