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Charles Nwaoguji
The Chief Executive Officer of BaoBaB Microfinance Limited, Mr. Kazeem Olanrewaju Rashid. has said that the bank disbursed N40billion to Small and Medium Enterprises (SMEs) within 10 years to boost economic activities in the country.
Rashid, who stated this in a chat with Daily Sun in Lagos recently, stated that this became possible because of its management’s hard work in providing cheaper funding for its customers, which resulted in reduction of interest rate.
Apart from the reduction in interest rate, he explained that the institution is supporting SMEs’ development in order to facilitate employment generation and poverty alleviation.
He noted that the bank has been at the centre of driving creativity, capacity and capital for SMEs in recognition of their immense contribution to national development. We would also continue to ensure that we provide the necessary opportunities and collaborations to empower our women and youths to become successful business leaders of tomorrow”, he said.
The BaoBaB boss, who explained that the meaning of BaoBaB as a tree that provides shelter, said the financial institution , formerly known as microcred, has grown beyond loan to other product offerings.
He stated that its customers would have enough funds to grow their businesses as its product offerings include mini micro loans ranging from N20,000 to N99,000; N100, 000 to N500,000; and SME loans, which ranges from N500,000 to N40 million.
