Bank of Africa
Immeuble Elan - Route de Ngor, Zone 12, Quartier des Almadies, Dakar, 10200, Senegal
Overview
The story of the BANK OF AFRICA Group began in Mali in 1982, with the first BANK OF AFRICA, which was created with almost no external help. Today, the BANK OF AFRICA Group is established in 17 countries. There are: - Eight BOA banks in West Africa (Benin, Burkina Faso, Côte d’Ivoire, Ghana, Mali, Niger, Togo and Senegal) - Seven BOA banks in East Africa and the Indian Ocean (Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Tanzania and Uganda) - One in the Democratic Republic of the Congo - And also one in France, across a network of 15 commercial banks, one financial corporation, one banque de l’habitat, one leasing company, one brokerage firm, two investment companies, one asset management company and one Group representative office in Paris. 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.
- Total investments
- 2
- Lead investments
- 2
- Investments · 12mo
- 2
- Active investors
- 1
Sector focus
- Banking
- Finance
- Financial Services
Investment portfolio
- Fluoralpha
Led · Equity · Oct 2025
Fluoralpha is a spin-out of Mohammed VI Polytechnic University that recovers hexafluorosilicic acid, a by-product of phosphate processing, and upgrades it into high-value fluorine products. Its first large-scale facility, now being financed at the industrial port of Jorf Lasfar, is designed to produce 20,000 tons per year of anhydrous hydrofluoric acid for semiconductor etching and lithium battery salts, plus 28,000 tons per year of aluminum fluoride to improve aluminum smelting efficiency. The initiative forms part of a broader USD 280 million investment program that seeks to reduce Morocco’s reliance on imported fluorspar and establish the country as a key supplier of critical raw materials to European gigafactories and chip fabs. Backed by Bank of Africa, Fluoralpha intends to leverage Morocco’s control of 70 % of global phosphate reserves to capture a strategic position in green and digital supply chains. The company’s immediate focus is on completing plant construction and beginning commercial production; no current revenue or user metrics were disclosed. Over USD 110 million in fresh capital provides the bulk of funding required for the plant’s build-out and initial operations, with additional tranches expected to complete the total investment plan.
- INNOVX
Led · Equity · Sep 2025
INNOVX, the venture-building arm of Mohammed VI Polytechnic University (UM6P), creates and scales technology companies aimed at advancing Morocco’s industrial and energy-transition agenda. Its newest subsidiary, Fluoralpha, founded in 2023, will convert hexafluorosilicic acid—an abundant by-product of Morocco’s phosphate industry—into high-value fluorine compounds. The planned Jorf Lasfar plant is designed to produce 20,000 tons of anhydrous hydrofluoric acid and 28,000 tons of aluminum fluoride annually, both critical inputs for lithium-ion battery electrolytes and semiconductor etching. INNOVX positions this project as a cornerstone for establishing Morocco as a regional hub for critical raw materials, thereby reducing European dependence on Asian supply chains. The venture intends to diversify into synthetic calcium fluoride in subsequent phases, further limiting reliance on traditionally mined fluorspar. Financially, the company has secured more than MAD 1 billion (over $110 million) in bank financing toward a broader MAD 2.5 billion ($280 million) industrial investment. Executives state that this financing milestone also sets a template for raising additional capital across other INNOVX energy-transition ventures.
Team
Mohamed Bennani Rtel
Chief Executive Officer
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