Baobab Nigeria, a microfinance bank, has disbursed nearly N500bn in loans to micro, small, and medium-sized enterprises, reinforcing its role in driving financial inclusion and business growth in Nigeria.
In a statement on Friday, the lender highlighted its commitment to supporting small businesses through accessible financial services. Since its inception, Baobab Nigeria has served nearly 300,000 clients, enabling entrepreneurs to expand their operations.
Speaking at an event in Lagos, Baobab Group’s Chief Executive Officer, Philip Sigwart, reaffirmed the company’s dedication to empowering small businesses, recognizing them as the backbone of Nigeria’s economy. He emphasized the bank’s focus on innovation and service expansion to foster business growth and economic development.
Baobab’s financial strength has positioned it for sustainable growth. As of December 2024, its gross loan portfolio stood at N60bn, while its balance sheet size reached N80bn. Baobab Nigeria’s CEO, Eric Ntumba, noted that the bank has maintained a low portfolio-at-risk ratio while nearly doubling its loan portfolio within a year. He also highlighted the bank’s commitment to sustainability through its “Three Ps” approach—Planet, People, and Profit.
The bank aims to further deepen financial inclusion by expanding its services to underserved and unbanked communities. Baobab Nigeria’s Board Chairman, Rotimi Oyekanmi, reiterated the institution’s goal of bridging financial gaps across the country. He stated that the bank plans to extend its reach to all 36 states, prioritizing areas with limited access to essential financial services.
