BOA Group Accelerates Growth and Impact in 2024 Through Innovation, Inclusion, and Sustainability

Driven by controlled growth and a clearly defined innovation strategy, the Bank of Africa Group has successfully transformed the challenges of 2024 into opportunities. With accelerated digitalization, enhanced financial inclusion, and a consolidated continental presence, BOA is confirming its trajectory as a committed and resilient pan-African bank.

In a regional environment marked by geopolitical uncertainties and inflationary tensions, the Bank of Africa (BOA) group has managed to hold its own in 2024. Posting solid financial results and notable progress on the strategic front, the group confirms its position as a key player in the economic transformation of the African continent.

BOA financial indicators in the green

The group closed the 2024 financial year with remarkable performance. Net banking income amounted to 18.7 billion dirhams (MMDH), up 10% compared to 2023. This increase reflects the good performance of all the group’s businesses, both in the domestic market and in the African subsidiaries.

The group’s net profit reached 3.4 billion dirhams, an increase of 29%, demonstrating good risk management and rigorous management of the activity.

Outstanding consolidated loans amounted to MAD 223 billion (+2%), while deposits reached MAD 256 billion (+8%). The operating ratio, which improved to 46%, illustrates the efficiency gains achieved through investments in technology and the digitalization of processes.

A strong digital ambition

The group continues to anchor its digital shift with convincing results: the number of active users of the Smart Bank application has crossed the 1.9 million mark, an increase of 30%. Digital now represents a growing share of customer interactions, particularly in major cities in West Africa and Morocco.

BOA is also focusing on value-added services and 100% online journeys, while integrating artificial intelligence into its business processes. This strategy not only meets the expectations of new generations, but also streamlines operating costs.

Financial inclusion and social commitment

BOA’s pan-African vocation is confirmed with the opening of 900,000 new accounts in its sub-Saharan subsidiaries, a growing proportion of which are via digital or mobile channels. The group is also continuing its commitment to underserved areas, through a network of local branches and simplified offers tailored to unbanked populations.

In terms of sustainable financing, BOA has mobilized MAD 8 billion to support projects with high social or environmental impact, particularly in the areas of green energy, resilient agriculture, and women’s entrepreneurship. This positioning makes it a committed player in impact finance in Africa.

A consolidated continental presence

Present in 32 countries, including 20 in Africa, the group continues to leverage its territorial network. Sub-Saharan Africa now represents nearly half of consolidated net banking income. This geographic diversification constitutes a lever of resilience in the face of economic shocks and a driver of sustainable growth.

Through a strategy built around three priorities—digitalization, financial inclusion, and environmental and social impact—BOA is affirming its position as a strong, innovative, and sustainable African banking player. The 2024 financial year confirms this ambition, with figures to back it up.

The BOA Academy. Investing in African human capital

Essential to the group’s long-term strategy, the BOA Academy embodies its commitment to supporting the development of its teams’ skills across the continent. This internal structure enabled the training of more than 15,000 employees in 18 countries in 2024, through programs combining in-person training, e-learning, and personalized coaching.

The modules range from cybersecurity to emotional intelligence to sustainable finance. This initiative strengthens the group’s culture of excellence while supporting the emergence of African leaders capable of driving the continent’s banking transformation.

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(Featured image by Jolame Chirwa via Unsplash)

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First published in LES ECO.ma. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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