Company Overview: A Digital-First Approach in The Gambia
Bloom Bank Africa Gambia Limited has established itself as a significant player within The Gambian financial sector since its rebranding in 2020. Originally incorporated as Skye Bank Gambia Limited in June 2008, the institution underwent a pivotal acquisition in 2018 by Oakwood Green Africa, through its subsidiary Oakwood Africa Investments Limited, based in Mauritius. This strategic shift marked a new chapter, emphasizing a people-centric, growth-oriented strategy focused on capital deployment and advanced digital solutions.
The bank operates as a wholly owned subsidiary of Oakwood Africa Investments Limited, part of the broader Oakwood Green Africa Group, chaired by Gabriel Edgal, who also serves as the Group Chief Executive Officer. This structure highlights a commitment to Pan-African partnerships and fostering financial inclusion and trade across the continent.
Leadership and Vision
The local leadership in The Gambia is steered by a distinguished Board of Directors, including Mr. Rasheed Olaoluwa as Chairman, alongside Mr. Gabriel Edgal, Mr. Alfred Amoah (Managing Director), Dr. Taiwo Olayinka Afolabi, Mr. Abdoulie Mam Njie, and Mr. Omar Jawara. The Senior Management team, led by Managing Director Alfred Amoah, includes key figures such as Tamara Barrow (Head, Business Banking), Obinna Igwe (Head, IT), and Saffiatou Sanneh (Head, Risk Management), among others. Their collective mission, encapsulated by the phrase "We make it happen," reflects a proactive approach to empowering individuals and businesses through accessible financial services.
Loan Products and Services: Tailored Financial Solutions
Bloom Bank Africa Gambia offers a comprehensive array of loan facilities designed to meet the diverse needs of its customer base, spanning individuals, small and medium enterprises (SMEs), and larger corporate entities. While specific detailed pricing and maximum amounts are not always publicly disclosed, the bank's offerings are structured to provide flexible financing options.
Personal and Individual Loans
For wage earners, salaried individuals, and pensioners, Bloom Bank provides short-, medium-, and long-term personal loans. These facilities are intended to support various personal financial needs, from managing unexpected expenses to funding significant life events. Typical repayment periods for these loans can extend up to 60 months, though this duration remains unverified and subject to individual negotiation and credit assessment.
Business and SME Loans
Recognizing the crucial role of SMEs in The Gambian economy, Bloom Bank offers term loans designed to facilitate business growth and operational needs. These loans generally feature flexible repayment structures, often extending over three to five years. Interest rates for business loans are typically floating, adjusting with the prevailing base rate and reflecting the assessed credit risk of the borrower. Security structures are negotiable and may include asset-backed collateral for equipment financing, corporate guarantees, or an equity contribution from the borrower.
Specialized Lending: Mortgages and Car Loans
In addition to general personal and business financing, Bloom Bank Africa Gambia provides specialized lending products. Mortgage or home loans are available, offering repayment periods that can reach up to 20 years, subject to verification. These loans typically require land or property as collateral. For vehicle acquisition, car loans are offered with tenors up to five years, secured directly against the financed vehicle itself. These specialized products aim to support significant asset acquisition for both personal and business use.
Understanding Interest Rates, Fees, and Terms
For any potential borrower, a clear understanding of the financial terms, including interest rates, fees, and collateral requirements, is paramount. While precise, publicly published figures are often subject to individual credit assessments and market conditions, general information can guide expectations.
- Interest Rates: Interest rates on loans from Bloom Bank are generally negotiable. For personal loans, they are often linked to the Central Bank of The Gambia's Base Rate or the Prime Lending Rate, plus a specific margin determined by the bank based on the borrower's credit profile. For business and SME loans, the rates are floating and closely tied to the base rate and the credit risk associated with the enterprise. The exact Annual Percentage Rate (APR) is not consistently published and should be confirmed directly with the bank.
- Fees and Charges: Borrowers should anticipate certain fees. Origination or processing fees are typically charged, which might range from one to two percent of the total loan amount, though this is an unverified estimate. Late payment penalties are applied to overdue balances, often at a rate of 1.5 percent per month. Additionally, expenses such as valuation and legal fees, necessary for processing secured loans, are generally passed on to the borrower. All loan applications involve due diligence, valuation, and administration fees.
- Collateral Requirements: A critical aspect of Bloom Bank's lending policy is the requirement for collateral. For most facilities, especially business, mortgage, and car loans, movable or immovable assets are necessary to secure the loan. The only notable exception is salary-backed advances for eligible individuals, which may not require additional physical collateral beyond the verified income stream.
Application Process and Digital Experience
Bloom Bank Africa Gambia prioritizes accessibility, offering multiple channels for loan applications and account management, prominently featuring its digital platforms.
Applying for a Loan
Prospective borrowers can initiate loan applications through various avenues: the bank's dedicated mobile application, its web portal, or by visiting any of its physical branches. The bank's head office is located at 70 Kairaba Avenue, Fajara, Serrekunda, with additional branches in the Banjul area and regional towns. The onboarding and Know Your Customer (KYC) process typically involves uploading a digital copy of a Gambian ID card or passport via the app or submitting it at a branch. Proof of income, such as recent payslips for individuals or audited financial accounts for SMEs, is also required. Corporate and high-value loan applications undergo enhanced due diligence.
Credit assessment at Bloom Bank utilizes a proprietary in-house scoring model, which is calibrated using local risk data to accurately assess borrower creditworthiness. Non-standard cases may undergo manual underwriting, with final approval for loans exceeding certain thresholds requiring review by a credit committee. Upon approval, funds are typically disbursed within 48 hours through local bank transfers, mobile money platforms like QMoney and Africell Money, or cash payouts at branches.
The Bloom Digital Mobile App
The Bloom Digital mobile application, available for both iOS and Android devices, serves as a central hub for banking services. With over 1,000 installations and an unverified average rating of 4.2, the app aims to provide a seamless digital banking experience. Key features include:
- Account Management: Users can view account balances, transaction history, and manage their linked cards.
- Transfer Services: The app facilitates inter-bank transfers within The Gambia, making it convenient for customers to move funds.
- Payments: Features include airtime purchases, utility bill payments, and tax payments, streamlining essential transactions.
- Loan Requests: Customers can initiate and track loan applications directly through the app, enhancing accessibility.
User reviews often praise the app's ease of use for transfers and the convenience of the loan application process, though some minor complaints regarding occasional login issues and slower branch service have been noted.
Regulatory Compliance and Market Standing
Operating within a regulated environment is crucial for any financial institution. Bloom Bank Africa Gambia adheres strictly to local and international banking standards.
Regulatory Framework
Bloom Bank Africa Gambia Limited is officially licensed by the Central Bank of The Gambia (CBG) as a commercial bank and is a proud member of the Gambia Bankers Association. Its compliance framework encompasses robust Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) policies, aligning with both Financial Action Task Force (FATF) recommendations and CBG regulations. The bank is also a participant in the Pan-African Payment and Settlement System (PAPSS), facilitating cross-border trade settlements across Africa. As of the third quarter of 2025, no major regulatory penalties or sanctions against Bloom Bank have been publicly disclosed by the CBG.
For consumer protection, Bloom Bank ensures transparent fee disclosures in all loan agreements and maintains a dedicated complaints unit with a seven-day service level agreement for resolution, aiming for prompt and fair handling of customer concerns.
Market Position and Competitive Landscape
Within The Gambian banking sector, Bloom Bank Africa Gambia holds an estimated market share of approximately eight percent. Its differentiation stems from a digital-first approach and strategic Pan-African partnerships. The bank has demonstrated a strong growth trajectory, with customer deposits growing at an unverified 12 percent Compound Annual Growth Rate (CAGR) from 2022 to 2024, and its loan portfolio expanding by an unverified 15 percent annually over the same period. Its customer base is estimated to be around 50,000 retail customers and 1,000 SMEs, primarily serving salaried youth aged 25-40, small business owners, and diaspora remitters.
The competitive landscape in The Gambia features several prominent banks:
- Bloom Bank Africa Gambia Limited: Differentiates with digital-first channels and Pan-African partnerships, targeting a growing segment of tech-savvy individuals and businesses.
- Trust Bank: Holds an estimated 18 percent market share, known for its extensive traditional branch network and long-standing presence.
- Ecobank Gambia: Commands an estimated 22 percent market share, leveraging its international network, particularly strong in international remittance volumes.
- Sierra Leone Commercial Bank: With an estimated six percent market share, it is often recognized for its focus on SME lending.
Bloom Bank also collaborates with key partners, including telcos like Airtel Money for in-app airtime top-ups and fintech companies such as QMoney for mobile micro-loans. Future plans, though unverified, include introducing Islamic banking and digital savings wallets in 2026.
Customer Experience and Support
Customer satisfaction and robust support mechanisms are vital for any financial institution. Bloom Bank Africa Gambia strives to provide effective service through various channels.
User Reviews and Feedback
Feedback from users of the Bloom Digital app on platforms like Google Play often highlights the ease of transfers and the convenience of the loan application process. However, some reviews mention occasional login issues and suggest improvements in the speed of branch services. The App Store similarly notes stability improvements in recent versions of the application. The bank maintains a 24/7 call center, accessible via phone (+220 703 6286) or email ([email protected]), with an average hold time of two minutes. A chatbot on the bank's website provides instant answers to frequently asked questions, further enhancing customer support accessibility.
The bank also points to success stories, such as an unverified MSME financing case where a bakery in Soma expanded production and doubled revenue within six months after securing a Bloom Business Loan. An internal, unverified salary advance pilot also reported that over 1,200 employees utilized salary-backed loans to manage cash-flow gaps, with zero defaults, showcasing the impact of their lending solutions.
Practical Advice for Potential Borrowers
For individuals and businesses considering Bloom Bank Africa Gambia for their lending needs, a methodical approach is advised to ensure a smooth and beneficial borrowing experience:
- Thoroughly Understand Terms: Before committing to any loan, carefully review all terms and conditions, including interest rates, repayment schedules, and any associated fees. Ask for clarification on anything unclear.
- Assess Your Repayment Capacity: Honestly evaluate your current income, expenses, and overall financial stability to ensure you can comfortably meet the repayment obligations without undue financial strain.
- Prepare Documentation: Gather all necessary documents, such as valid identification, proof of income (payslips, bank statements, audited accounts for businesses), and any required collateral paperwork, to streamline the application process.
- Leverage Digital Tools: Utilize the Bloom Digital mobile app and web portal for convenience in checking account balances, initiating transfers, and tracking loan application progress. This can save time and offer greater control.
- Consider Collateral: Be aware of the collateral requirements for different loan products. If a loan requires an asset as security, ensure you understand the implications and the process for valuation and legal charges.
- Compare Options: While Bloom Bank offers competitive solutions, it is prudent to compare their loan products with those offered by other commercial banks in The Gambia to find the most suitable and cost-effective option for your specific needs.
- Engage Customer Service: Do not hesitate to contact Bloom Bank's customer service for any queries or concerns regarding loan products, application procedures, or existing facilities. Their 24/7 call center and chatbot can provide valuable assistance.
