THE 2019-2021 STRATEGIC
A GROWTH ACCELERATOR
The Strategic Development Plan (PSD)
adopted by BANK OF AFRICA Group for the
2019-2021 period provides a long-term vision
underpinned by a number of sustainable growth drivers.
The Bank’s senior management has called for this plan to be reviewed given the unprecedented circumstances resulting from the COVID-19-related health crisis
Whatever amendments are made, the Plan is likely to underline BANK OF AFRICA's commitment to meeting the major challenges of sustainable development and provide a clear roadmap for accelerating the Bank’s digital transformation as well as fostering new growth drivers in Morocco and overseas.
BACKDROP TO LAUNCHING THE
STRATEGIC DEVELOPMENT PLAN
Positive long-term economic backdrop although the short-term health crisis needs to be overcome
The Strategic Development Plan is being
launched at a time when the economic
context is complex. Given the current health
crisis, companies and individual households
will require support if sub-Saharan African
countries are to maintain their economic
growth trajectory. Alongside the banking sector,
intervention is required from governments, the
IMF and multilateral and development agencies.
BANK OF AFRICA Group, which has forged
close ties with them, will act as an intermediary.
As a result, we envisage that the goals outlined
in the Plan will continue to be met.
The Group is also more than capable of innovating and, together with its customers, will help identify solutions in Africa which are more economically efficient and underpinned by the 4th industrial revolution.
A major investor arrives in Africa – a shared vision and a firm commitment to the continent’s economic development
In 2019, CDC Group Plc, a development
finance institution wholly owned by the UK
government, acquired a stake in BANK OF
CDC Group’s stake in BANK OF AFRICA is about 5%, amounting to the dirham-equivalent of two hundred million US dollars.
This venture represents CDC Group’s first direct equity investment in Morocco and is one of the largest deals ever done by a UK institution in the Moroccan financial industry.
CDC Group is a leading player in Africa. With over 70 years’ investment experience in Africa and Asia and with more than 700 companies in its African portfolio, CDC Group has extensive knowledge of the continent and intends to inject up to USD 4.5 billion in Africa by 2022. CDC Group’s role is to invest in institutions that promote financial inclusion and provide individuals and SMEs with better access to affordable financing.
STRATEGY AND AMBITIONS FOR ONGOING DEVELOPMENT
BANK OF AFRICA Group’s ambition is
underpinned by a desire for sustainable growth
in support of its long-term development across
the African continent.
The Group's development vision is structured around 6 strategic priorities, in addition to other growth drivers such as improved operational efficiency and more robust risk management and recovery systems. The aim is to deliver sustainable profit growth in each of the Group’s businesses in Morocco, Africa, Europe and Asia.
BANK OF AFRICA intends to provide fresh impetus to its retail banking and corporate banking businesses, particularly in the SME segment. A revival of the Bank’s traditional core businesses in Morocco and internationally is expected. In line with the strategic guidelines laid down by His Majesty, BANK OF AFRICA launched the CAP TPE 2020 programme aimed at introducing financial and non-financial measures in support of micro-entrepreneurs, self-employed workers and small businesses. Focusing on SMEs and small businesses will help create jobs and develop Africa’s economic and social fabric.
Another of BANK OF AFRICA’s strategic priorities is to develop new niches such as the Green business. Thanks to its various strategic partnerships with multilateral finance institutions as part of the MorSeFF program, BANK OF AFRICA is investing in innovation and promoting new green finance lines such as Cap Energie, Cap Valoris and Cap Bleu for managing energy, water and waste products intelligently.
BANK OF AFRICA aims to bolster its reputation as a forerunner in digital banking in both Morocco and Africa. One of the Group’s priorities is to accelerate the development of digital banking. Its determination to develop multichannel banking is reflected not only in its redesigned organisational processes but also in the range of innovative products and services that have been adapted to customers’ latest expectations. BANK OF AFRICA's multichannel strategy has seen it introduce new remote banking services. These new solutions are constantly evolving and undergoing improvement, offering new functionality. Multichannel digital banking is an important means of achieving social inclusion. Through its digital transformation programme, BANK OF AFRICA is pursuing three strategic goals: (i) improve customer experience across all distribution channels while developing new income streams (ii) ensure that BANK OF AFRICA is the leading player in digital banking and innovation (iii) digitise front-to-back business processes to improve operational efficiency.
BOA Group’s multi-channel strategy is one of its core strategic priorities, largely achieved through digitisation and by providing customers with innovative digital solutions. BOA Group has invested heavily in IT infrastructure as part of its IT master plan to meet this goal.