Baobab gets ISO certifications, launches three digital products

In line with its commitment to provide an exceptional experience to customers, Baobab Microfinance Bank Nigeria Limited, a subsidiary of Baobab Group, has received certification for ISO 22301(Business Continuity Management Systems) and ISO/IEC 27001 (Information Security Management Systems).

The certifications in both international standards confirm the bank’s commitment to guaranteeing customers’ data protection and transaction security.

ISO certifications are globally-recognised standards that provide guidelines for quality management, information security management, business continuity management, and other areas. The certifications in both standards (ISO 22301 and ISO/IEC 27001) have been conferred by the International Standard Organisation (ISO) on the bank after the final audit of its policies and standard operating procedures.

The certification came shortly after the bank launched three new digital products.

The two ISO certifications by the bank demonstrate its commitment to high standards and willingness to fulfill all mandatory and voluntary requirements to ensure the quality, safety, and reliability of its products and services, the bank said.

The Acting Managing Director of Baobab Nigeria expressed his satisfaction with the achievement and emphasized the Bank’s s commitment to high operational and customer service quality standards by continuously conforming to the ISO certification requirements.

“We must demonstrate by our actions, as certified by an international body like ISO, our commitment to providing quality services and adequate protection of data to our customers and stakeholders. We will continue to improve our systems and get certified in other industry certifications to further deepen our customers’ and stakeholders’ trust in us,” he said.

Unveiling the three digital products created recently, during a virtual session, the Bank’s Chief Digital Officer, Chukwuka Obike, revealed that the Bank is now offering Taka Loan for Savers, Micro-Health Insurance and POS terminals to delight valued customers.

The Chief Digital Officer, supported by other senior management staff of the Bank, disclosed that Baobab as a digitally innovative Bank has considered global trends and therefore has decided to add value to its existing and potential customers by introducing these products.
He noted that Taka for Savers is a reward scheme for customers who have diligently saved with Baobab for a minimum of six months. The product allows customers who have saved for a minimum of six months to access affordable loans as a reward for their loyalty and commitment. He noted that with the dwindling number of savings accounts in the financial sector falling to 17.7% in 2021 from 23.6% in 2011, it was important for the Bank to also introduce unique ways to ensure the savings culture is improved upon.

Also, the Bank introduced a Micro-Health Insurance product, in collaboration with AXA Mansard Nigeria, aimed at providing better insurance coverage to customers for common illnesses like Malaria and Typhoid. This offering reflects the Bank’s commitment to helping customers live healthier, more secure lives at a minimal cost.

He further revealed that in response to the recent cash crisis in the country, Baobab Nigeria is introducing POS terminals for merchants and SMEs, by enabling business owners to receive payments through alternative channels. This service is designed to enhance the convenience of banking for merchants and SMEs and promote financial inclusion.