Bank of Africa is a commercial bank providing banking services to corporate, SME and retail clientele.
The bank commenced operations in Kenya in July 2004, after acquiring the Kenyan branch of Credit Agricole Indosuez, a large international French bank which had operated in the country for over 20 years.
The bank has a wide network of 21 branches countrywide and a Business Centre in Nairobi, located at BOA House, Karuna Close, off Waiyaki Way, Westland.
Bank of Africa group is well established in 18 countries namely: Benin, Burkina Faso, Burundi, Rwanda, Democratic Republic of Congo, Djibouti, Ethiopia, France, Ghana, Ivory Coast, Kenya, Madagascar, Mali, Niger, Senegal, Tanzania, Togo and Uganda.
The ownership structure of Bank of Africa (BOA) Kenya is entirely foreign. BMCE Bank of Africa holds the largest share, owning 72.41% of the company. Autres follows with a 12.42% stake. Additionally, FMO holds 9.41% of the shares, while Proparco owns 3.73%. Lastly, Bio holds a 2.03% share in BOA Kenya.
Further, Bank of Africa Kenya experienced a decrease in profitability, with a profit of Ksh 115,528,000 in 2024, compared to Ksh 280,966,000 in 2023.
Bank of Africa Branches
The Bank of Africa has branches located in Bungoma, Changamwe, Eldoret, Embakasi, Galleria, Greenspan, Kisumu, Kitengela, Meru, and Mombasa, with ATMs available at most of these locations.
Loans Offered at Bank of Africa
Personal Unsecured Loan – For Private Sector Employees
This loan is tailored for individuals working in the private sector. You can borrow any amount between Ksh 50,000 and Ksh 10,000,000.
Repayment is flexible, with terms ranging from 12 to 84 months. No collateral is required; approval is based solely on your salary and ability to repay.
Personal Unsecured Loan – For Public Sector Employees
It has been designed specifically for public sector workers. Moreover, the loan allows you to access between Ksh 50,000 and Ksh 7,000,000.
You can repay up to 84 months. Just like the private sector loan, no collateral is needed, as approval depends on your salary and repayment capacity.
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Salary Advance Loan
To qualify for a salary advance, applicants must meet the following conditions:
- Must be a confirmed permanent employee with a regular monthly income.
- The salary advance must not exceed 50% of the applicant’s net monthly income.
- The advance should be repaid within one month, i.e., on the next payday. For senior staff, a repayment period of up to three months may be considered on a case-by-case basis.
- The employer must confirm the applicant’s employment terms and commit to remitting the salary through BOA.
- Either the applicant or the employer must have operated an account with BOA for at least three months.
Soma Loan
The School Fees Loan is a personal short-term loan designed to cover expenses related to the education of our clients and their children.
This personal loan may be utilised to finance all levels of education, including Kindergarten, Primary, Secondary, and Higher Education (Graduate & Postgraduate) fees.
Key Benefits
• Minimum Loan amount of Ksh 20,000 and a Maximum of Ksh 500,000
• Zero Processing Fee
• Insurance cover of 0.3% pa deducted upfront
• Amounts within the DSR, for loans above Ksh 500,000 and a period of up to 12 months, will also be considered, subject to the Debt Service Ratio – 60%
Also Read: Stanbic Bank Owners, Branches & Loans Offered
Mortgages
Mortgages are available to salaried individuals and business owners. The financing limit is up to 80% of the total construction cost, including professional fees.
Moreover, Applicants must provide approved building plans and structural drawings, and NEMA approval is required for multi-unit projects. Bills of Quantities (BoQ) must be validated by a professional.
At the same evidence of qualification and registration of construction professionals is required.
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