Bank of Africa - Benin SA

What Bank of Africa - Benin SA does

Bank of Africa - Benin SA (BOA-Bénin) is a publicly listed universal commercial bank headquartered in Cotonou, Benin, operating under a banking license granted in 1989 and opened to the public in January 1990. It is a subsidiary of Groupe BANK OF AFRICA — majority owned by BMCE Bank of Morocco since 2010 — and is the only bank and only Beninese company listed on the Bourse Régionale des Valeurs Mobilières (BRVM) under ticker BOAB. The bank serves four segments: Retail individuals (comptes chèques, savings accounts, consumer and housing loans, cards), PME/SMEs (Pack Mon Business, Prêt 72, escompte, working capital), Grandes Entreprises (trade finance, documentary credits, leasing, multi-user BOAweb), and Institutional investors/correspondent banks.

Its product platform spans five pillars: (1) accounts and segment-specific subscription packs (Pack Jeune, Pack Salaria, Pack Élite, Pack Mon Business); (2) five card products (VISA Platinum, Gold, Bleue, Verte Prépayée, and Cartes Sésame for UEMOA regional use via GIM-UEMOA interbank network); (3) digital banking channels including the MyBOA mobile app, BOAweb internet banking with a public loan simulator, B-SMS alerts, B-Phone voice banking, Bank To Wallet, and Swift-On; (4) a credit suite covering mortgages (Prêt Ma Maison up to 20 years at 100% financing, Prêt Immobilier Classique), consumer loans (vehicle, equipment, personal, travel at 9%), and short-term business loans (Prêt 72 with 72-hour decision); and (5) savings, term deposits, and six bancassurance products distributed in partnership with SANLAM Assurance Vie.

BOA-Bénin generates revenue through a universal bank model: net interest income from a diversified loan book and a 711,642 million F CFA deposit base (as of December 31, 2025), plus transaction fees on cards, transfers, and trade finance, and commission income from bancassurance distribution. As of December 31, 2025, the bank reported a total balance sheet of 964,663 million F CFA, net profit of 21,529 million F CFA in FY2023 (up 12.5% YoY), 544 employees, and a 37-branch network across Cotonou and 19 provincial locations, with cross-border capabilities delivered through VISA, GIM-UEMOA, Western Union, and MoneyGram partnerships.

Name

Bank of Africa - Benin SA

Legal name

BANK OF AFRICA - BENIN SA

Website

https://boabenin.com

Company type

Public

Founded year

1990

Operating status

Operating

Short description

Bank of Africa - Benin SA is a BRVM-listed universal commercial bank in Cotonou, Benin, serving retail, SME, corporate, and institutional clients via 37 branches and digital channels (MyBOA, BOAweb) with a full suite of accounts, loans, cards, and bancassurance products.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

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

SIC

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 Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB), SME Cash Management & Payments (Merchant, ACH/Wires, Payroll) (FSABABAD), SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF), Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD)

Keywords

• Retail banking services
• Commercial banking
• Consumer lending
• Savings accounts
• Digital banking

Headquarters

HQ city

Cotonou

HQ country

Benin

Offices21 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 on Loans: BOA-Benin operates as a universal commercial bank earning interest income from diversified lending products including mortgages (Prêt Ma Maison, Prêt Immobilier Classique), consumer loans, vehicle loans, equipment loans, personal loans, and business credit facilities. The bank also earns interest on savings and time deposits.
2. Banking Fees and Commissions: The bank generates non-interest income from account maintenance fees, transaction fees on domestic and international transfers, card issuance and usage fees (VISA, Sésame), documentary credits, guarantees/bonds, foreign exchange operations, and digital banking service subscriptions.
3. Bancassurance Revenue: BOA-Benin distributes insurance products including Zen Educ (education savings with Sanlam Assurance Vie), BOA Protection (credit life), Zen Emprunt (credit insurance), Passeport Retraite (retirement savings), CmaChance (capitalization insurance), and RCS (school civil liability), earning commission revenue.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Bank of Africa - Benin SA operates as a universal commercial bank providing retail, SME, corporate, and institutional banking services in Benin. Its core offerings span current and savings accounts, consumer and mortgage loans, VISA and Sésame payment cards, digital banking channels (MyBOA, BOAweb, B-SMS, B-Phone), trade finance, money transfers, and bancassurance products. The bank distributes its services through 37 physical branches across Benin and digital channels, and serves clients across the UEMOA zone via interbank networks.

Product overview

Bank of Africa - Benin SA (BOA-Bénin) operates as a universal commercial bank offering a comprehensive portfolio of retail, corporate, and institutional banking products. The product ecosystem is organized across five core pillars: (1) Accounts & Services (Compte Chèque, savings accounts, and various subscription packs including Pack Jeune, Pack Mon Business, Pack Salaria, Pack Élite, and others); (2) Card Products (VISA Platinum, VISA Gold, VISA bleue, VISA Verte Prépayée, and Cartes Sésame for UEMOA regional transactions); (3) Digital Banking Channels (MyBOA mobile app, BOAweb internet banking, B-SMS alerts, B-Phone voice banking, Bank To Wallet, Swift-On); (4) Credit & Lending Solutions (housing loans including Prêt Ma Maison and Prêt Immobilier Classique, consumer loans, vehicle financing, equipment loans, personal loans, revolving credit, group loans, and credit restructuring products); and (5) Savings & Investment Products (Compte Epargne Classic, Plan Epargne Ambition, Plan Epargne Logement, Epargne Élite, Dépôt à Terme). The bank also provides insurance products, money transfer services (including Western Union and MoneyGram partnerships), and international trade finance solutions for corporate clients.

Differentiator

Problem solved

Functional benefit

Products and services

• Compte Chèque Current account for individuals aged 18 and above for everyday banking operations including deposits, payments, and possible credit facilities.
• Compte Epargne Classic Fee-free interest-bearing savings account with optional Sésame withdrawal card for flexible money saving by individual customers.
• Plan Epargne Ambition Savings plan yielding 3.5% annual interest, providing access to preferential-rate loans up to twice the saved amount after 12 regular monthly deposits.
• Plan Epargne Logement Housing savings plan with initial deposit of 50,000 F CFA and monthly transfers starting at 20,000 F CFA, earning 4.5% remuneration, providing access to Prêt Ma Maison at favorable rates after 36 regular deposits.
• Epargne Élite Premium savings account requiring minimum 10 million F CFA deposit, offering 4.5% annual interest paid semi-annually, with free Sésame withdrawal card, SMS alerts, and internet banking.
• Dépôt à Terme Term deposit product allowing clients to place funds for a predetermined period with fixed interest rates and optional advance access.
• Carte VISA Platinum Premium credit card for high-net-worth clients with monthly income exceeding 1 million F CFA, offering high withdrawal and payment limits, travel insurance, emergency cash disbursement up to 2,761,000 F CFA, and luxury hotel booking privileges.
• Carte VISA Gold Gold-tier international card for clients with monthly net income above 500,000 F CFA, featuring worldwide payment and withdrawal capabilities and travel assistance services. Annual fee 55,000 F CFA.
• Carte VISA bleue International reference card offering global withdrawal and payment services with VISA Secure online security and daily/monthly limits of 700,000/2,500,000 F CFA.
• Carte VISA Verte Prépayée Prepaid VISA card usable in over 200 countries for withdrawals and payments with real-time transaction monitoring; available to banked and unbanked customers, reloadable by transfer or cash deposit.
• Cartes Sésame Regional debit cards (Sésame Turquoise for checking accounts, Sésame Mauve for savings accounts) usable throughout the UEMOA zone via BOA and GIM-UEMOA ATM/POS networks.
• Prêt Ma Maison Housing loan for purchasing or constructing a primary or secondary residence with repayment terms up to 20 years and financing up to 100% of property value.
• Prêt Immobilier Classique Classical mortgage loan for residential acquisition or construction with repayment periods up to 15 years, financing 80-100% of property value with optional early repayment.
• Prêt Personnel Medium-term personal loan for purchasing consumer goods or equipment with repayment periods up to 83 months, amount determined by borrower's quotité cessible.
• Prêt Véhicule Vehicle financing loan for purchasing new cars through partnered dealerships with advantageous interest rates and repayment terms up to 83 months.
• Prêt Voyage Travel loan enabling air ticket purchases from partner airlines or travel agencies with repayment over 12 months maximum at 9% interest rate.
• Prêt Equipement Equipment loan at attractive rates for financing consumer goods or equipment purchases including vehicles and computers, with repayment up to 5 years for private sector employees.
• BOAweb Internet banking platform providing 24/7 account access, national and international transfers, mass payments, beneficiary management, and secure password changes for retail and enterprise clients.
• MyBOA Mobile banking application for smartphones and tablets with secure login, card management, real-time transaction alerts, and in-app transfers.
• B-SMS SMS banking service providing periodic account information including balance updates, salary deposits, mini statements, and commercial offers directly to mobile phones.
• B-Phone Voice banking service accessible 24/7 from any phone for account balance inquiries, transaction history, and foreign exchange rate information.
• CmaChance Capitalization insurance product with progressive savings yielding minimum 3.5% interest, monthly fixed deposits, 15-year contract duration, and quarterly prize draws offering up to 6 million F CFA.
• Passeport Retraite Retirement savings plan with 3.5% guaranteed interest plus profit participation, minimum 10-year contribution period, and four tier options starting from 3,000 F CFA monthly for clients aged 18-64.
• Zen Educ Education-focused savings insurance with SANLAM partnership providing 6 annual annuities over 5 years, minimum guaranteed 3.5% annual valorization, and death/invalidity coverage for beneficiaries.
• BOA Protection Term life insurance product providing capital to designated beneficiaries in case of death, with three coverage options (1M, 3M, 5M F CFA) and annual premiums from 6,000 F CFA.
• Assurance Zen Emprunt Credit life insurance automatically bundled with consumption and equipment loans, covering death and invalidity risks to protect borrowers and their families.
• Prêt 72 Short-term business loan with 72-hour approval response, offering up to 100 million F CFA with streamlined requirements for SMEs holding BOA accounts.
• Escompte Commercial paper discounting service enabling businesses to receive immediate payment for outstanding invoices by transferring receivables to the bank.
• Dépôt à Terme (Business) Business term deposit product for placing excess cash reserves with fixed interest rates determined by deposit duration and optional advance access.
• FCP Emergence Mixed mutual fund managed by BOA CAPITAL ASSET MANAGEMENT consisting of 70% bonds and 30% equities/liquidities, targeting institutional investors in the UEMOA region.

Quantifiable outcome

• Net profit of 21,529 million F CFA in FY2023, up 12.5% year-on-year
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered core.

• Western UnioncoreChannel Partner/ Reseller/ DistributorWestern Union money transfer services are available in all BOA-Benin branches, enabling clients and non-clients to send and receive international remittances worldwide. This partnership extends BOA-Benin's reach in the remittance market.
• MoneyGramcoreChannel Partner/ Reseller/ DistributorMoneyGram money transfer services are available in all BOA-Benin branches, providing an alternative global remittance channel for clients and non-clients across the world.
• SANLAM Assurance ViecoreStrategic or Co-development PartnerSANLAM Assurance Vie is the insurance partner behind the Zen Éduc product — an education savings plan that distributes 6 annual annuities over 5 years, developed in partnership with BOA-Benin for the bank's clients.
• GIM-UEMOA (Groupement Interbancaire Monétique de l'UEMOA)coreTechnology or IntegrationGIM-UEMOA is the interbank electronic payment network for the West African Economic and Monetary Union, enabling BOA-Benin's Sésame cards to be used across all member banks' ATMs and POS terminals throughout the UEMOA zone.
• BANK OF AFRICA Group (Parent)coreOthersBOA-Benin is a subsidiary of the BANK OF AFRICA Group, which operates in 20 countries across Africa and is majority-owned by BMCE Bank of Morocco. The group provides strategic direction, operational support, and international market access.
• VISA InternationalcoreTechnology or IntegrationVISA International is the global payment network enabling BOA-Benin's VISA-branded cards (Platinum, Gold, Blue, and Prepaid) to operate at over 30 million merchants and 1.2 million ATMs in 200+ countries.

Scale indicators12 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Ecobank Transnational Incorporated: Pan-African banking group with direct operations across West Africa including Benin; competes head-to-head with BOA-Benin in retail deposits, SME lending, and corporate banking using a similar universal-banking model.
• Société Générale de Banques au Bénin (SGBB): Direct local competitor in Benin offering universal banking (retail, SME, corporate) to the same customer base; a Société Générale subsidiary with comparable product breadth and branch density.
• Orabank Bénin: Regional West/Central African banking group with Benin operations; competes directly in retail deposits, SME lending, and corporate banking across the same geography.
• United Bank for Africa (UBA) Benin: UBA Group subsidiary offering commercial banking in Benin with strong pan-African network effects; competes in retail, SME, and corporate segments with a similar digital-first push.
• Bank of Africa - Sénégal: Another sister BOA Group subsidiary in the same UEMOA zone offering identical MyBOA/BOAweb digital channels and Sésame card products; one of the most direct comparables for product mix and unit economics.
• Bank of Africa - Côte d'Ivoire: Sibling BOA Group subsidiary operating the same universal banking model in Côte d'Ivoire; directly comparable in product portfolio, digital banking stack (MyBOA/BOAweb), and UEMOA-wide franchise.
• NSIA Banque Bénin: Ivorian-origin banking group with Benin operations offering universal commercial banking (retail, SME, corporate); a regional West African competitor with comparable product positioning.

Others

• Banque Centrale des États de l'Afrique de l'Ouest (BCEAO): Regional central bank that sets monetary policy and supervises BOA-Benin via prudential frameworks; not a commercial competitor but the regulator defining BOA-Benin's operating environment across the UEMOA zone.

Broad incumbents

• BMCE Bank of Morocco (parent shareholder): Majority owner of the BOA Group; provides strategic and capital backing to BOA-Benin and serves as the parent benchmark for the universal-banking model deployed across West Africa.

Regional players

• Coris Bank International Bénin: Burkina Faso-headquartered banking group expanding into Benin and other UEMOA markets; competes in retail and SME banking with a comparable cross-border franchise strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

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 - Benin SA