Bank Of Africa Tanzania

BANK OF AFRICA - TANZANIA is part of the GROUP BMCE, which now operates through a network of commercial banks in 18 counties namely; Benin, Burkina Faso, Burundi, Cote d’ivoire, Djibouti, DRC, Ethiopia, France, Ghana, Kenya, Madagascar, Mali, Niger, Rwanda, Senegal, Tanzania, Togo and Uganda. The GROUP BANK OF AFRICA has it's headquarters in Dakar, Senegal with a strong network of more than 500 dedicated operating and service support offices. Since 2010, the BANK OF AFRICA Group has been majority-owned by BMCE Bank, the second largest private bank in Morocco. BMCE Bank brings strong strategic and operational support to the BANK OF AFRICA Group, as well as direct access to the international market as a result of its presence in Europe and Asia. The Bank began operations in Tanzania in June 2007 after acquiring Euroafrican Bank which had been operating in Tanzania since September 1995. The idea of the founders of BANK OF AFRICA was to create a truly unique, profitable PAN-AFRICAN bank that embodies the essence of many of our founding fathers on the continent. At the time of acquisition, the Bank had 3 branches. Currently the Bank here in Tanzania has a network of 19 branches; 9 in Dar es Salaam, 10 upcountry. At the time in 2007 when Bank of Africa acquired Euroafrican Bank, that Bank was a struggling Bank. But with good products, effective products, efficient management and the support of the Government as well as the enabling environment, profits have increased year on year. For example, in 2011 profits were TZS 1.6 billion. This increased TZS 3.4 billion in 2012, then to 5 billion and as at 2015 over TZS 7 billion. In 2017 profit were TZS 3.1 billion.