Baobab Nigeria has announced the disbursement of nearly N500 billion in loans to support MSMEs, reaffirming its commitment to financial inclusion in Nigeria. Key stakeholders discussed strategies for fostering growth and sustainable solutions at a recent press conference. The bank has served approximately 300,000 clients, maintaining low Portfolio at Risk while expanding its financial offerings.
Baobab Nigeria, a prominent microfinance institution, has reaffirmed its commitment to fostering the growth of Micro, Small, and Medium Enterprises (MSMEs) through substantial financial support. During a recent press conference in Lagos, the bank announced it has disbursed nearly N500 billion in loans since its establishment, showcasing its role in promoting financial inclusion across Nigeria. The event was attended by various stakeholders, including representatives from the Baobab Group, international partners, and regulatory bodies, allowing for discussions on strategies to support Nigeria’s economic development.
Philip Sigwart, Group CEO of Baobab Group, emphasized the bank’s dedication to empowering entrepreneurs, stating that small businesses are the backbone of the Nigerian economy. He asserted that Baobab is committed to creating a sustainable financial ecosystem that facilitates growth, and pointed out that as of December 2024, the bank’s Gross Loan Portfolio has reached N60 billion, reflecting robust demand for its offerings.
Eric Ntumba, MD/CEO of Baobab Nigeria, highlighted the bank’s significant impact since its inception, serving nearly 300,000 clients and disbursing close to half a million loans. He noted that the growth remains sustainable, with the bank maintaining low Portfolio at Risk while significantly increasing its loan portfolio. Ntumba underscored Baobab’s commitment to the 3Ps: People, Planet, and Profit, to ensure balanced service offerings in the communities it serves.
Rotimi Oyekanmi, Board Chairman of Baobab Nigeria, discussed the mission to enhance financial inclusion in Nigeria by providing high-quality services to underserved communities. He reiterated the bank’s goal to expand its reach to all 36 states and focus on areas lacking essential financial services, ultimately bridging gaps within the financial industry.
Baobab Nigeria’s proactive engagement in empowering MSMEs through significant loan disbursements underlines its commitment to bolstering financial inclusion in Nigeria. With its robust financial portfolio and sustainable growth metrics, the bank continues to establish itself as a critical player in supporting small businesses, ensuring that underserved communities receive essential financial services. The focus on the 3Ps further enriches Baobab’s mission towards building a vibrant economic landscape across the nation.
Original Source: www.thisdaylive.com
