• Thursday, June 20, 2024
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Baobab Microfinance Bank to expand operations beyond Nigeria

Baobab Microfinance Bank to expand operations beyond Nigeria

Rotimi Oyekanmi, board chairman at Baobab Microfinance Bank has said the company plans to expand its operations beyond Nigeria.

In a statement, Oyekanmi said as part of the global Baobab Group, they are confident in their ability to navigate challenges, seize opportunities to empower entrepreneurs, and build a brighter financial future for all Nigerians.

He added that the combined efforts of Baobab Group’s international reach and Baobab Nigeria’s local expertise showcase the company’s dedication to making a meaningful impact on the lives of millions of entrepreneurs in Nigeria and beyond.

Christina Reifscheider, board member and group chief financial officer of the MFB emphasised 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 said.

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Reifschneider reiterated Baobab Nigeria’s dedication to empowering entrepreneurs and driving financial inclusion.

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

Eric Ntumba, acting CEO of Baobab Microfinance Bank highlighted that since its inception, Baobab Nigeria had disbursed N229.7 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 N1m to N150 million and above,” he said.