Benin

Bank of Africa Benin celebrates its 15th anniversary this year and, despite the sluggish growth of the domestic economy, the bank is in good shape. Last year, it was able to report a 27.3% rise in net profits, a sharp turnaround from the previous year’s 45% slide, as well as passing the milestone of 100,000 customers.

Wedged between Nigeria and Togo, Benin’s economy is small – just over $4bn – and underdeveloped. A growing list of import bans has hurt exports to Nigeria, its most important neighbour, while inefficiencies in the country’s main seaport of Cotonou has also impacted trade. As a consequence, economic growth slowed from 3.9% in 2003 to 3.1% in 2004. Growth is expected to pick up in 2005, but with the population of 7.5 million growing at around 2.8% much of this will be eroded.

Despite the relatively small size and value of the market, the judges noted Bank of Africa’s success in introducing new products, such as credit cards and online banking. It also expanded its branch network during the year.

Bank of Africa is the leading bank in the market, with 40% of deposits and 35% of loans.