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.