Bloom Bank Africa Liberia Limited and Africeller8 Empower Liberian Businesses with Financial Literacy Training

Monrovia, Liberia - July 21, 2024 

Bloom Bank Africa Liberia Limited (Bloom Bank), in partnership with Africeller8 – business accelerators based in Accra, Ghana’, organized a two-day financial literacy training program to empower local businesses. The event took place at Bloom Training Center located at Bloom Bank Africa Head Office,Sinkor, Monrovia, from July 19th to 20th, 2024.

The training, themed "Managing Finance for You and Your Business," attracted MSMEs  from various business and community groups, including the Manufacture's Union, Liberia Initiative for Transformation (LIFT), Liberia Business Association (LIBA), Liberia Marketing Associations, ELWA Palmbush Women, and Liberia Tailor Union Associations.

Mr. Lekan Balogun, CEO of Bloom Bank, emphasized the importance of financial literacy for economic growth. "At Bloom Bank, we believe that equipping individuals and businesses with financial knowledge is crucial for sustainable development. MSMEs are catalyst of economic growth, accounting for over 95% of businesses and the largest employer of labour. This training aims to provide participants with the skills they need to manage their finances effectively and make informed decisions to assure their survival and growth and mostly importantly -access to finance to scale up," said Mr. Balogun.

Ms. Sophie Nanteza, Director of Africeller8, highlighted the significance of collaboration. "Our partnership with Bloom Bank shows our commitment to fostering entrepreneurship and financial awareness. We are pleased to see such a diverse group of participants eager to learn and grow," she stated.

The sessions covered topics including budgeting, investment strategies, financial planning, and understanding credit. Participants engaged in practical exercises and discussions, applying the concepts to their specific business contexts.

Attendees provided positive feedback, appreciating the opportunity to gain valuable insights into financial management. The training offered both theoretical knowledge and practical tools for daily operations.

Bloom Bank and Africeller8 plan to continue their financial literacy initiatives, aiming to enhance the financial capabilities of individuals and businesses in the MSME space across Liberia.