BMCE Bank of Africa

Bank of Africa is Morocco's third-largest bank by balance sheet. Founded in 1959 as Banque Marocaine du Commerce Extérieur (BMCE), a state bank dedicated to foreign-trade financing, it was privatised in 1995 in favour of Othman Benjelloun's group through Royale Marocaine d'Assurance, then adopted the Bank of Africa name in 2020 after absorbing the pan-African BOA Group network. Listed on the Casablanca Stock Exchange and licensed by Bank Al-Maghrib under law 103-12, it is chaired by Othman Benjelloun. According to the structure published by its investor relations, the main shareholders are RMA (around 27.4%), Confédération Nationale du Crédit Mutuel (around 24.6%), the CDG (around 8.1%), O Capital Group (around 7.2%) and MCMA (around 5%); the dividend paid for 2024 was 5 dirhams per share.

Key 2025 figures: according to the annual indicators reported by Boursenews and Financial Afrik, consolidated net banking income reached 20.4 billion dirhams (+9%), group net income 3.8 billion (+11%) and parent-company net income 2.2 billion (+15%). Consolidated customer loans stand at 215 billion and deposits at 275.3 billion (+7.3%); the cost-to-income ratio improved to 45.8%. The bank was named Morocco's Bank of the Year 2025 by The Banker and issued 2 billion dirhams of bonds during the year.

Mortgages: Bank of Africa finances purchase, construction and land, with dedicated MRE offers (foreign-currency financing, branches in France, Belgium, Italy and Spain). It publishes no public rate grid: our 2026 barometer places fixed market rates between 3.75% and 4.80%, with most offers between 4.10 and 4.50%, while Bank Al-Maghrib held its key rate at 2.25% on 23 June 2026. For MREs, our dedicated guide details loan-to-value ratios and foreign-currency down payments.

Consumer and car loans: the Crédit DABA is subscribed entirely online from BMCE Direct. According to our 2026 comparison of 10 lenders, the Pack Conso is offered at 6 to 8.5% for a cap of MAD 300,000 over 72 months, with an answer in 5 to 10 days in branch. For car loans, our 7-bank comparison records rates of 4.8 to 6.8% for the Pack Mobilité Neuf, with a cap of MAD 700,000 over 84 months. These ranges are indicative; only the contractual offer is binding. Subsidiary Salafin covers consumer credit outside the bank network and Maghrebail leasing.

Digital, MREs and the group: BMCE Direct (online and mobile banking), DabaPay (mobile payments) and Daba Transfer (international transfers) are detailed on the official website. The group also includes BMCE Capital (investment banking and asset management), Maroc Factoring, BTI Bank (participatory bank with Al Baraka) and an African network present in around thirty countries; Bank of Africa Europe and representative offices serve the diaspora.

Applying for a Bank of Africa loan, step by step: 1) simulate with our calculators; 2) gather your national ID, last three payslips or proof of income, three bank statements, employer certificate, preliminary sales agreement or quotes; 3) file the application in branch or, for consumer credit, on BMCE Direct (Crédit DABA); 4) approval in principle, then property appraisal for mortgages; 5) sign the offer and receive the funds at the notary or in your account — allow several weeks for a home loan.

Complaints and recourse: first send a written complaint to the branch or customer service; a reply is mandatory within 40 working days. If unsatisfied, refer the matter free of charge to the Moroccan Banking Mediation Centre, then to Bank Al-Maghrib. Our banking mediation guide explains what to do in case of arrears. Deposits are covered up to MAD 80,000 per depositor by the fund managed by the SGFG.

Wafir.ma is an independent comparison site: neither a credit institution licensed by Bank Al-Maghrib nor an insurance intermediary licensed by ACAPS. Rates quoted are observed ranges, not an offer from Bank of Africa.