Baobab Nigeria, a leading microfinance bank dedicated to empowering small businesses and individuals through financial solutions, over the weekend reiterated its commitment to Micro, Small and Medium Enterprises (MSMEs) across Nigeria.
The bank stated this during a press conference in Lagos where its board of directors reaffirmed Baobab's commitment to Nigeria's financial sector and economic growth.
The event brought together key stakeholders, including representatives from the Baobab Group, international partners, industry leaders, and regulatory bodies. The engagement provided a platform to discuss strategies, financial inclusion policies, and sustainable solutions aimed at fostering the growth of Nigeria's small-medium sectors.
Speaking at the event, the Group CEO, Philip Sigwart, Baobab Group emphasised the company's unwavering dedication to supporting microenterprises and small businesses through impactful financial services.
He said, "At Baobab, we recognize 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. Baobab Nigeria has built a robust financial structure to sustain its growth trajectory. As of December 2024, the bank's Gross loan portfolio (GLP) stands at N60 billion, reflecting strong demand for its financial products and the bank's Balance sheet size stands at N80 billion."
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Speaking on the growth of the business, MD/CEO of Baobab Nigeria, Eric Ntumba said, "With close to N500 billion disbursed in loans to micro, small, and medium businesses since its inception, Baobab Nigeria has consistently played a pivotal role in fostering financial inclusion and business expansion. Since inception, the bank has successfully served close to 300,000 clients and disbursed close to half a million loans in number. These efforts align with Baobab's mission to provide accessible financial services to underdeveloped African communities. 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 3ps including the Planet, People and Profit. These are our driving force to ensure that we provide balanced services in the various communities we reside in."
Board Chairman of Baobab Nigeria, Rotimi Oyekanmi, said Baobab seeks to foster financial inclusion in Nigeria focusing on providing best-in-class financial services to the underserved and the unserved at the grassroots level.
He said, "Our commitment to promoting financial inclusion in Nigeria is one we keep at the core of our heart. We aim to bridge gaps in the financial industry by expanding opportunities to underserved states and regions lacking access to essential financial services. 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."
