During its Board of Directors meeting on March 21, 2025, Bank of Africa presented impressive financial results for the year 2024, marked by sustained growth in several areas. However, beyond the numbers, the bank continues to confirm its commitment to sustainable growth, a key aspect of its business model and long-term vision.
A Strong Commitment to Reducing Carbon Footprint
Bank of Africa unveiled its first climate report to Bank Al-Maghrib, positioning the bank as a proactive player in the Moroccan financial sector in the face of climate challenges. This report is part of a transparency approach, anticipating the requirements of new international standards, such as those from the ISSB and IFRS S2.
The objective is clear: to reduce CO₂ emissions financed by the bank by 30% by 2030, with a broader vision towards carbon neutrality by 2050. This ambition is being realized through the implementation of tailored sectoral plans focused on improving energy efficiency and increasing the use of green energy. These efforts are also expected to result in an annual reduction of 5% in emissions related to operational activities (Scope 1 and 2), illustrating a clear willingness to integrate environmental considerations into all facets of the bank’s operations.
A Portfolio Exposed to Lower Climate Risk
Bank of Africa also conducted a structured assessment of climate risks, which revealed that nearly 30% of its portfolio presents a moderate risk in the face of climate challenges. In parallel, about 48% of the outstanding amounts show low vulnerability, reflecting a diversification of the portfolio and controlled exposure. These results highlight a rigorous management of climate change-related risks, a crucial aspect to ensure the sustainability of its long-term investments.
Investment in Renewable Energies and Structuring Projects
Another major aspect of Bank of Africa’s commitment to sustainability is its support for green infrastructure projects in Morocco. In 2025, the bank assisted the Al Wahda thermal power plant in an innovative financial structuring combining bank debt and access to the capital markets. This project aims to massively integrate renewable energies into the Moroccan energy mix, thereby contributing to reducing the country’s carbon footprint.
This initiative is part of a series of actions aimed at supporting major infrastructure projects, with a direct impact on Morocco’s energy transition and reducing its dependence on fossil fuels.
Support for Local Social and Economic Initiatives
Sustainability at Bank of Africa is not limited to reducing the carbon footprint. The bank has also strengthened its support for financial inclusion and the empowerment of local communities. In this context, the bank has supported 25 local cooperatives through the “Grow & Pitch” program funded by the European Union. This program aims to improve these cooperatives’ access to international markets, thereby enhancing their economic resilience.
Moreover, strategic partnerships have been established with institutions such as Attadamoune Micro-Finance and BNP Paribas-BMCI to finance income-generating activities and promote the empowerment of micro-entrepreneurs. These partnerships are part of a broader effort to improve the economic lives of communities while fostering inclusive growth.
Digitalization in Service of Sustainability
Finally, the acceleration of digital transformation at Bank of Africa is an important lever for sustainability. In 2024, the bank launched the “SCF by BOA” platform, a 100% digital initiative dedicated to supply chain management, allowing Moroccan companies to access competitive financing and optimize payment timelines.
At the same time, Bank of Africa continues to strengthen its presence in the SME sector, with a 23% increase in new relationships and a 46% growth in granted envelopes. This dynamic is accompanied by increased digitalization of processes, facilitating companies’ access to simpler and more accessible financing solutions.
Conclusion: Towards a Greener and More Inclusive Bank
The financial results of Bank of Africa for the 2024 fiscal year reflect the strength of its economic foundations and its strategic model focused on sustainable growth. The bank’s initiative to integrate environmental issues into its practices, while supporting financial inclusion and local projects, allows it to position itself as a key player in the economic and social transformation of Morocco and Africa.
With ambitious goals for energy transition and proactive management of climate risks, Bank of Africa demonstrates that financial performance and sustainability are not incompatible but rather complementary in an increasingly socially and environmentally responsible global economic context.