Baobab Nigeria has received an affirmed ‘Bbb+’ rating from Agusto & Co., a leading Pan-African credit rating agency.

The rating showcases Baobab Nigeria’s strong financial standing and prudent management practices in the competitive microfinance industry.

This rating, which was announced last this week, highlights Baobab Nigeria’s key strengths, a solid liquidity profile and an experienced management team.

These factors position Baobab Nigeria as a reliable financial institution dedicated to serving Nigeria’s growing microfinance sector, the rating agency said.

Commenting on the rating, the Acting CEO, Eric Ntumba, said: “We are pleased with Agusto & Co.’s affirmation of our ‘Bbb+’ rating, which showcases our commitment to maintaining financial stability and operational excellence.

Our strategic focus remains on strengthening our capital base, optimising our funding structure and enhancing efficiency to better serve our customers.

“This is a step further to the impact we are looking to make in the financial services sector. Our services and offerings are strategically focused on improving lives and the economy at large and we are excited to see our impact being recognised.”

The bank said it is actively developing new products tailored to the evolving needs of its customers, ensuring that financial solutions are inclusive, flexible and aligned with market demands.