Bloom Africa Holdings has called for stronger African institutions to facilitate trade, mobilise capital and help businesses expand across borders, as the investment group pursues plans to build a Pan-African financial services platform.
The call follows the completion of a GH¢1.13 billion strategic capital investment in Prudential Bank Limited, which received approval from the Bank of Ghana.
Board Chairman of Bloom Africa Holdings, Gabriel Edgal, said Africa’s economic progress would depend partly on the ability of its institutions to connect businesses with financing and opportunities beyond their domestic markets.
“We believe Africa’s growth must be supported by strong African institutions that can facilitate trade, mobilise capital and enable businesses to grow within and beyond their immediate markets,” Mr Edgal said.
He said Prudential Bank’s established presence in Ghana offered a foundation for the group’s wider ambitions, combining an understanding of local markets with access to capital and opportunities across the continent.
“Prudential Bank has a strong legacy in Ghana, built on a deep understanding of its customers, businesses and the market it serves. We want to build on that foundation as part of a truly Pan-African financial institution that understands local markets and the businesses that drive them, while connecting those businesses to capital and opportunities across the continent,” he added.
Bloom Africa Holdings Ghana Limited, which completed the investment, is a wholly owned subsidiary of Bloom Africa Holdings Limited, an investment holding company based in Mauritius that focuses on capital flows, trade and investment across Africa.
The group already has banking investments in The Gambia, Sierra Leone and Liberia and has plans to expand into other West African and strategic markets.
Prudential Bank investment
The GH¢1.13 billion investment strengthens Prudential Bank’s capital position and provides additional financial capacity to pursue its business strategy.
Acting Managing Director of Prudential Bank, Ebow Quayson, said the funds would support the bank’s plans to expand lending to small and medium-sized enterprises (SMEs) and corporate clients, alongside investments in technology and digital banking.
“This investment significantly strengthens Prudential Bank and enhances our capacity to deliver on the priorities we have set for the Bank,” Mr Quayson said.
He added that the capital would enable the bank to improve service delivery, accelerate its digital transformation and support the growth of its customers and their businesses.
The bank said the investment places it above the applicable regulatory minimum capital requirement. However, it has not disclosed how much of the capital will be allocated specifically to SME financing or set a target for additional lending.
Expanding across African markets
Bloom Africa’s investment in Prudential Bank comes as the group seeks to extend its presence across African financial markets.
Its existing banking interests in The Gambia, Sierra Leone and Liberia give it a presence in several West African markets, while its stated expansion plans point to a broader regional ambition.
Mr Edgal’s remarks place cross-border business opportunities at the centre of that ambition. The objective, as he described it, is to build financial institutions that understand the markets they operate in while connecting businesses to capital and trade opportunities elsewhere on the continent.
The extent to which the strategy develops into a more connected Pan-African financial platform will depend on the group’s expansion and how it builds links between its investments across different markets.
