Bank of Africa Kenya (BOA Kenya) is a commercial bank located in Nairobi, Kenya. Established in 2004, the bank is part of the Bank of Africa Group and serves as a mid-tier bank in Kenya’s competitive banking sector. As of 2019, BOA Kenya had total assets valued at KES 43.996 billion (approximately US$403 million), and a customer base exceeding 100,000 clients.
History
BOA Kenya traces its origins to Calyon Bank Kenya Limited, which was part of Credit Agricole Indosuez, founded in 1981. In 2004, the Bank of Africa Group acquired the operations of Credit Agricole Indosuez in Kenya, rebranding it as Bank of Africa Kenya. This acquisition was completed on June 30, 2004, marking the beginning of the bank’s operations under its current name.
The Bank of Africa Group, a subsidiary of Banque Marocaine du Commerce Extérieur (BMCE Bank) based in Mali, oversees the operations of BOA Kenya. BOA Kenya also has investments in BOA Uganda (with a 52.72% stake), and holds a 24.1% interest in BOA Tanzania.
Ownership Structure
The ownership of Bank of Africa Kenya is divided among several entities, with key stakeholders as follows:
- Bank of Africa Benin: 31.34%
- Bank of Africa Group: 24.01%
- Netherlands Development Finance Company (FMO): 13.01%
- Bank of Africa Madagascar: 11.65%
- Bank of Africa Ivory Coast: 11.00%
- Bank of Africa (Red Sea): 7.03%
- Agora S.A.: 1.95%
The majority ownership in BOA Kenya lies with various subsidiaries and associates within the Bank of Africa Group, which is under the control of BMCE Bank.
Services and Products
Bank of Africa Kenya offers a wide range of banking services, catering to individuals, corporations, and small and medium-sized enterprises (SMEs). Some of the key products and services offered by the bank include:
- Loans and Mortgages: Personal loans, business loans, and mortgage services.
- Investments: Investment products for individuals and businesses.
- Debit and Credit Cards: Various debit and credit card options.
The bank is known for its strong focus on corporate banking, providing services to large businesses and investment groups, alongside its retail banking offerings for individuals and SMEs.
Governance
The bank is governed by a board of directors, currently led by Dennis Awori as the Chairman, with Ronald Marambii serving as the Managing Director. The leadership structure ensures strategic decision-making for the growth and management of the bank’s operations.
Recent Performance and Financial Information
As of 2019, BOA Kenya reported total assets of KES 43.996 billion (approximately US$403 million) and shareholders’ equity of KES 4.28 billion (approximately US$39.2 million). The bank has seen a steady growth trajectory and continues to expand its service offerings to meet the growing demand for financial services in Kenya.
Conclusion
Bank of Africa Kenya continues to be an important player in Kenya’s banking industry. Through its strong affiliation with the Bank of Africa Group and its diverse product offerings, BOA Kenya serves a broad customer base and supports the economic growth of Kenya. With a solid governance structure, a growing presence in the region, and a focus on both retail and corporate banking, BOA Kenya is well-positioned for continued success in the future.
| Company type | Private |
|---|---|
| Industry | Banking and finance |
| Predecessor | Calyon Bank Kenya Limited |
| Founded | 2004 |
| Headquarters | Nairobi, Kenya |
| Key people | Dennis Awori (chairman) Ronald Marambii (managing director) |
| Products | Loans, mortgages, investments, debit cards, credit cards |
| Revenue |  KES: 2.04 billion (US$ 18.7 million) (2019)[1] |
| Total assets |  KES:43.996 billion (US$403.27 million) (2019)[1] |
| Number of employees | 530+ (2016)[2] |
| Website | boakenya.com |
