Ghana’s Bloom Impact is digitizing access to finance for small African businesses

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92% of all Ghanaian businesses are MSMEs and they provide 70% of the GDP.  They rate efficient, transparent access to finance as their top problem.
Bloom Impact,a social enterprise based in Ghana aims to help that by digitizing access using its marketplace that matches the needs and qualifications of business owners with the most appropriate financial products.
Bloom Impact provides a digital marketplace for entrepreneurs to access financial products right from their smartphones by helping users create a digital profile that easily enables them to apply for loans, savings or checking accounts on the go.

Unlike manual processes by banks and micro-financial institutions in Ghana, Bloom Impact guides users through a simple, user-friendly process to submit the required customer data and it takes care of the scoring and matching automatically to determine eligibility and select the best products for them.  Apart from loans and savings, users can also access financial literacy resources in the app as well as compare terms, conditions, eligibility requirements and differences among products.

 

Users can simply take a photo of their identification and other relevant documentation, and submit through the app for verification to apply for loans in less time, risk and cost-savings for financial service providers. Since customers are already pre-qualified, through applying Bloom’s innovative technology, this reduces risks for banks, increases turn-around-time and cuts down the bank’s customer acquisition costs.  The same efficiencies and conveniences apply for Savings & Current account products also offered through the platform.

Above all, a significant impact thus far of Bloom Impact is the way in which it is changing lives by improving access to capital. Bloom Impact is working with several financial service providers such as Affinity Microfinance, Christian Community Microfinance Limited, Bank of Africa, GN Bank and Fidelity to offer credit, savings and checking account products geared to help micro and small businesses better run their activities.

To drive adoption, the firm has built partnerships with various organizations in Ghana that serve MSMEs to help it reach out to small businesses to learn about their needs in accessing financial products, areas to drive financial literacy and receive first-hand feedback.