Microcred launches new brand identity
Microcred Nigeria, a subsidiary of Microcred Group has unveiled to the Nigerian market its new group-wide brand known as Baobab Microfinance Bank Nigeria (BMBN).
The group, known for its digital inclusion activities, operating across Africa and China, at the launch in Lagos, at the weekend, noted that the transition was appropriate as it came at a time when the company has developed an ambitious and far reaching strategy to digitise and grow across it existing footprints.
The Group Chief Operating Officer, Baobab, Charles Gill, said the company refreshed its brand and visual identity to reflect the expansion of the product range beyond the provision of credit to micro-entrepreneurs as it now serves over 65,000 customers in Nigeria.
It also provides a wider service offering to a broader range of 650,000 customers across 10 markets.
“We have come a long way since we started operations 13 years ago. We have built secure foundations and become one of the leading providers of financial services in Africa.
“The business her in Nigeria is strong and growing rapidly. We have a strong relationship with, and a deep understanding of, our customers, and we aim to build on that to help our customers unleash their potentials wherever they are and however they access finance,” he said.
The Group Chairman, Baobab Nigeria, Ben Zwinkel, also noted that the bank has a system, which gives credit and offer small loans to local people without any collateral.
“We have a better system in educating our loan managers of ways to identify right entrepreneurs so that we can avoid collaterals. Nigeria for me is a fantastic country with entrepreneurs that are very dynamic and creative which we are very proud of.
“We previously focused in Kaduna and now Lagos, and we are expanding further to other states of the country especially in the areas where we can bring in the micro finance and make it a model of helping the bottom of the pyramid.”
The Chief Executive Officer, BMBN, Kazeem Olanrewaju, stated that part of the bank’s vision was to be with their customers anywhere they are unlike the conventional banks.
He maintained that the bank disbursed their first loan in Nigeria in 2010 in Kaduna State and obtained a National License in January 2016, which gave the company permission to operate in all states of the Federation.
“Operations commenced in Lagos in May 2016. In 8 years, we have developed a network of 7 branches in Kaduna, and 10 branches in Lagos and more are to be opened as we are getting closer to our 65,000 existing customers and to all the future ones.
“Because the needs and dreams of our customers evolve, our identity is changing to reflect this evolution. This is why Microcred has become Baobab.
“Our Group has recently appointed as Chairman of the Supervisory Board, the former Group Chief Executive of Ecobank Group and former Partner at Africa Capital Alliance, Arnold Ekpe, who is providing his expertise on financial inclusion, in growing pan African financial institutions and leveraging technology for operational improvement,” he added.
Olanrewaju reiterated that since inception of the firm, Baobab have disbursed over 112,000 loans to the tune of about N31.6 billion, is committed to delivering value for the sustainable benefit of its customers, their families and their businesses and have employed over 3,800 employees operating in China and Africa.
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