Baobab ready to expand financial services in support of MSMEs

Baobab Group commits to funding MSMEs in Nigeria
Baobab Group commits to funding MSMEs in Nigeria

Baobab Nigeria once again has affirmed its commitment towards developing Nigeria’s Micro Small and Medium Enterprise (MSME) sector of the economy.

The microfinance bank has emphasized the importance of developing a thriving MSME sector because of the part it plays in generating wealth and job possibilities for the Nigerian economy.

The Managing Director and Chief Executive Officer, Baobab Nigeria, Dr. Kazeem Olarenwaju, said the increasing strong demand for its services by MSME in Nigeria is being rewarded as it has invested heavily in making access to loans easy for its customers.

“In achieving this, we are expanding our reach both offline and online to enable more businesses to benefit from our services,” he said.

Meanwhile, the bank emerged winner of the MSME Microfinance Bank of the Year at the 2022 Banking and Financial Institutions Awards (BAFI) held recently in Lagos for the second year running clinching the prize for its extremely successful ability to stand out from the competition in the areas of offering tailored-made financial support to MSMEs in Nigeria.

“Already we have the Baobab app which is doing a lot of wonders in the market enabling customers to do transactions seamlessly without actually coming to the bank. We also partner with some agency bank networks to render services to those in remote areas and this is going to continue in the years ahead, we are also opening more branch networks in Port-Harcourt, Aba, and Onitsha,” he said.

“This expansion has led us to disburse over N5 billion monthly to over 5000 customers in terms of credits. Our goal is to become the No 1 Microfinance Bank in Nigeria and Africa for MSME sector and that is why we are constantly building our capacity, technology, and products.”

Kazeem pointed out that the accomplishments for which Baobab Nigeria is now recognized annually at the BAFI awards were made possible by the visionary leadership of the bank’s board and management and the commitment of the excellent individuals working across the organization.

“We are aware the expectation of the award is for us to do more, we are poised to unleash the potential of all willing entrepreneurs in Nigeria,” he added.


Please enter your comment!
Please enter your name here