• Sunday, June 23, 2024
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Baobab Nigeria disburses N229.66bn loan to MSMEs, as women takes larger share

Baobab Microfinance Bank to expand operations beyond Nigeria

Baobab Nigeria, a subsidiary of Baobab Group, financial service provider for micro, small, and medium-sized enterprises (MSMEs) has since inception in 2009, disbursed N229.66 billion in loans to support MSMEs, with women receiving about 56.3 percent of these loans compared to 40.4 percent for men.

Rotimi Oyekanmi, Baobab Nigeria’s board Chairman, announced that the financial service provider for MSMEs is ready to expand its reach and unlock new growth opportunities by leveraging its national presence and international expertise.

During a press briefing in Lagos, Oyekanmi highlighted Baobab Nigeria’s commitment to innovation, collaboration, and customer-centricity to drive sustainable development and foster inclusive economic growth across the country.

Read also: Baobab Nigeria wins BAFI award for MSME Microfinance Bank of the year

“As part of the global Baobab Group, we are confident in our ability to navigate challenges and seize opportunities to empower entrepreneurs and build a brighter financial future for all Nigerians,” Oyekanmi said.

He emphasized the company’s dedication to making a meaningful impact on the lives of millions of entrepreneurs in Nigeria and beyond, using the combined strengths of Baobab Group’s international reach and Baobab Nigeria’s local expertise.

Acting CEO Eric Ntumba noted that since its inception, Baobab Nigeria has disbursed N229.66 billion in loans to support MSMEs, with women receiving about 56.3 percent of these loans compared to 40.4 percent for men. The company has issued 343,036 loans, with an outstanding loan portfolio of N40.95 billion as of April 2024. Loan amounts range from N1,000,000 to N150 million and above.

In 2023, Baobab Nigeria achieved 112 percent of its loan disbursement target, 124 percent of its Gross Loan Portfolio (GLP) target, and 117 percent of its deposit target.

Board member Christina Reifschneider emphasized the company’s commitment to client proximity, with 38 branches across 16 states and Abuja. “We ensure entrepreneurs have easy access to financial services,” she stated. Reifschneider also underscored Baobab Nigeria’s commitment to transparency through its 7-pronged Client Protection Policy, which includes measures like preventing over-indebtedness and ensuring responsible pricing.

Reifschneider reiterated Baobab Nigeria’s dedication to empowering entrepreneurs and driving financial inclusion. The company’s products and services, such as the MyBaobabApp, Jollof+ Savings App, and Point-of-Sales machines, have created a niche in the market. This success is supported by robust IT infrastructure, high liquidity, access to funds, and strong, diverse international ownership.

“Our focus is to delight our customers, and our satisfaction surveys show they are pleased with our services,” Reifschneider concluded.