2022-09-12 13:48:51 / Bloom News

Bloom Bank launches Bloom Digital banking range

Bloom Bank Africa Gambia Limited has today launched its digital banking range, aimed at giving customers easier access to banking services whenever and wherever they are. The Bloom Digital banking range is available on web (internet banking) and mobile (mobile banking). The launch, which was hosted at the bank’s Head Office branch located at Kairaba Avenue saw scores of customers, executives from the Central Bank of Gambia and the Directors of the bank grace the occassion. Delivering a brief address just before the official unveiling of the digital banking suite, MD/CEO of the bank, Mr. Alfred Amoah expressed optimism about customers taking their bank with them anywhere and anytime, using the Bloom Digital banking suite. He remarked: “The Bloom Digital Banking suite offers customers the chance to take their bank with them, wherever, whenever, on the phone, tablet, or computer. Through our digital banking rage, we offer something for everyone: the SME looking to receive cashless payments and set up automatic payments to suppliers, bankers, and staff, the corporate institution looking to transfer funds locally and internationally with the click of a button, the student looking to send phone credit to that special one, the customer looking to buy Nawec with a few clicks, those looking to send a token of love to relatives in the provinces, and so much more. You will find the Bloom Digital suite uniquely designed to meet your everyday banking needs and so much more, from the marketplace at Brikama, on the beautiful beaches on the smiling coast, in Banjul, or the provinces.” Delivering a speech on behalf of the Board of the Directors of the bank, Mr. Gabriel Edgal, one of the bank’s directors expressed gratitude to the Central Ban of Ghana for the massive financial inclusion drive and for creating the enabling environment for banks in The Gambia to thrive. He also congratulated the bank for this milestone while looking forward to more digital channels to be launched by the bank. The event was attended by stakeholders from the commercial banks, Deputy Governor Central Bank of The Gambia, representatives from the Gambia Bankers Association (GBA), customers, representatives from the Supersonic Islamic Micro-Finance, Representative from Kombo Real Estates, and staff of the Bloom Bank Gambia among host of others. Customers can access Bloom Digital for web via this link, and for the mobile banking application via this link

2023-08-02 14:17:31 / Bloom News

Bloom Bank Africa Gambia Limited Takes Lead in Gambia's Financial Sector by Integrating the Pan-African Payment and Settlement System (PAPSS)

Bloom Bank Africa Gambia Limited (Bloom Bank), proudly announces its pioneering integration with the Pan-African Payment and Settlement System (PAPSS). As the first bank in The Gambia to embrace this groundbreaking system, Bloom Bank solidifies its position as a catalyst for progress and innovation in the country's financial landscape.

The integration of PAPSS signifies a significant leap forward for Bloom Bank and The Gambia, with profound implications for both businesses and individuals. With a formal tone and deep appreciation for the immense benefits, this milestone highlights the transformative power of PAPSS in facilitating seamless transfer of money across African borders, and in promoting intra-Africa trade and advancing the goals of the Africa Continental Free Trade Area (AfCFTA).

PAPSS, conceived by the visionary minds at Afreximbank, Africa's foremost trade finance institution, addresses the crucial need for seamless cross-border transactions across the continent. Recognizing the enormous potential of internal trade in Africa, Afreximbank took the initiative to create a centralized payment infrastructure overseen by the African Central Banks capable of facilitating instant payments, cutting through the complexities of local currency exchange.

By integrating with PAPSS, Bloom Bank empowers businesses and individuals in The Gambia to engage in cross-border transactions with unprecedented ease and efficiency. Gone are the days of relying on corresponding banks as intermediaries. Instead, the PAPSS integration allows Bloom Bank customers to initiate fund transfers directly from any branch, using Gambian dalasis as the base currency. Funds are seamlessly converted into the recipient's local currency, eliminating the

need for complicated currency conversions and streamlining the payment process.

Commenting on the development, Mike Ogbalu III, Chief Executive Officer of PAPSS, expressed his delight at Bloom Bank Africa Gambia’s decision to integrate the PAPSS platform. According to him, "This marks a significant milestone for the financial sector in The Gambia and demonstrates Bloom Bank Africa's commitment to promoting the objectives of the AfCFTA. This couldn't be done without the support and devotion of another PAPSS Champion, the Central Bank of The Gambia, and

we're certain that additional banks in The Gambia will soon follow."

Bloom Bank is proud to be at the forefront of this digital transformation and remains committed to delivering exceptional banking experiences to its customers. The integration with PAPSS reinforces the bank's dedication to innovation, financial inclusion, and the advancement of economic prosperity in The Gambia and across Africa.

About Bloom Bank

Bloom Bank is a leading Pan-African bank in The Gambia, passionately committed to driving economic growth and seamless trade across the continent. With a customer-centric approach, Bloom Bank offers innovative financial products and services in Retail, Business, Institutional Banking, Treasury solutions, and Trade facilitation. Embracing Africa as the new frontier, the bank aims to bridge gaps in cross-border transactions and become a catalyst for Pan-African development. Conveniently

located at Kariaba Avenue, West Fields, Banjul, and Brikama, Bloom Bank is dedicated to making a positive impact on the lives of the people of Gambia and beyond.

About PAPSS:

The Pan-African Payment and Settlement System – PAPSS is a centralized Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimizing risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as ‘Participants’. Afreximbank and the African Union (“AU”) first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on the December 5, 2020, the assembly of African Union recommitted and instructed the Afreximbank and the AfCFTA secretariat to finalize among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU, further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana on January 13, 2022, thus making it available for use by the public.

2024-04-22 18:36:05 / Bloom News

FEDA invests in Bloom Africa Holdings Limited to support its expansion in West Africa.

The Fund for Export Development in Africa (“FEDA”), Afreximbank’s impact investment subsidiary, has announced its investment into Bloom Africa Holdings Limited (BAHL), a regional financial services platform operating across West Africa. 

BAHL holds interests in multiple financial institutions across Gambia, Sierra Leone, and Liberia operating as Bloom Bank Africa. These institutions function as full-service commercial banks and provide a comprehensive range of services to a diverse clientele ranging from retail and corporate customers to SMEs and the public sector. BAHL extends tailored banking services, whilst promoting financial inclusion and trade through innovative outreach programs and accessible products.

FEDA’s investments aim to bolster BAHL’s expansion efforts within the financial services sector. This investment will support BAHL's growth initiatives, enabling the company to enhance its platform and services across West Africa. Through this partnership, FEDA is contributing to the development and strengthening of the financial services landscape in the region, fostering economic growth and innovation.

Gabriel Edgal, Director of BAHL as well as Group CEO and Chairman of Oakwood Green Africa, an associate company of BAHL commented, “We are delighted with the completion of this transaction which expands the strategic partnership forged with Afreximbank and FEDA in recent years. FEDA’s investment will strengthen our activities in Gambia and our aim to replicate this success in other countries.”

Marlène Ngoyi, CEO of FEDA, commented, “We are pleased to embark on this growth journey with BAHL with the aim of supporting the group’s geographical expansion. The transaction is the culmination of years of strategic partnerships in which BAHL has taken an active role in implementing key Afreximbank initiatives such as the Pan-African Payment and Settlement System (PAPSS) and MANSA (a pan-African customer due diligence repository for financial institutions). The growth of BAHL will go hand in hand with the advancement of these initiatives.”

-ENDS-

About FEDA: The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa. FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.

About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.