Bloom Bank Africa Liberia Limited (Bloom Bank) recently organized a two-day financial literacy training program to empower local businesses across the country.
The event took place at Bloom Training Center, located at Bloom Bank Africa Head Office, Sinkor, Monrovia, from July 19—20, 2024.
The training, themed, “Managing Finance for You and Your Business”, attracted MSMEs from a number of 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.
Speaking during the weekend, the CEO of Bloom Bank, Lekan Balogun, 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,” he said. “MSMEs are catalyst of economic growth, accounting for over 95% of businesses and the largest employer of labor.
“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,” he said.
The sessions covered topics such as budgeting, investment strategies, financial planning, and understanding credit. Participants engaged in practical exercises and discussions, applying the concepts to their specific business context.
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 operation.
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.