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Supporting institution

BANK OF AFRICA

Information presented in this profile is for reference only. The Initiative, its Supporting Institutions and the Secretariat do not endorse the activities, tools or reports included in this profile.

Last updated: August 2023

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Overview of climate mainstreaming approach and goals:

BANK OF AFRICA is a leading Moroccan universal banking group with operations in 32 countries, including 20 across the African continent. The Group employs more than 14,900 staff around the world, serves around 6.6 million customers across more than 2,000 points of sale and has a balance sheet of about EUR 33 Billion.

As the first African signatory to the UNEP Finance Initiative in 2000 and as a founding member of the Principles for Responsible Banking (PRB) in 2019, BANK OF AFRICA has established itself as a regional Sustainable Finance pioneer and holds the conviction that the financial sector has a key role to play in the achievement of Sustainable Development Goals (SDG).

Being one of Morocco’s leading banking groups, BANK OF AFRICA has been engaged in economic and social development of communities across the country. The Bank has been integrating sustainability in its corporate strategies over the past 20 years and seeks to achieve green, social and sustainability impacts through its core banking businesses as well as targeted initiatives.

BANK OF AFRICA developed various green financing offers and climate-related projects, including clean energy, water, and circular economy, as well as financing projects with social impact in the domain of health, education, mobility, access to electricity, connectivity, and sustainable cities.

The Bank is engaged significantly in social projects, especially in health and education sectors, and in renewable energy, via its 2016 Green Bond issuance energy efficiency, sustainable water and waste management, including for micro, small and medium enterprises (SMEs) with job creation impacts.

BANK OF AFRICA is a key player in Morocco supporting micro, small and medium size enterprises (MSMEs) and provides financing as well as advisory services to help them create opportunities and grow; and ultimately to provide the country with gainful job opportunities.

BANK OF AFRICA has been also active in supporting women entrepreneurship and achieving gender equality.

In 2008, BANK OF AFRICA developed its E&S risk management system with support from the IFC and in 2010, it became the first Bank in Morocco and the Maghreb region to adopt the Equator Principles, a set of voluntary standards for measuring, managing, and reporting on the E&S impacts of financed projects. In 2016, BANK OF AFRICA became the first Moroccan bank to sign-on to the UN Global Compact, reflecting the Bank’s commitment to human rights, environmental, labor, and anti-corruption principles, and an intent to align its business strategy with the Sustainable Development Goals (SDGs).

BANK OF AFRICA has also signed onto the goals or frameworks put forth by various other international sustainable finance initiatives, including the “Mainstreaming Climate in Financial Institutions Initiative”, the “Task Force on Climate-Related Financial Disclosures” (TCFD), and the UNEP FI Positive Impact Initiative (PII). In 2020 the Bank released its gender action plan, with the goal of achieving gender parity across the Bank’s management functions and ratio of female and male staff, to demonstrate its commitment to social equity.

BANK OF AFRICA adopted a Corporate Social Responsibility Charter in 2018, comprised of six key commitments encompassing 31 ethical, social, and environmental sub-components, as illustrated in the figure below.

Principal Strategic Documents:

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Key reports and other materials published by the institution: