Baobab Nigeria, a microfinance bank, has disbursed close to N500 billion in loans to micro, small, and medium-sized enterprises, reaffirming its commitment to financial inclusion and business growth in Nigeria.
The bank made this known in a statement on Friday, highlighting its ongoing efforts to empower small businesses through accessible and tailored financial solutions.
The bank stated it has successfully supported nearly 300,000 clients, enabling entrepreneurs to grow and scale their businesses.
“With close to N500bn disbursed in loans to micro, small, and medium-sized businesses since its inception, Baobab Nigeria has consistently played a pivotal role in fostering financial inclusion and business expansion,” the company said.
The bank added that these efforts align with Baobab’s mission to deliver accessible financial services to underserved communities across Africa.
Speaking at an event in Lagos, Baobab Group’s Group Chief Executive Officer, Philip Sigwart, reaffirmed the company’s dedication to empowering microenterprises and small businesses through meaningful and impactful financial solutions.
“At Baobab, we recognise that small businesses are the backbone of the Nigerian economy. We are committed to building a sustainable and inclusive financial ecosystem that empowers entrepreneurs.
“By continuously innovating and expanding our services, we reinforce our mission to provide accessible financial solutions that fuel growth and economic development in Nigeria and across Africa,” he said.
Baobab has established a robust financial foundation to support its continued growth.
As of December 2024, the bank’s gross loan portfolio stood at N60 billion, highlighting strong demand for its financial products, while its balance sheet size reached N80 billion.
Commenting on the bank’s performance, the CEO of Baobab Nigeria, Eric Ntumba, stated that Baobab’s growth remains sustainable, driven by solid financial indicators and prudent management.
“Our growth is quite sustainable because when we look at our quality metrics, we have managed to keep a very low portfolio at risk while almost doubling our loan portfolio in just one year.
“At Baobab, we are also focused on the three Ps: Planet, People, and Profit. These principles drive us to ensure we provide balanced services to the various communities we serve,” he said.
Baobab also aims to deepen financial inclusion in Nigeria by delivering best-in-class financial services to underserved and unbanked populations at the grassroots level.
