Baobab Nigeria has reaffirmed its commitment to MSMEs, announcing the disbursement of nearly N500 billion in loans. Key stakeholders gathered to discuss strategies for financial inclusion and sustainable growth in Nigeria’s economy. The bank emphasizes its focus on supporting entrepreneurs while maintaining robust financial health, aiming to extend services across all states in Nigeria.
Baobab Nigeria, a prominent microfinance bank, has reaffirmed its commitment to Micro, Small, and Medium Enterprises (MSMEs) during a press conference held in Lagos. The event, attended by stakeholders such as Baobab Group representatives, international partners, and regulatory bodies, served as a platform to address financial inclusion strategies and sustainable growth solutions for Nigeria’s small-medium sectors.
Philip Sigwart, Group CEO of Baobab, emphasized the bank’s dedication to empowering entrepreneurs, stating that small businesses are essential to Nigeria’s economy. He noted the importance of innovative financial services in fostering growth and supporting the economic development in Nigeria and Africa. As of December 2024, Baobab’s gross loan portfolio reached N60 billion, with a balance sheet size of N80 billion, indicating significant demand for its financial products.
Eric Ntumba, Managing Director and CEO of Baobab Nigeria, highlighted the bank’s role in promoting financial inclusion, having disbursed nearly N500 billion in loans since its inception. Baobab has served approximately 300,000 clients and contributed to business expansion while maintaining a low Portfolio at Risk. The bank’s focus on the 3Ps—Planet, People, and Profit—underscores its commitment to delivering balanced financial services.
Rotimi Oyekanmi, Board Chairman of Baobab Nigeria, reiterated the organization’s goal of enhancing financial inclusion in Nigeria by delivering high-quality financial services to underserved communities. He expressed a commitment to bridging financial gaps across regions lacking access to essential services and aims to extend operations to all 36 states in Nigeria, particularly targeting financial deserts in the future.
In conclusion, Baobab Nigeria has made significant strides in supporting the MSME sector by disbursing loans and promoting financial inclusion. The bank’s dedicated leadership and strategic focus on underserved regions reflect its commitment to fostering economic growth within Nigeria. By reinforcing its financial structures and expanding services, Baobab is poised to continue its impactful role in empowering small businesses across the nation.
Original Source: www.thisdaylive.com
