Aguto & Co, a leading pan-African credit rating agency has affirmed a Bbb+ rating to Baobab Nigeria.
The rating showcases Baobab Nigeria’s strong financial standing and prudent management practices in the country’s competitive microfinance industry.
It also highlights the microfinance bank’s key strengths, solid liquidity profile, and an experienced management team which position it as a reliable financial institution.
“We are pleased with Agusto & Co.’s affirmation of our ‘Bbb+’ rating, which showcases our commitment to maintaining financial stability and operational excellence,” said Eric Ntumba, acting CEO, Baobab Nigeria.
“Our strategic focus remains on strengthening our capital base, optimising our funding structure, and enhancing efficiency to better serve our customers.”
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He said the rating is a step further to the impact the bank is looking to make in the financial services sector.
“Our services and offerings are strategically focused on improving lives and the economy at large and we are excited to see our impact being recognized.”
The bank has demonstrated resilience and adaptability despite the challenging macroeconomic environment characterised by high inflation and intense industry competition, he noted.
It is actively developing new products tailored to the evolving needs of its customers, ensuring that financial solutions are inclusive, flexible, and aligned with market demands, he added.
According to him, the bank constantly implements measures to reinforce its financial position and leverages technology and digital solutions to drive operational efficiency, ensuring seamless financial services for its customers.
Baobab Nigeria continues to play a pivotal role in Nigeria’s financial inclusion drive, providing accessible and sustainable financial solutions to individuals and small businesses. This rating further reinforces the bank’s credibility and long-term growth prospects.
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