The Fund for Export Development in Africa (FEDA), Afreximbank’s impact investment subsidiary, has announced its investment into Bloom Africa (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.”
Source link : https://www.logupdateafrica.com/amp/supply-chain/feda-invests-in-bloom-africa-to-support-west-africa-expansion-1351889
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Publish date : 2024-04-18 07:00:00
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