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By Uche Usim
In line with its growth expansion agenda, Baobab Nigeria, a financial services provider for micro, small, and medium-sized enterprises (MSMEs), has said that it is ready to hoist its flag in new states in Nigeria.
The firm added that it would leverage its national presence and international expertise to showcase its services to more clients.
At a media briefing in Lagos on Friday, the company’s Chairman, Mr. Rotimi Oyekanmi, highlighted Baobab Nigeria’s commitment to innovation, collaboration, and customer-centricity to drive sustainable development and foster inclusive economic growth across the country.
“As part of the global Baobab Group, we are confident in our ability to navigate challenges and seize opportunities to empower entrepreneurs and build a brighter financial future for all Nigerians,” Oyekanmi said.
He emphasised the company’s dedication to making a meaningful impact on the lives of millions of entrepreneurs in Nigeria and beyond, using the combined strengths of Baobab Group’s international reach and Baobab Nigeria’s local expertise.
Acting CEO, Eric Ntumba, noted that since its inception, Baobab Nigeria has disbursed N229.66 billion in loans to support MSMEs, with women receiving about 56.3 per cent of these loans compared to 40.4 per cent for men. The company has issued 343,036 loans, with an outstanding loan portfolio of N40.95 billion as of April 2024. Loan amounts range from N1, 000,000 to N150 million and above.
In 2023, Baobab Nigeria achieved 112 per cent of its loan disbursement target, 124 per cent of its Gross Loan Portfolio (GLP) target, and 117 per cent of its deposit target.
Board member, Christina Reifschneider, emphasised the company’s commitment to client proximity, with 38 branches across 16 states and Abuja.
“We ensure entrepreneurs have easy access to financial services,” she stated.
