In line with its vision to bolster Micro Small and Medium Enterprises (MSMEs), Baobab Nigeria, a microfinance bank, said it has loaned out close to N500 billion to various small businesses in Nigeria, in recognition of their strategic place in job creation and growth enhancement.
This was disclosed by the Group Chief Executive Officer of the company, Philip Sigwart, at a media briefing in Lagos at the weekend.
He said: “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 noted that Baobab Nigeria has established a solid financial foundation to sustain its growth momentum. As of December 2024, the bank’s Gross Loan Portfolio (GLP) has surged to N60 billion, underscoring the strong demand for its financial solutions. Additionally, the bank’s balance sheet has expanded to N80 billion, reflecting its resilience and strategic financial positioning.
Also speaking at the event, the Managing Director Chief Executive Officer of the company, 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 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.”
He emphasised Baobab Nigeria’s dedication to advancing financial inclusion by providing world-class financial services to the underserved and unbanked, particularly at the grassroots level.
He added that the firm, with a vision to bridge economic disparities, was totally committed to empowering communities with seamless access to essential financial solutions, fostering sustainable growth and prosperity.
Corroborating, the Board Chairman of Baobab Nigeria, Rotimi Oyekanmi, emphasised Baobab Nigeria’s dedication to advancing financial inclusion by providing world-class financial services to the underserved and unbanked, particularly at the grassroots level. With a vision to bridge economic disparities, the institution is committed to empowering communities with seamless access to essential financial solutions, fostering sustainable growth and prosperity.
“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 event convened key stakeholders, including representatives from the Baobab Group, international partners, industry leaders, and regulatory bodies. It served as a dynamic platform for discussions on financial inclusion policies, strategic innovations, and sustainable solutions aimed at accelerating the growth of Nigeria’s small and medium-sized enterprises (SMEs).
Since its inception, Baobab Nigeria has remained a driving force in financial inclusion and business expansion, disbursing nearly N500 billion in loans to micro, small, and medium enterprises. With a client base nearing 300,000 and close to half a million loans disbursed, the institution continues to empower businesses and entrepreneurs. These milestones underscore Baobab’s unwavering mission to deliver accessible and transformative financial services to underserved communities across Africa.