Baobab Nigeria, a microfinance bank focused on empowering small businesses and individuals, says almost N500 billion has been disbursed since operation commenced in 2009.
The microfinance bank announced the figure while reiterating its commitment to supporting micro, small, and medium-sized enterprises (MSMEs) during a press conference held in Lagos, on Friday.
Baobab’s board of directors, representatives from the Baobab Group, international partners, industry leaders, and regulatory bodies were present at the press conference.
The company said the event provided a platform for discussions on strategies, financial inclusion policies, and sustainable solutions to support the growth of Nigeria’s small and medium-sized sectors.
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“With close to N500 billion disbursed in loans to micro, small, and medium businesses since its inception, Baobab Nigeria has consistently played a pivotal role in fostering financial inclusion and business expansion,” the statement reads.
“Since inception, the bank has successfully served close to 300,000 clients and disbursed close to half a million loans in number. These efforts align with Baobab’s mission to provide accessible financial services to underdeveloped African communities.
Speaking at the event, Philip Sigwart, the group chief executive officer (GCEO) of Baobab Group, emphasised the company’s dedication to supporting microenterprises and small businesses through impactful financial services.
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“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,” Sigwart said.
“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.”
The statement added that Baobab has built a robust financial structure to sustain its growth trajectory.
Baobab said as of December 2024, its gross loan portfolio (GLP) had reached N60 billion, indicating high demand for its financial products, while its balance sheet size stood at N80 billion.
Contributing to the business growth, Eric Ntumba, managing director and CEO of Baobab Nigeria, said the company’s expansion remains sustainable, as it has successfully maintained a low portfolio at risk while nearly doubling its loan portfolio within a year.
BAOBAB PLEDGES TO BRIDGE GAPS IN FINANCIAL INDUSTRY
Rotimi Oyekanmi, board chairman of Baobab Nigeria, reaffirmed the bank’s mission to bridge financial gaps and expand opportunities for those in need.
“We aim to bridge gaps in the financial industry by expanding opportunities to underserved states and regions lacking access to essential financial services,” Oyekanmi said.
“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.”
Baobab said bringing together its board of directors highlights its leadership in the financial sector, reinforcing its commitment to driving entrepreneurial growth and financial empowerment.
