Baobab Nigeria, a microfinance bank operating in key African markets and beyond, says it will be injecting new capital and expanding its operations in Nigeria markets.
With close to N500 billion disbursed in loans to micro, small, and medium businesses since its inception, Baobab Nigeria, says it will continue to play pivotal role in fostering financial inclusion and business expansion.
Speaking during a press conference in Lagos, its Group CEO, Baobab Group, Philip Sigwart, emphasised the company’s unwavering dedication to supporting microenterprises and small businesses through impactful financial services.
“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 explained that 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.
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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Contributing further to the growth of the business, Eric Ntumba, MD/CEO of Baobab Nigeria said “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.”
Baobab further 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. This was confirmed by Rotimi Oyekanmi, the Board Chairman of Baobab Nigeria when 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.”
The assembly of the Board of Directors showcases Baobab’s leadership in the financial sector, reaffirming its mission to be a driver for entrepreneurial growth and financial empowerment. This also paves ways to further promote the mission and vision of the company to customers, giving customers a sense of hope and assurance for a better financial experience.
