Business and Economy

Bloom Africa Holdings Limited secures investment from Fund for Export Development in Africa (FEDA)

The Fund for Export Development in Africa (FEDA), Afreximbank’s impact investment subsidiary, has made an investment in Bloom Africa Holdings Limited (BAHL), a financial services platform operating in West Africa. BAHL owns interests in multiple financial institutions in Gambia, Sierra Leone, and Liberia, operating as Bloom Bank Africa. These institutions offer a wide range of services to various clients, including retail and corporate customers, SMEs, and the public sector. BAHL provides tailored banking services and promotes financial inclusion and trade through innovative outreach programs and accessible products.

FEDA’s investment aims to support BAHL’s expansion efforts in the financial services sector. This investment will help BAHL enhance its platform and services across West Africa, contributing to the development and strengthening of the region’s financial services landscape. It will also foster economic growth and innovation.

Gabriel Edgal, Director of BAHL and Group CEO and Chairman of Oakwood Green Africa, an associate company of BAHL, expressed his satisfaction with the completion of this transaction. He mentioned that FEDA’s investment will strengthen their activities in Gambia and their goal to replicate this success in other countries.

Marlène Ngoyi, the Chief Executive Officer of FEDA, expressed her satisfaction in joining forces with BAHL to facilitate the group’s expansion into new territories. This transaction represents the culmination of several years of fruitful collaborations, where BAHL has played a pivotal role in implementing significant Afreximbank initiatives such as the Pan-African Payment and Settlement System (PAPSS) and MANSA (a comprehensive customer due diligence repository for financial institutions) across Africa. The progress of BAHL will be closely intertwined with the advancement of these crucial initiatives.

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