-Vows to deliver tailored banking solutions designed to drive prosperity for Liberians

By Jerromie S. Walters

With an intrinsic goal to deliver tailored banking solutions designed to drive prosperity for the people of Liberia, the famous Global Bank Liberia Limited has transitioned to Bloom Bank Africa (Liberia) Limited (BBALL). The bank’s executives say the rebranding enraged with a mission 

to enable its customers to prosper and facilitate significant progress for them.

Tuesday, January 30, 2024, displayed historic scene and fond memories in the banking sector of Liberia, with the official opening of Bloom Bank Africa (Liberia) Limited (BBALL), earlier known as Global Bank. The official opening of Bloom Bank which was held at its 6th Street, Sinkor Head branch, andconglomerated officials of government, bank executives as well as scores of other individuals. Liberia’s Central Bank Governor, J. Aloysius Tarlue served as the guest speaker of the occasion and he also led the cutting of the ribbon which made the facility officially open for regular business.

Authorities of the institution say the rebranding aligns with the bank’s strategic direction following its acquisition by Oakwood Holdings Liberia Limited (OHLL). According to them, the new identity reflects the bank’s goal to become a robust, tech-driven, Pan-African bank, focused on fulfilling the diverse financial needs of its customers.

In a remark at the unveiling of the bank, Bloom Bank’s MD/CEO, Mr. Olalekan Balogun, emphasized the bank’s redefined mission: “Our focus is on enabling our customers to prosper and facilitating significant progress for them. We are committed to being a key channel for capital investment in Liberia, fostering growth for Businesses of all sizes, and supporting Liberians and their enterprises to succeed. 

He says: “We aim to provide reliable financial guidance and support, particularly to SMEs, ensuring the sustainability of these vital businesses that drive our nation’s economy.” According to Mr. Balogun, the introduction of the new brand marks the initial stage of the rebranding journey, with further exciting developments and initiatives set to follow.

Mr. Olalekan Balogun stated: “In 2022, the bank underwent some transformation, to become what is soon to be known as Bloom Bank Africa (Liberia) Limited, a member of? the esteemed Oakwood Green Africa group, with the sole aim of delivering exceptional

banking solely focused on creating value for you, our cherished stakeholders. “Bloom’ symbolizes growth, development, prosperity, and a journey from good, to better, to best. As a Bank, we are committed to nurturing businesses, individuals, and

institutions in Liberia, providing banking solutions that cater to their unique needs. Much like a flourishing flower, our bank is dedicated to delivering the right blend of capital, technology, and expertise to power the growth of businesses, support government institutions, and empower the dreams of every Liberian.”

During a media engagement following the unveiling ceremony, Mr. Olalekan Balogun, it was made known that Bloom is committed to decentralizing its service in the coming months. Impressively, he says the bank will ensure the availability of its branches across Monrovia, and other counties, while local agents will be available in every community to carry out regular transactions (withdrawal, depositing, etc…). Currently, Bloom Bank is in Mintsetrado and Grand Bass a Counties.

Through strategic partnerships with regional and international partners and leveraging the strength of the akwood Group, he says Bloom Bank will ensure the movement of finance and resources from areas of surplus to areas of deficit and be the conduit for the transformative growth the country needs, fostering growth where it’s most needed. 

Mr. Olalekan Balogun: “As a bank, we are passionate about helping businesses, individuals, and institutions in Liberia to grow and develop, by providing products that speak to their inherent needs. At the core of our strategy as a bank is to support businesses in Retail, Corporate, and Institutional banking and tailor-made treasury management solutions to empower tomorrow’s businesses. Our cash management products are designed to facilitate a seamless flow of finance across all the value chains of the business industry in Liberia,!creating value and convenience for all. Ladies and gentlemen, the banking of this century and today is no longer a place you go, but a thing you do. We are stationed to be the go-to bank for providing banking services driven by cutting-edge technology, to power your financial needs wherever you may be.”

He says they endeavor to empower Liberians and Liberian businesses to excel and achieve more. “We are particularly focused on supporting SMES – the lifeblood of our nation’s economy – by providing sound financial advice and robust support. Our mantra, “We make it happen,” epitomizes our dedication to being your partner in growth and fulfilling your life’s ambitions. Our core values- Service Excellence, Innovation, Continuous Learning, Respect, and Execution – are the pillars that underpin our commitment to excellence.”

In his keynote remark, Central Bank of Liberia (CBL) Governor Aloysius Tarlue said he is hopeful that Bloom Bank promote the government agenda and serve the state as anticipated. On the other hand, he rallied Liberians to do business with the bank. 

According to him the successful opening of the bank came to actualization through an effective collaboration between shareholders, CBl, and other institutions. He referenced challenges Global was confronted with, a situation that birthed Bloom Bank. Mr. Tarlue tells the management, “Your presence is welcomed. Our door is always open, CBL is always open, anyway, we can help you, our door is open.”

As Bloom Bank enters the banking space, Governor Tarlue referenced none performance loans, as a serious problem in the banking system in Liberia. According to him, It was up to 30 percent when he ascended to the post. However, it is now at 18 percent. Mr, Tarlue admonished Bloom to do its best in the sector, as the CBL is working to curb this challenge.

Meanwhile, as Liberians now enjoy the beginning of a new government, Bloom Bank Board Chairman Mr. Ohis OhIwerei articulated that Bloom Bank is committed to being an active partner in Liberia’s developmental journey, aligning its resources and expertise to support the government’s vision for economic growth, infrastructure development, and social upliftment.

“I extend my sincere thanks to the Central Bank of Liberia for your invaluable support during the bank’s transition, guiding us into this new phase. Our commitment to collaborating with you to advance financial inclusion in Liberia, especially in this digital age, remains unwavering. We are committed to leveraging technology and innovation to empower citizens and businesses alike, driving financial literacy and accessibility across Liberia.”

He adds, “As the saying goes, “The old order changes, yielding place to new,” and today marks the official turning point in the narrative of Global Bank Liberia Limited. As we gather to witness the unveiling of this new chapter, I warmly welcome you all to this august event. Our journey as an institution mirrors the natural progression of life, akin to a child’s growth from infancy through the various stages of development to maturity. Over the past decades, our institution has evolved from a mere concept into a robust financial entity. 

Now, he says they commit themselves to this journey of growth alongside the people of Liberia. “We are steadfast in our commitment to accompany Liberians on this path of collective growth, guiding them on this Bloom journey from seedling to sprout, bud, flower, and ultimately, to full bloom. Change and growth are the hallmarks of life. What truly matters, however, is the nature of this change and the direction of our growth.”

Mr. Ohis OhIwerei said the transformation from Global Bank Liberia Limited to Bloom Bank Africa Liberia Limited is fueled by an ardent desire to reposition themselves as a conduit for capital flows into, across, and beyond Liberia.

He extended heartfelt congratulations to President Boakai and his team on the recent election victory and commend the people of Liberia for initiating this new era of change, further solidifying Liberia’s democratic foundations. In his opinion, the changeover marks not just a transition in leadership but heralds a new chapter of growth and prosperity for Liberia. 

A Bloom Bank opening release is quoted as saying: “The bank’s new logo, featuring the resilient lotus flower, symbolizes the bank’s ability to flourish consistently. The logo incorporates blue, green, and orange, colors that represent the bank’s core values of excellence, growth, passion, and agility.”

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