For small businesses, getting money to boost your business in our part of the world is quite hectic. That opportunity is almost non-existent. That is why young entrepreneurs have come together to build an organisation that will see to it that smaller businesses also have good financial standing.
Bloom Impact is the marketplace that is offering financial services to small businesses in Ghana. It is a digital service that gives businesses access to credit and savings product through mobile phone. With Bloom Impact, those business organisations also get to know more about the whole credit and savings ecosystem and how to leverage them to the businesses’ advantage.
Bloom also works with other financial service providers in the country. With Bloom’s data-driven matching and scoring mechanism, these financial service providers benefit by way of new, qualified customers.
For instance, banks get digitally connected to SMEs that meet their requirements. This is a way for those providers to considerably cut down the costs of customer acquisition.
One exciting feature about Bloom Impact is, business owners can apply for a business loan, savings or payment account all through their mobile app.
Kweku Baah is the Operations and Growth Associate at Bloom Impact. Baah said the organisation addresses “the problem of access to finance for MSMEs (Micro, Small, Medium Enterprises) and Employment. Small businesses in emerging markets consistently cite “Access to Finance” as their greatest challenge for growth.”
Baah also hinted that the company has plans of expanding its services to Nigeria.
“We are focused on addressing this issue across Africa, we’re currently in Ghana and now expanding to Nigeria.”
“Reducing the perceived risk for these traditional lenders [banks] and introducing underbanked SMEs to the formal banking sector is the key problem we are trying to solve”, he continued.