2024-04-12 15:30:04 / Bloom News

Bloom Bank Africa (Sierra Leone) Limited Unveiled

Keystone Bank (Sierra Leone) has from today December 8, 2022 rebranded to Bloom Bank Africa (Sierra Leone( Limited (BBASL), with a firm promise of bringing prosperity to Sierra Leoneans through its new and exciting brand of customized banking solutions.

The transition to the new brand identity comes after the bank underwent a transformation upon its acquisition by Oakwood Green Africa, and is line with the bank’s new direction of building a resilient, technology savvy and Pan-African bank well positioned to meet the financial needs of its customers.

Represented by the lotus flower - a resilient species that thrives and blooms all year round despite the weather, the bank’s logo also features three vibrant yet symbolic colours; blue, green and orange, all representing strong pillars of excellence, warmth, passion and dexterity.

MD/CEO of the bank, Mr. Ndubuisi Ejiofor reiterated the bank’s new identity in line with it’s vision during the official unveiling of the new brand: “We are driven by a passion to help our people thrive, and to make great things happen for them. We aim to be the conduit for capital into and through Africa for development, creating value for business, big or small, and empowering Sierra Leoneans and Sierra Leonean businesses to achieve more, and thrive. We are dedicated to providing sound financial advice and support to SME’s and to keep these indigenous businesses, which are the oil that moves the nation running always.”

The unveiling of the new brand identity, according to Mr. Ejiofor, is the first phase of the rebranding process, promising more exciting events and activities for the next phases.

2024-01-12 09:47:16 / Bloom News

BBASL HONORED AS "EMERGING PARTNER BANK" AT INAUGURAL FINTECH FORUM

Bloom Bank Africa Sierra Leone Limited (Bloom Bank) was awarded the "Emerging Partner Bank" at the inaugural Interswitch Fintech Forum 2023. This remarkable event, hosted by Interswitch on November 2, 2023, at the Radisson Blu Hotel in Freetown, Sierra Leone, revolved around the theme "Unlocking the Future of Digital Payments in Sierra Leone."

Commenting on the event, Mr. Ndubuisi Ejiofor, MD/CEO of Bloom Bank, emphasized the institution's unwavering commitment to financial inclusion, stating, "The financial technology sector plays a pivotal role in nurturing innovation and businesses in Sierra Leone. I am delighted that this inaugural forum has been convened to address this. At Bloom Bank, we remain dedicated to supporting businesses and startups seeking to operate in the FinTech space." He further reiterated Bloom Bank's ambitious expansion plan, aiming to become one of the largest distributors of finance in Sierra Leone. Leveraging existing digital and physical channels, Bloom Bank intends to deliver banking services to every corner of Sierra Leone without the necessity of building brick-and-mortar branches.

The event featured Dr. Ibrahim Stevens, Governor of the Bank of Sierra Leone, as the keynote speaker, highlighting the crucial role of digital payments and financial inclusion in Sierra Leone's economic growth and development. Distinguished leaders from across the financial sector in Sierra Leone also graced the occasion.

2024-04-22 18:32:58 / 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.”

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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.