Latest news with #BankofAfrica
Zawya
8 hours ago
- Business
- Zawya
Bank of Africa Group launches working capital platform on Kyriba for 20-country network
DUBAI, United Arab Emirates --(BUSINESS WIRE)-- Kyriba, a global leader in liquidity performance, today announces its collaboration with the Bank of Africa Group. Bank of Africa, one of the largest Pan-African banking groups, has completed the implementation of Kyriba's Working Capital platform to deliver enhanced digitized supply chain finance capabilities across its extensive network serving 20 African countries. The first phase of the project facilitates working capital management for The Group's customers in Morocco with plans to expand to other markets. Bank of Africa has onboarded its first customer, with the aim to bring on several new customers in 2025. This collaboration underscores Kyriba's continued growth in the region and globally, as well as its unmatched receivables and payables finance solutions, dynamic discounting and supplier onboarding. Kyriba's expertise and platform will enable Bank of Africa Group's customers to enhance cash flow, strengthen supplier relationships, and maintain sustainable growth amid economic uncertainties. 'Bank of Africa Group's adoption of Kyriba's Working Capital solution demonstrates their commitment to innovation and underscores our ability to meet the complex needs of financial institutions in today's complex and volatile global economy. As the industry evolves, banks that embrace digitization and automation will be best positioned to lead—modernizing operations, gaining real-time visibility, and delivering more value to clients. Together, we look forward to setting a new standard for innovation and efficiency in African supply chain finance," said John Stevens, Kyriba's Global Head of Capital Markets, Financial Institutions & Working Capital. Kyriba has also seen incredible growth in the volume of working capital financing among both banks and corporates, growing nearly 5X since 2020 and more than doubling the number of invoices uploaded to the platform. This surge highlights the increasing focus on unlocking trapped liquidity and mitigating market volatility through working capital solutions, which can unlock cash flow by accelerating payables and accessing receivables. With over 6,500 employees and a legacy spanning more than a century, Bank of Africa Group is a key financial enabler empowering businesses and enhancing economic opportunities in Africa. 'Kyriba stood out to us for its local expertise, customer-centric approach, comprehensive product offerings, and proven impact delivering working capital efficiency to customers across the continent and world. We are excited to work with Kyriba to unlock new levels of financial insights that can help us optimize working capital and achieve operational success,' said Adil Lahbichi, Executive Director – Global Transaction Banking, Bank of Africa Group. The African supply chain market is poised for rapid growth, driven by increasing demand for working capital optimization. Bank of Africa Group's implementation of Kyriba's platform demonstrates the immense potential for digitized working capital solutions across the region. About Kyriba Kyriba is the global leader in liquidity performance, empowering CFOs, Treasurers and IT leaders to connect, protect, forecast and optimize their liquidity amid economic complexity. As a secure and scalable SaaS solution trusted by 3,000 customers, Kyriba delivers intelligence and financial automation through innovative technologies — including its trusted agentic AI (TAI) — bringing precision, efficiency, and insight to financial operations. With an expansive ecosystem of banking, technology and consulting partners, Kyriba's platform powers more than 3 billion bank transactions and $15 trillion in payments across 9,900+ banks annually – helping companies gain enterprise-wide visibility, ensure financial stability, and outperform their business strategy. About Bank of Africa Group BANK OF AFRICA is a multinational and multi-trade banking group. It was incorporated by Royal Dahir in 1959 under the name of Banque Marocaine du Commerce Extérieur, and has been transformed over more than 60 years to become BANK OF AFRICA since 2020, a universal bank that puts its expertise at the service of innovation, progress and excellence. Thanks to its large banking network on the continent and its international influence, BANK OF AFRICA is determined to take part in the emergence of Africa to make it the continent of the 21st century. Present in 32 countries across Africa, Europe, Asia and North America, BANK OF AFRICA has one of the leading banking groups in Africa, with nearly 2,000 branches. It serves 6.6 million customers worldwide and positions itself as a key economic bridge between Africa and the rest of the world.
Business Wire
11 hours ago
- Business
- Business Wire
Bank of Africa Group Launches Working Capital Platform on Kyriba for 20-Country Network
DUBAI, United Arab Emirates--(BUSINESS WIRE)-- Kyriba, a global leader in liquidity performance, today announces its collaboration with the Bank of Africa Group. Bank of Africa, one of the largest Pan-African banking groups, has completed the implementation of Kyriba's Working Capital platform to deliver enhanced digitized supply chain finance capabilities across its extensive network serving 20 African countries. Bank of Africa has completed the implementation of Kyriba's Working Capital platform to deliver enhanced digitized supply chain finance capabilities across its extensive network serving 20 African countries. Share The first phase of the project facilitates working capital management for The Group's customers in Morocco with plans to expand to other markets. Bank of Africa has onboarded its first customer, with the aim to bring on several new customers in 2025. This collaboration underscores Kyriba's continued growth in the region and globally, as well as its unmatched receivables and payables finance solutions, dynamic discounting and supplier onboarding. Kyriba's expertise and platform will enable Bank of Africa Group's customers to enhance cash flow, strengthen supplier relationships, and maintain sustainable growth amid economic uncertainties. 'Bank of Africa Group's adoption of Kyriba's Working Capital solution demonstrates their commitment to innovation and underscores our ability to meet the complex needs of financial institutions in today's complex and volatile global economy. As the industry evolves, banks that embrace digitization and automation will be best positioned to lead—modernizing operations, gaining real-time visibility, and delivering more value to clients. Together, we look forward to setting a new standard for innovation and efficiency in African supply chain finance," said John Stevens, Kyriba's Global Head of Capital Markets, Financial Institutions & Working Capital. Kyriba has also seen incredible growth in the volume of working capital financing among both banks and corporates, growing nearly 5X since 2020 and more than doubling the number of invoices uploaded to the platform. This surge highlights the increasing focus on unlocking trapped liquidity and mitigating market volatility through working capital solutions, which can unlock cash flow by accelerating payables and accessing receivables. With over 6,500 employees and a legacy spanning more than a century, Bank of Africa Group is a key financial enabler empowering businesses and enhancing economic opportunities in Africa. 'Kyriba stood out to us for its local expertise, customer-centric approach, comprehensive product offerings, and proven impact delivering working capital efficiency to customers across the continent and world. We are excited to work with Kyriba to unlock new levels of financial insights that can help us optimize working capital and achieve operational success,' said Adil Lahbichi, Executive Director – Global Transaction Banking, Bank of Africa Group. The African supply chain market is poised for rapid growth, driven by increasing demand for working capital optimization. Bank of Africa Group's implementation of Kyriba's platform demonstrates the immense potential for digitized working capital solutions across the region. About Kyriba Kyriba is the global leader in liquidity performance, empowering CFOs, Treasurers and IT leaders to connect, protect, forecast and optimize their liquidity amid economic complexity. As a secure and scalable SaaS solution trusted by 3,000 customers, Kyriba delivers intelligence and financial automation through innovative technologies — including its trusted agentic AI (TAI) — bringing precision, efficiency, and insight to financial operations. With an expansive ecosystem of banking, technology and consulting partners, Kyriba's platform powers more than 3 billion bank transactions and $15 trillion in payments across 9,900+ banks annually – helping companies gain enterprise-wide visibility, ensure financial stability, and outperform their business strategy. About Bank of Africa Group BANK OF AFRICA is a multinational and multi-trade banking group. It was incorporated by Royal Dahir in 1959 under the name of Banque Marocaine du Commerce Extérieur, and has been transformed over more than 60 years to become BANK OF AFRICA since 2020, a universal bank that puts its expertise at the service of innovation, progress and excellence. Thanks to its large banking network on the continent and its international influence, BANK OF AFRICA is determined to take part in the emergence of Africa to make it the continent of the 21st century. Present in 32 countries across Africa, Europe, Asia and North America, BANK OF AFRICA has one of the leading banking groups in Africa, with nearly 2,000 branches. It serves 6.6 million customers worldwide and positions itself as a key economic bridge between Africa and the rest of the world.
Ya Biladi
04-07-2025
- Business
- Ya Biladi
Spanish corruption probe targets ex-Minister, ties emerge with Morocco bank account
The Central Operations Unit of the Spanish Civil Guard is continuing its investigation into a financial corruption case involving former Spanish Socialist Workers' Party (PSOE) Organization Secretary and former Minister of Transport, José Luis Ábalos, as well as PSOE MP and senior official Santos Cerdán, according to Spanish media reports. As part of the investigation, the Spanish Supreme Court has issued an order requesting that Morocco's Bank of Africa provide full details related to a bank account suspected of being linked to the network. The broader probe involves 479 bank accounts across 35 financial institutions, including 12 foreign banks. Although the account in question has a Spanish IBAN and was opened at the bank's Madrid branch, investigators are focusing on the Bank of Africa's headquarters in Morocco. The judicial order specifies that «the requested information must be submitted by the bank's central authority without notifying the branch or office where the account was opened, nor the account holder or any third party, to preserve the confidentiality of the investigation». Authorities have asked for the identification of all financial products tied to the account, including safety deposit boxes, whether held by individuals or legal entities. The account was opened in 2011 and closed in March 2021, just months before Ábalos exited the Spanish government. This is not the only mention of Morocco in the case. In an audio recording dated April 9, 2019, Koldo García, a former advisor to Ábalos, can be heard discussing potential kickbacks for awarding public contracts. «There's also the Morocco issue, that's going to come up, and no one's going to say a word», García said. The recording was made just two and a half months after Ábalos visited Morocco in January 2019, representing Prime Minister Pedro Sanchez. During that trip, he met with Morocco's Prime Minister and five ministers overseeing infrastructure portfolios. Talks focused on Morocco's high-speed rail project, with Ábalos expressing Spain's interest in contributing through its companies. Discussions also touched on highway development and Casablanca's new tram lines, a project eyed by a Spanish company based in the Gipuzkoa region.
Morocco World
19-06-2025
- Business
- Morocco World
Four Moroccan Companies Among Forbes Top 100 Listed Companies 2025
Rabat — Forbes Middle East's Top 100 Listed Companies 2025 featured four Moroccan businesses, including banking institution Attijariwafa Bank, Maroc Telecom, Bank of Africa, and BCP. Attijariwafa Attijariwafa Bank is ranked 26 out of the 100 businesses listed by Forbes. With a market value of $15.4 billion and sales of $5.2 billion, the bank has established a name for itself in the list for its workforce and services for over 12 million customers across more than 7,200 branches. 'Attijariwafa Bank operates in 27 countries through majority-owned banking subsidiaries. In September 2024, the bank launched an investment fund dedicated to energy efficiency projects across Africa in partnership with Econoler. Al Mada is the bank's largest shareholder with a 46.5% stake,' Forbes said . The bank is managed by its chairman and CEO, Mohamed El Kettani. BCP Group Forbes listed Morocco's BCP Group 39th on the list. The group, chaired by CEO Naziha Belkeziz, has a market value of $5.9 billion and profits of $536 million. 'In May 2024, the group entered into a $70 million risk-sharing agreement with the African Development Bank to support private-sector financing and enhance trade in Africa,' Forbes wrote , noting that the bank served 8.6 million customers as of December 2024. Bank of Africa One of Morocco's billionaires, Bank of Africa's CEO Othman Benjelloun, is also on the list. His group ranked 50 out of 100. The company's market value stands at $4.7 billion, according to Forbes, which also identified the company's profits at $537 million and assets of $45.6 billion. The banks' sales are estimated at $2.99 billion. Forbes Middle East said the bank has 6.6 million customers, 2,0000 points of sale, and employs 15,000 people across 32 countries. Maroc Telecom Maroc Telecom ranks 63, with a market value of $10.9 billion, sales of $4 billion, profits of $287 million, and assets estimated at $7.6 billion. 'Established in 1998 after the split of the National Post and Telecommunications Office, Maroc Telecom is Morocco's primary telecommunications operator with a customer base of 80 million customers,' Forbes wrote . The company's leadership includes former Minister of Economy Mohamed Benchaaboun, who was appointed as the new chairman of the company's executive board in February. Benchaaboun replaced Abdesla Ahizoune, whose term expired after 27 years at the helm of the communication operator. Benchaaboun joins Maroc Telecom after serving as Director General of the Mohammed VI Investment Fund, a position he has held since October 2022. His extensive career includes roles as Morocco's Ambassador to France, Minister of Economy and Finance, CEO of Banque Populaire Group, and, notably, head of the National Telecommunications Regulatory Agency (ANRT). Forbes said it picked up its statistics from main markets in the Arab stock exchanges, ranking the companies based on their performances like sales, assets, and profits for the 2024 financial year, as well as based on their market value as of April 2025.
Zawya
29-05-2025
- Business
- Zawya
Morocco's Bank of Africa reports 26% rise in first-quarter profit
Bank of Africa, Morocco's third-largest lender, reported a 26% increase in profit attributable to shareholders to 920 million dirhams ($99.5 million) in the first quarter, driven by a rise in net banking income. Net banking income rose 11% to 5 billion dirhams, the bank said, noting an improvement in interest and fee margins. (Reporting by Ahmed Eljechtimi Editing by Bernadette Baum)
