Bank Review: The Bank of Africa—Everything you need to know

Bank Review: The Bank of Africa—Everything you need to know

Bank of Africa Kenya (BoA Kenya), a subsidiary of Bank of Africa Group, is a commercial bank that provides financial products and services to individuals and businesses in Kenya.

This article covers the products and services offered by Bank of Africa.

History

Bank of Africa (BoA) started as Credit Agricole Indosuez, which was founded in 1981. It was the Kenyan branch of a large international French bank.

It was acquired by Group Bank of Africa Group (BOA Group) in April 2004 and incorporated as BOA Kenya. The merger was completed on June 30, 2004.

Bank of Africa Group began its operations in 1982 in Bamako, Mali, and has over the years expanded, initially in West Africa and recently in East Africa.

BoA has over 24 branches in Kenya.

Ronald Marambii is BoA Kenya’s managing director and he was appointed in November 2015.

Bank of Africa’s corporate social responsibility projects

As part of its corporate social responsibility (CSR) goals, Bank of Africa (BoA) is focused on improving the health, education, sports, and culture sectors in Kenya.  

The Angaza Kifafa Caravan is an initiative developed by BoA in partnership with The National Epilepsy Committee Council (NECC) to raise awareness about epilepsy. The caravan has reached over 5.5 million people in 16 counties.

BoA also partnered with Education for All Children (EFAC) and Lewa Wildlife Conservancy (LEWA) to sponsor the tertiary education of students.

You can learn more about BoA CSR goals and achievements here

Bank of Africa’s products and services

Bank of Africa (BoA) offers a wide range of products and services to individuals and businesses.

Their products are grouped into two main categories: personal and business banking.

Bank of Africa’s personal accounts

BoA Kenya offers current, investment, salary, and savings accounts to individuals. Some of BoA's personal account products are:

BOA current account

BoA’s current accounts are for individuals and entrepreneurs. The account can be opened in Kenyan shillings or other foreign currency.

A minimum amount of Ksh 5000 ($42.45) is required to open the account.

Deposit accounts

These are investment accounts for individuals interested in enjoying high-interest rates from BoA. Deposit accounts are for individuals or sole proprietorships.

BoA has two types of deposit accounts: call deposit and fixed-term deposit. You need a minimum of Kshs 50,000 ($424.50) to open a fixed deposit account.

Pay-as-you-go salary account

This is a salary account for individuals that earn a monthly salary that is less than Kes 25,000 ($212.25).

Account owners can access personal loans and salary advances.

Requirements:

  • One passport photograph
  • A copy of your national ID or passport
  • Letter of Introduction from Employer/Copy of Payslip

BOA savings account

This is an interest-earning savings account for individuals. BoA pays 1.5% p.a interest every three months on balances that are higher than Kes 20,000 (169.80).

A minimum amount of Kshs 5,000 ($42.45) is required to open the account.

Other types of Bank of Africa personal bank accounts are Pay as you go Business, agence elite, Mwanariadha account, Jisort account, Chama savings account, 123 cool kids savings account, and Tarajio account – savings plan.

You can open a BoA account by filling out the help form on the BoA website or by visiting a BoA branch near you.

Bank of Africa’s personal loans

Bank of Africa personal loan products can be used to buy a house or solve an emergency need. BoAs personal loan products are

Salary advance

Salary advance, also known as payday loans, is a short-term and unsecured loan that is available to individuals that have a salary account with BoA.

Payday loans have a maximum repayment period of 30 days.

Requirements
  • A letter confirming the employer's commitment to pay the applicant's salary into a BoA account
  • The applicant’s pay slip for the past three months
  • A filled and signed salary advance application form

Personal loan

These are loans available to salary earners that earn at least Ksh 25,000 ($212.25).

You can borrow up to Ksh 50,000-2,000,000 ($424.50-$16,980.12) for 12-24 months.

Requirements
  • A valid means of identification (National ID or passport)
  • A copy of your PIN certificate
  • A letter confirming the employer's commitment to pay the applicant's salary into a BoA account
  • The applicant’s pay slips for the past three months
  • A filled and signed personal loan application form
  • Non-BoA customers must also present their bank statements for the past 6 months

Mortgage finance

Mortgage finance loans are for individuals that want to renovate, buy, or lease a property.

The property can be used for residential or commercial purposes.

Requirements
  • You must open a BoA current account
  • A filled out and signed loan application form.
  • A sale agreement/offer letter.
  • A valid means of identification (national ID card or passport)
  • Registration documents for a business (if applicable)
  • Proof of income (payslip)
  • Your bank statement for the past month
  • A copy of the property's title deed
  • A valuation report done by a BoA valuer
  • Proof of income i.e. payslips.
  • A letter of introduction and undertaking from the applicant’s employer

Bank of Africa Soma loan

BoA’s soma loan is an unsecured loan for students in primary school, high school, and college.

You can borrow a minimum of Kshs. 20,000 ($169.80) and a maximum of Kshs. 500,000 ($4,245.03) for a maximum period of 10 months.

Requirements
  • You must be employed for a minimum of 3 months with the same employer
  • Retired applicants must have a regular source of income
  • An employment contract
  • Your last pay slip

You can apply for a BoA loan by visiting any Bank of Africa branch near you with the required documents.

Bank of Africa’s business accounts

Bank of Africa offers current, investment, payroll, and savings accounts to businesses of all sizes. Some of BoA’s business account products are:

SME account

This is a business account that gives businesses access to loan facilities and overdrafts.

Businesses also enjoy no cash handling fees and unlimited withdrawals.

A minimum amount of Ksh 5,000 ($42.45)  is required to open the account. BoA also charges a monthly service fee of Kshs 350 ($2.97) to the account.

Requirements
  • A filled out and signed business account opening form
  • A copy of the signatories national ID
  • Passport photographs
  • Documents that show the business location
  • PIN certificate
  • The company's registration documents

BOA payroll account

This is a corporate current account that is used to process the company's employees' salaries.

Chama savings account

This is an investment account for formal and informal groups in Kenya.

Chama account holders earn interest on amounts above Ksh 20,000 ($169.80)and also get access to credit facilities.

They also enjoy access to a relationship manager and free Chama clinics hosted by BoA. A minimum amount of Kes 5000 ($42.45)  is required to open the account.

BOA savings business

This is an account for medium and large businesses that need help with managing their cash flow e.g. NGOs, religious organisations, learning institutions, etc.

Account-holders also get access to loans and enjoy interest of 1.5% p.a on amounts over 50,000 (424.50).

A minimum amount of Ksh 5,000 ($42.45) is required to open the account.

Other types of BoA business accounts are

BoA current account, transactional current account, goodwill current account, Wakili current account, deposit accounts, and BoA pack my business account.

Businesses can learn more and open a BoA business account by visiting any Bank of Africa branch.

Bank of Africa’s business solutions

Bank of Africa offers loans, cash management, and facilities that help businesses manage their cash flow and processes. Some of BoA’s business solutions are

SME Biashara loan

This is a short to medium loan for businesses that want to expand their business.

The loan is available to small and medium businesses in the service sector eg transport, trade and commerce, education, etc.

Businesses can borrow a minimum of KES 100,000 ($849.01) and a maximum that depends on the business's credit worthiness.

Requirements
  • A filled out and signed loan application form
  • The business bank statement for the last 12 months with a maximum EMI(equated monthly installment) of 30% of MACAT(monthly Average Credit Account Turnovers)
  • Documents that prove the business has at least 3 years of experience in the sector
  • KYC documents (directors ID and PIN, company PIN, MEMART and the business certificate of registration)
  • The company's record
  • A valuation report from the bank’s authorised valuers
  • Other documents as requested by the bank

Agribusiness loan

This is a short to medium loan available to farmers that want to purchase farm equipment like seeds, fertilizers, chemicals, etc.

Farmers can borrow a minimum of KES 100,000  ($849.01) and a maximum amount that depends on the farmer’s credit profile.

Requirements
  • A filled out and signed loan application form
  • An analysis of the farm project that includes comparative analysis, the expected revenue, and the cost of the items needed
  • The farmer’s or the business’s 12 months bank statement
  • Documents that prove the farmer’s ownership of the land to be used
  • Documents that how the farmer has at least 3 years of experience
  • KYC documents (directors ID and PIN, company PIN, MEMART, and the business certificate of registration)
  • The company's record
  • Other documents as requested by the bank

Other business solutions offered by BoA are cash management, payment solutions, trade finance, and treasury products.

Businesses can apply for any of BoAs business solutions by visiting a BoA branch with the required documents.

Ways to bank

Bank of Africa customers can access and manage their accounts with the bank’s mobile and internet banking platforms.

Bank of Africa’s internet banking (BOAWeb)

Bank of Africa’s customers can access and manage their accounts via the bank’s internet portal (BOAWeb). With BOAWeb, you can:

  • Manage and track your account transactions
  • Make local and international money transfers
  • Make bulk payments to accounts and mobile wallets
  • Request for chequebooks
  • Print your account statement

You can register for BoAs internet banking by submitting a filled BOAWeb application form at any BOA branch near you.

Bank of Africa’s mobile banking (B-mobile app and *987#)

Bank of Africa’s USSD code (*987#) and the B-mobile app allows customers to access the bank’s services with their mobile phone.

With *987# and the B-mobile app, you can:

  • View your account balance and track your transactions
  • Transfer funds to other bank accounts and mobile wallets
  • Pay bills
  • Buy airtime
  • Withdraw money from your BoA account without an ATM card
  • Request for a chequebook
  • Find the nearest BoA branch and ATM

You can register for BoAs mobile banking by dialling *987# on your mobile phone or by downloading the app from the Playstore and Appstore.

After following the prompts on the screen, you will receive an SMS with your username and a one-time pin (OTP).

You can also register for BoA’s mobile banking by submitting a B-Mobile application form at a BoA branch near you.

Frequently asked questions

What is Bank of Africa’s contact information

Bank of Africa head office: BOA House, Karuna Close, Off Waiyaki Way, Westlands, Nairobi.

Postal address P.O Box 69562-00400 Nairobi, Kenya

Telephone numbers: 0703058000 and 0203275000

Email: yoursay@boakenya.com

You can also find a Bank of Africa branch or ATM near you here

How can I get a BoA debit card

You can apply for a BoA VISA debit card by visiting a BoA branch near you with a filled debit card application form

What is Bank of Africa’s customer care number

You can call the BoA call centre on 0703058120 to speak with a BoA customer service agent.

What is Bank of Africa’s paybill number

972900

What is Bank of Africa’s SWIFT code

AFRIKENX

What is Bank of Africa’s website

You can visit the Bank of Africa’s website here.

You can also visit its Meta (Facebook), Twitter, and YouTube pages.

What is Bank of Africa’s USSD code

Simply dial *987# on your mobile phone

Conclusion

Bank of Africa Kenya (BoA) is a commercial bank that has a wide range of bank accounts, loans, and other banking services.

Although BoA is focused on SMEs and corporations in Kenya, it has enough personal banking products to fulfill most of your banking needs.

Sources

https://en.wikipedia.org/wiki/Bank_of_Africa_Kenya

https://www.boakenya.com/