Baobab Microfinance Bank has for the second year running emerged as the winner of the Micro, Small and Medium Enterprises (MSME) Microfinance Bank of the Year at the 2022 Banking and Financial Institutions Awards (BAFI) organized by BusinessDay Media Limited, recently in Lagos.
Baobab Nigeria clinched the prize for its extremely successful ability to stand out from the competition in the areas of offering tailored-made financial support to MSMEs in Nigeria.
In a well-attended ceremony comprising Bank CEOs, captains of Financial Institutions, and Professional Bodies, Baobab Nigeria stood out shining from other microfinance banks in the global award category.
Speaking on the award, Kazeem Olarenwaju, managing director and CEO of Baobab Nigeria, noted; “The increasing strong demand for our services by MSME in Nigeria is being rewarded as we have invested heavily in making access to loans easy for the customers. In achieving this, we are expanding our reach both offline and online to enable more businesses to benefit from our services.
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“Already we have the Baobab app which is doing a lot of wonders in the market enabling customers to do transactions seamlessly without actually coming to the bank. We also partner with some agency bank networks to render services to those in remote areas and this is going to continue in the years ahead, we are also opening more branch networks in Port-Harcourt, Aba, and Onitsha,” he said.
This expansion has led us to disburse over N5 billion monthly to over 5000 customers in terms of credits. Our goal is to become the No 1 Microfinance Bank in Nigeria and Africa for MSME sector and that is why we are constantly building our capacity, technology, and products.”
Kazeem, noted that it has taken the visionary leadership of the Board and management of the bank and the dedication of the exceptional people, working across the organization, to deliver the successes for which Baobab Nigeria is now being rewarded yearly at the BAFI awards. We are aware the expectation of the award is for us to do more, we are poised to unleash the potential of all willing entrepreneurs in Nigeria.
Baobab MFB Nigeria also recently emerged as the winner of Leading Microfinance Bank, Nigeria 2022 by Global Brands Magazine, London., West African brands excellence Awards as most outstanding micro lending service brand of the year, Development Bank of Nigeria Award as highest impact on the North-West Zone 2021, and highest MSME Impact on the Youth MSME 2021.
BAFI Awards organized by Businessday Media has been running since 2002, and in its 10th, edition, is adjudged Nigeria’s most rigorous, prestigious, and transparent award ceremony for the Banking/Financial sector.
