Chairman’s message

BANK OF AFRICA is fully committed to its stakeholders in Morocco and Africa in this historic context associated with the Coronavirus pandemic and has demonstrated exemplary leadership. To face this unprecedented environment and its repercussions, strong and prompt measures were taken by the Moroccan government following the high instructions of His Majesty King Mohammed VI. As a major player in the Moroccan banking sector, our Group responded strongly to the national crisis, notably through its contribution of one billion dirhams to the special fund for the management of the pandemic.

We offered targeted support to the national economic fabric, particularly to SMEs, through a total financing package of more than 14 billion dirhams and provided our customers with specific measures and adapted products.

We have also implemented a business continuity plan to reduce the impact of the crisis on our various businesses, and put in place exceptional measures to protect our staff and clients.

In doing so, BANK OF AFRICA has demonstrated its resilience and confirmed the strength of its business model and the pertinence of its strategic choices.

In 2020, our growth dynamics were reflected by a 4% increase in consolidated outstanding loans to 194 billion dirhams, and sustained savings with consolidated total deposits of 207 billion dirhams, representing an increase of 2% at the end of December 2020. These commercial dynamics were also reflected in the operational performance of BANK OF AFRICA Group, with a consolidated Net Banking Income of 14 billion dirhams, up by 1%.

BANK OF AFRICA is a pioneer in digital banking, an essential component of banking and social inclusion, and thus it reasserted its position as a forward-looking banking group in 2020 with the launch of new and evolving remote banking services. Our clients, individuals, professionals and companies, both in Morocco and in several African countries where we operate, have been able to benefit from various channels to carry out their operations and henceforth have access to a range of simple and flexible innovative solutions, in a context where remote services have become essential.

In the longer term, the post-Covid world will require banks to adapt their business models.

The challenges of sustainable development and social responsibility, once regarded as mere ambitions, are now a global priority. Very early on, BANK OF AFRICA took care to integrate these dimensions into the very core of its development strategy and at the forefront of its commitments, by being the first signatory in Africa of The UNEP Statement of Commitment by Financial Institutions on Sustainable Development, and by adopting the fundamental principles of socially responsible finance. We are now fully committed to our clients and institutional partners to address the future challenges facing the African continent in terms of financing growth, social inclusion and sustainable economic development.

In this respect, Intelaka, the Entrepreneurship Programme launched by His Majesty King Mohammed VI, is an example of banks' commitment to entrepreneurs and young project leaders, through financial and extra-financial support.

2020 is definitely the year in which BANK OF AFRICA has demonstrated the plurality of its performance thanks to its strong fundamentals, a constantly improved environmental footprint and a positive social impact on its various stakeholders.

Our ongoing ambition drives the entire human capital of BANK OF AFRICA Group on a daily basis, in order to make of Morocco and Africa global references in terms of sustainable development and positive impact finance.