Baobab Nigeria, a microfinance bank dedicated to empowering entrepreneurs, said it is committed to supporting small businesses. It started this at an event hosted by the board of directors, reaffirming in Lagos.
The event, held at Radisson Blu Anchorage, 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.
With close to N500 billion disbursed in loans to micro, small, and medium businesses since its inception, Baobab Nigeria said it is poised to continue to play a pivotal role in fostering financial inclusion and business expansion.
Since its inception, the bank said it has successfully disbursed half a million loans to 300,000 customers.
Speaking at the event, the Group CEO of Baobab Group, Philip Sigwart, emphasized 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 said.
Baobab, he said, has built a robust financial structure to sustain its growth trajectory. As of December 2024, the bank’s gross loan portfolio (GLP) stood at N60 billion, reflecting strong demand for its financial products and the bank’s balance sheet size stands at N80 billion.
MD/CEO of Baobab Nigeria, Eric Ntumba, 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 – planet, people and profit. These are our driving force to ensure that we provide balanced services in the various communities we reside in.”
Baobab also 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, said the Board Chairman of Baobab Nigeria, Rotimi Oyekanmi.
“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,” Oyekanmi.
