Baobab Microfinance Bank has a branch in Kano to enable petty traders have easy access to loans with affordable interest rate.
At the opening of the bank’s branch on Hadejia Road in the Kano metropolis, the Chief Executive Officer, Eric Ntumba, said the bank’s main agenda is to assist small and medium businessmen in boosting their businesses.
Ntumba, who was represented by the Head of Operations, Godwin Gabriel, said the bank has disbursed about N661 million to 510 beneficiaries, many of whom are petty traders.
He added that the bank has also disbursed N6. 3 billion as soft loans to small and medium enterprises in 15 states.
Read Also: Baobab Microfinance Bank gets ISO certification
He said the bank loans ranges from N20,000 to N50 million, and attract an affordable interest rate to account holders.
Ntumba said: “Boabob Microfinance Bank has provisions for illiterates who cannot read and write, whom we put into consideration, especially now that we employed locals within those communities to facilitate opening of their bank accounts.
“The bank, which commenced operations in 2019 to dates has 38 branches spread across 15 States, including Kano. We are within the market realities to ensure that our clients enjoy the best possible interest rate we can give them.” He outlined the major criteria of securing loan to include ownership of existing business.
“Currently, our grown portfolio book is above N29billion indicating an impressive massive growth, as well as an active clients above 25.000” Today, the capital base of the Bank is over N5 billion, far above CBN’s stipulated capital base for Micro finance banks.
“Last month alone, we disbursed to above 4000 clients, the value of almost N6.billion, which demonstrate that we are really for the small medium enterprises (SMEs) who engage in smaller level of businesses and that a lot of persons have that kind of opportunities. And the loan amount we are disbursing is between N20, 000 and N50million, “he said.
In his remarks, the Chairman of Yankaba market, Aminu Lawan commended the bank’s management for siting the bank within their neighborhood, promising to mobilise his members to patronise the bank, as well as pay back their loans as at when do to enable other members to benefit from the gesture.