The importance of banks to the economy of a country cannot be overemphasized. Banks may be financial institutions that provide services such as retail, commercial, corporate, et cetera. However, through their services, they promote the growth and development of their host countries. They are also regulatory bodies for monetary policies and foreign currency exchange, providers of wealth management services, investment management, etc. There are different types of banks here, they include retail, commercial, central, and cooperative banks. Generally, aside from the financial services a bank renders, it helps decrease the unemployment rate as many persons are employed in various branches across the country.
If you are looking for employment or considering going into business with a bank here, this article provides information on the best banks currently operating in the country.
Seven Top Banks in Burkina Faso
A lot of local banks and foreign subsidiaries exist within the territory. The following are seven top banks here, some locally owned and others foreign.
Banque Internationale du Burkina (BIB)
This is among the nation’s largest financial institutions. With several branches in Africa, it employs hundreds of people across the African continent. This bank has innovative products such as online credit cards, cashless withdrawals, and internet and mobile app banking. An icon in the African banking industry, its impressive international presence gives it an edge over other banks in the country’s banking sector.
Bank of Africa (BOA)
The BOA Group is presently in 18 African countries namely Benin, Burkina Faso, Côte d’Ivoire, Ghana, Mali, Niger, Togo and Senegal, Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Uganda, Rwanda, Tanzania, etc. Its network consists of 17 commercial banks, 2 regional holding companies, 1 global holding company, 2 technical support subsidiaries, 1 investment company, 1 representative office in Addis Ababa, et cetera. The finance division offers corporate and investment banking services to customers.
Central Bank of West African States
Banque Centrale des États de l’Afrique de l’Ouest (BCEAO) is a central bank for eight west African countries sharing the West African CFA franc currency and members of the West African Economic and Monetary Union (UEMOA). With its headquarters in Dakar, Senegal, it was established in 1959. The bank offers tons of products and financial services such as loans, investment banking, wealth management, SMEs, et cetera.
Banque Régionale de Solidarité
This bank offers commercial banking services through its branches, ATMs, and POS outlets in the nation. It caters to customers who are mostly corporate entities, organizations, governmental agencies, individuals, etc. Its services include deposits, savings and investment management, loans, and foreign exchange services, amongst others.
Banque Atlantique Burkina Faso
Founded in 1978, the Atlantic bank provides its financial services through its branches. Known by its French name, Groupe Banque Atlantique, it is a West African financial services provider with its headquarters in Lome, Togo. The bank is a subsidiary of the Group which consists of banks and other companies in Cote d’Ivoire, Benin, Niger, Burkina Faso, Mali, Togo, Senegal, and Cameroon. Its products include loans, savings, investments, debit and credit cards, and mortgages. The total assets of the Group are said to be worth over US$1.5 billion.
Société Générale de Banques au Burkina (SG-BB)
Established in 1864, it is one of the oldest banks here in Africa. It offers various financial services and banking services such as wealth management, SME banking, and lending. With a vast number of customers and a broad network of branches scattered across Africa, its aims at building a strong business in the African continent.
Banque de l’Habitat du Burkina Faso
This is a financial institution that offers retail and commercial services to individuals, governments, businesses, and corporate bodies located in Africa. Although a small bank, it focuses on promoting strong interpersonal relationships between customers and it.