Liberia: Bloom Bank Africa Launches in Liberia

Global Bank Liberia Limited has transitioned to Bloom Bank Africa (Liberia) Limited (BBALL). This rebranding signifies a commitment to delivering tailored banking solutions designed to drive prosperity for the people of Liberia.

The rebranding aligns with the bank’s strategic direction following its acquisition by Oakwood Holdings Liberia Limited (OHLL). 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.

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.

During the unveiling of the new brand, the 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. 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.

He affirmed that 'Bloom' symbolizes growth, development, prosperity, and a journey from good, to better, to best. 

Bloom Bank MD asserts, “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.” 

He declared that through strategic partnerships with regional and international partners and leveraging the strength of the Oakwood Group, they will ensure the movement of finance and resources from areas of surplus to areas of deficit and be the conduit for the transformative growth our country needs, fostering growth where it's most needed. 

“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,” Mr. Balogun stated. 

According to him, 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. 

He disclosed that the bank 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. 

Mr. Balogun added that 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. 

“Our outlook is Pan-African. This stems from the realization that Africa is the new frontier and therefore the gaps in terms of seamless trade amongst African Countries and settlement of trade transactions need to be adequately bridged, and as a solution-focused bank, we aim to be that bridge,” he said. 

“We 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.

Mr. Balogun continues, “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.”

Earlier in his keynote remark, Central Bank of Liberia (CBL) Governor Aloysius Tarlue welcomed the transition and hoped that Bloom Bank would 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. 

Governor 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 entered the banking space, Governor Tarlue referenced non performing 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. Tarlue admonished Bloom to do its best in the sector, as the CBL is working to curb this challenge.

Also speaking, Bloom Bank Africa Board Chairman, Mr. Ohis Ohiwerei, assured President Joseph Nyuma Boakai and the Government of their unwavering support. 

He said, “Our institution is committed to being an active partner in Liberia's developmental journey, aligning our resources and expertise to support the government's vision for economic growth, infrastructure development, and social upliftment.”

Mr. Ohiwerei used the occasion to extend gratitude to the Central Bank of Liberia for their invaluable support during the bank's transition, guiding them 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 said. “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.”

Mr. Ohiwerei stated that their 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. 

“Today, he said, we recommit ourselves 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.”

According to him, change and growth are the hallmarks of life. What truly matters, however, is the nature of this change and the direction of our growth. 

He told the gathering that 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, spurring exponential development and providing essential support to businesses and individuals in our beloved country.

Ohiwerei said, “As today's event unfolds, you will witness that this transition is merely the initial stride towards grander aspirations. We cordially invite you to partake in this shared vision, to contribute to building this dream alongside us.” 

At the same time, Chairman of Oakwood Green Africa, Mr, Gabriel Edgal, stressed that Global Bank Liberia's journey epitomizes dedication, resilience, and the relentless pursuit of excellence. 

“As we embrace the transition to Bloom Bank Africa Liberia Limited, we recognize a rebirth of values, a renewal of commitment, and a brighter future ahead for all Liberians,” he said.

Edgal further commended the leadership of the Central Bank of Liberia for their unwavering support that has made this transformation possible.

“With this launch, he asserts, we officially welcome Bloom Bank Africa Liberia Limited into the Oakwood Green Africa family, with a promise to leverage our collective strengths, the dynamism of the business community, the resolute spirit of the Liberian people and the staff of the bank who have joined hands to bring to birth this new chapter to deliver exceptional value for the people of Liberia.”