19 March 2018

Nigeria: Microcred Rebrands, Now Baobab Mfb

Microcred Nigeria, a subsidiary of Microcred Group, operating in Africa and China has concluded its transition to a new brand name-

Baobab Microfinance Bank Nigeria as it aims at providing improved products

and services to meet the need of its customers.

Announcing the transition at an unveiling ceremony in Lagos, Chief Executive Officer of Baobab Microfinance Bank, Mr. Kazeem Olanrewaju, said since 2010, the bank had developed a network of seven branches in

Kaduna and Lagos, and currently serving more than 65, 000 customers.

He said the company is dedicated to delivering value for a sustainable benefit of its customers and businesses.

"To do so, a wide range of products: loans, savings plans and savings accounts, and innovative products such as TAKA, a nano-loan which

offered to existing customers by SMS and which is available immediately with no further documentation," Olanrewaju said.

The company also introduced another product called 'AJO account,' a monthly savings

plans which allows a customer to choose any period convenient for him, while enjoying a high remuneration rate from his monthly contribution.

The CEO noted that the bank would deploy digital banking mechanisms to guarantee customers uninterrupted banking experience.

He added: "The whole idea is to have a bank with you anywhere you are: in your home, as you travel, in your business place. The conventional

bank that you have today is such that you need to go to the bank.

"That is what we're taking away. When you hear the word 'digital bank', it's the fact that we're saying that you can operate your bank at any time.

"If you like, wake up in the midnight, the bank is available for you. So that's one of the things we shall be doing differently."

Also speaking, Group Chief Operating Officer, Baobab, Mr. Charles Gill, said the bank has a secured foundation, describing it as one of the

leading providers of financial services in Africa.

"We have a strong relationship with, and deep understanding of our customers; and we aim to build on that to help our customers unleash

their potential wherever they are, and however they access finance," Gill noted.

Nigeria

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