Baobab Nigeria Disburses N500bn Loans, Reinforces Commitment to MSMEs

Baobab Nigeria reaffirms its commitment to MSMEs by disbursing N500 billion in loans, highlighting its dedication to financial inclusion and economic growth. The bank aims to expand its services across all 36 states, focusing on underserved areas, as stated by its executives during a recent press conference.

Baobab Nigeria, a prominent microfinance institution, is staunchly dedicated to empowering Micro, Small, and Medium Enterprises (MSMEs) throughout the country. This commitment was reaffirmed during a recent press conference in Lagos, attended by key stakeholders, including Baobab Group representatives and industry regulators. The event facilitated discussions on strategies and financial inclusion policies aimed at enhancing the growth of Nigeria’s small and medium enterprise sectors.

At the event, Group CEO Philip Sigwart highlighted Baobab’s unwavering dedication to providing financial services that support entrepreneurs. He stated, “At Baobab, we recognize that small businesses are the backbone of the Nigerian economy.” The bank’s strong performance is reflected in its Gross Loan Portfolio of N60 billion, while its balance sheet size is recorded at N80 billion as of December 2024.

Managing Director and CEO Eric Ntumba discussed the significant impact Baobab has had since its inception, disbursing close to N500 billion in loans to nearly 300,000 clients. He noted the importance of maintaining a low Portfolio at Risk while doubling the loan portfolio in a year. He asserted, “At Baobab, we are also focused on 3ps including the Planet, People and Profit.”

Board Chairman Rotimi Oyekanmi expounded on the bank’s aim to enhance financial inclusion by providing premier financial services to underserved and unserved communities. He emphasized the importance of bridging gaps in the financial industry and stated, “Our commitment to promoting financial inclusion in Nigeria is one we keep at the core of our heart.”

The bank plans to extend its reach across all 36 states in Nigeria, focusing on financial deserts to ensure access to crucial financial services.

In summary, Baobab Nigeria emphasizes its vital role in promoting MSMEs by disbursing N500 billion in loans, thereby ensuring financial inclusion across the nation. The commitment of the organization, led by its executives, aims to create a sustainable financial ecosystem that prioritizes underserved communities. With ambitious plans to expand across Nigeria, Baobab is poised to continue its influential work in enhancing economic growth and accessibility to financial services.

Original Source: www.thisdaylive.com