Baobab Nigeria, a subsidiary of Baobab Group, has significantly impacted the micro, small, and medium-sized enterprises (MSMEs) sector since its inception in 2009. The financial service provider has disbursed N229.66 billion in loans, with women receiving 56.3 percent of these funds compared to 40.4 percent for men.
During a press briefing in Lagos, Baobab Nigeria’s board Chairman, Rotimi Oyekanmi, announced the company’s plans to expand its reach and unlock new growth opportunities by leveraging its national presence and international expertise. Oyekanmi emphasized the company’s commitment to innovation, collaboration, and customer-centricity to drive sustainable development and foster inclusive economic growth across Nigeria.
“As part of the global Baobab Group, we are confident in our ability to navigate challenges and seize opportunities to empower entrepreneurs and build a brighter financial future for all Nigerians,” Oyekanmi said. He highlighted Baobab Nigeria’s dedication to making a meaningful impact on the lives of millions of entrepreneurs in Nigeria and beyond.
Acting CEO Eric Ntumba noted the impressive loan disbursement record, with Baobab Nigeria having issued 343,036 loans, maintaining an outstanding loan portfolio of N40.95 billion as of April 2024. Loan amounts range from N1,000,000 to N150 million and above. In 2023, the company achieved 112 percent of its loan disbursement target, 124 percent of its Gross Loan Portfolio (GLP) target, and 117 percent of its deposit target.
Board member Christina Reifschneider emphasized Baobab Nigeria’s commitment to client proximity and transparency. The company operates 38 branches across 16 states and Abuja, ensuring entrepreneurs have easy access to financial services. Reifschneider highlighted the company’s 7-pronged Client Protection Policy, which includes measures to prevent over-indebtedness and ensure responsible pricing.
Baobab Nigeria continues to drive financial inclusion through various innovative products and services such as the MyBaobabApp, Jollof+ Savings App, and Point-of-Sales machines. These offerings are supported by robust IT infrastructure, high liquidity, access to funds, and strong, diverse international ownership.
“Our focus is to delight our customers, and our satisfaction surveys show they are pleased with our services,” Reifschneider concluded, reaffirming Baobab Nigeria’s dedication to empowering entrepreneurs and fostering financial inclusion.
