Business
Baobab Nigeria Boosts MSMEs with N500bn in Loans, Advances Financial Inclusion
- Philip Sigwart, Group Chief Executive Officer of Baobab Group, reiterated the company’s dedication to supporting microenterprises and small businesses through impactful financial services.
- Eric Ntumba, CEO of Baobab Nigeria, emphasized the bank’s sustainable growth, which is supported by impressive financial metrics.
- The Board Chairman of Baobab Nigeria, Rotimi Oyekanmi, reaffirmed the bank’s commitment to expanding financial access across the country.
Baobab Nigeria, a prominent microfinance bank, announced that it has disbursed nearly N500 billion in loans to micro, small, and medium-sized enterprises (MSMEs), demonstrating its dedication to financial inclusion and economic growth in Nigeria, Eko Hot Blog reports.
In a statement released on Friday, the bank emphasized its commitment to assisting small businesses by offering accessible financial solutions.
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This support has facilitated the expansion of almost 300,000 businesses, promoting entrepreneurship and job creation across the country.
“With close to N500bn disbursed in loans to micro, small, and medium-sized businesses since its inception, Baobab Nigeria has consistently played a pivotal role in fostering financial inclusion and business expansion,” the company said.
During an event in Lagos, Philip Sigwart, Group Chief Executive Officer of Baobab Group, reiterated the company’s dedication to supporting microenterprises and small businesses through impactful financial services.
Sigwart emphasized that this commitment aligns with Baobab’s mission to promote financial inclusion in underserved African communities.
“At Baobab, we recognise that small businesses are the backbone of the Nigerian economy. We are committed to building a sustainable and inclusive financial ecosystem that empowers entrepreneurs.
“By continuously innovating and expanding our services, we reinforce our mission to provide accessible financial solutions that fuel growth and economic development in Nigeria and across Africa,” he said.
Baobab Nigeria has established a solid financial foundation to maintain its growth momentum.
As of December 2024, the bank reported a gross loan portfolio of N60 billion, indicating strong demand for its financial products, and a balance sheet size of N80 billion.
Eric Ntumba, CEO of Baobab Nigeria, emphasized the bank’s sustainable growth, which is supported by impressive financial metrics.
“Our growth is quite sustainable because when we look at our quality metrics, we have managed to keep a very low portfolio at risk while almost doubling our loan portfolio in just one year.
“At Baobab, we are also focused on the three Ps: Planet, People, and Profit. These principles drive us to ensure we provide balanced services to the various communities we serve,” he said.
Baobab further seeks to deepen financial inclusion in Nigeria by providing best-in-class financial services to underserved and unbanked populations at the grassroots level.
The Board Chairman of Baobab Nigeria, Rotimi Oyekanmi, reaffirmed the bank’s commitment to expanding financial access across the country.
“Our commitment to promoting financial inclusion in Nigeria remains at the core of our mission,” Oyekanmi said. “We aim to bridge gaps in the financial industry by expanding opportunities to underserved states and regions lacking access to essential financial services.
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“In the coming years, one of our key objectives is to extend our reach across all 36 states in Nigeria, with a clear focus on financial deserts.”
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