Bank Of Africa Tanzania Limited (BOA)

Overview

• Name: Bank of Africa Tanzania Limited (commonly BOA Tanzania or BOAT)

• Type: Private commercial bank, licensed by the Bank of Tanzania

• Headquarters: NDC Development House, Ohio Street (corner of Kivukoni Road), Dar es Salaam

Ownership & Group Structure

• BOAT is part of the Bank of Africa Group, a pan-African banking network headquartered in Casablanca, Morocco, operating across 18 African countries.

• As of 2023, BOA Group is majority-owned by BMCE Bank of Africa (Morocco) and Crédit Mutuel Alliance Fédérale (France).

History & Expansion

• BOAT began operations in June 2007 following the acquisition of Euroafrican Bank Tanzania (established 1995).

• It maintained 27 branches by the end of 2019 (13 in Dar es Salaam, 13 elsewhere, plus one Business Centre).

• As of early 2025, LinkedIn notes BOA Tanzania operates 19 branches (9 in Dar es Salaam and 10 outside), reflecting ongoing network adjustments.

Leadership & Governance

• Chairperson (Board): Nehemiah Kyando Mchechu

• Managing Director & CEO: Adam Charles Mihayo

• Deputy Managing Director (Treasury): Youssef Benrhafiane; Head of Treasury: Michael Edwin Shaidi (appointed recently)

• Company Secretary & Head of Legal: Farija Pendo Ghikas (appointed about a month ago)

Financial Performance

• Total assets stood at TSh 564 billion (~US$245 million) and customer deposits at TSh 390 billion (~US$170 million) as of December 2019.

• In 2023, BOAT reported a pre-tax profit of TSh 16.1 billion, more than doubling (↑104%) compared to the previous year.

Products & Services

• Offers a full range of financial services: loans, savings, debit and credit cards, mortgages, internet and mobile banking, SME packages, corporate banking, and forex .

• Available digital platforms include BOAWeb (internet banking) and mobile banking apps.

Branch Network & Contact

• Main branch at NDC Development House, Dar es Salaam, plus a network of branches across major towns.

• Phone: 0800 78 11 22 (toll‑free) or 022 2214001

• Email: info@boatanzania.co.tz

Recent Highlights

• In April 2025, BOAT secured a US $7.5 million Trade Finance Guarantee Facility with the African Development Bank. This enables BOAT to support letters of credit for SMEs and corporates, backing imports across key sectors (agriculture, manufacturing, energy) with up to 100% guarantee coverage.

• The bank has been noted to have raised US $7.5 million for digital transformation and expansion—though one source adds this may refer to internal funding rather than external capital .

Competitive Context

• BOAT is one of approximately 35+ licensed commercial banks in Tanzania, playing a mid-tier role and catering to SMEs, multinationals, and retail customers .

Summary

BOA Tanzania is a growing, mid-size commercial bank in Tanzania, benefiting from strong international backing. Its recent financial success, digital initiatives, and external guarantees (through AfDB partnership) position it as a proactive player in trade finance and SME support across the region.