Baobab Nigeria has disbursed nearly N500 billion in loans to MSMEs and aims to expand financial inclusion across Nigeria. The bank’s leaders reiterate their commitment to support local entrepreneurs and serve underserved regions as part of their mission to empower communities economically.
Baobab Nigeria, a prominent microfinance bank, recently reaffirmed its commitment to empowering Micro, Small, and Medium Enterprises (MSMEs) at a press conference in Lagos. The event was attended by stakeholders from the Baobab Group, regulatory bodies, and industry leaders to discuss strategies to enhance financial inclusion and sustainable growth for Nigeria’s small business sector.
Philip Sigwart, Group CEO of Baobab, emphasized the importance of supporting small businesses, stating that they are critical to Nigeria’s economy. He highlighted the bank’s mission to create a sustainable financial ecosystem that empowers entrepreneurs through accessible financial solutions, which contributed to a Gross Loan Portfolio of N60 billion by December 2024.
Eric Ntumba, MD/CEO of Baobab Nigeria, reported that the bank has disbursed nearly N500 billion in loans to MSMEs since its inception, helping close to 300,000 clients. He noted the bank’s sustainable growth and commitment to maintaining low portfolio risk metrics while expanding its services. Baobab’s focus includes environmental and community considerations across its operations.
Rotimi Oyekanmi, Chairman of the Board, stated Baobab’s mission centers on fostering financial inclusion among underserved communities. He emphasized the bank’s goal to expand its services to all 36 Nigerian states, particularly targeting areas lacking essential financial services. Their dedication to bridging financial gaps remains a key focus for future operations.
Baobab Nigeria continues to play a significant role in enhancing financial inclusion and supporting MSMEs through substantial loan disbursements. With a robust financial structure and a commitment to sustainable growth, the bank aims to broaden its reach and provide essential services across Nigeria. The emphasis on empowering underserved communities illustrates Baobab’s dedication to fostering economic development in the region.
Original Source: www.thisdaylive.com
