Baobab Nigeria has disbursed N500 billion in loans to MSMEs, reaffirming its commitment to financial inclusion and economic development during a press conference in Lagos. The bank emphasizes the importance of microenterprises for Nigeria’s economy and aims to extend its services across all 36 states, particularly focusing on underserved areas.
Baobab Nigeria, a prominent microfinance institution, has committed to empowering Micro, Small and Medium Enterprises (MSMEs) through financial solutions. This was announced during a recent press conference in Lagos, with Baobab’s board reaffirming its significance in Nigeria’s economic growth and the financial sector. Important stakeholders including industry leaders, regulatory bodies, and representatives from the Baobab Group participated in discussions on strategies for promoting financial inclusion and sustainable development for small enterprises.
Philip Sigwart, the Group CEO of Baobab, highlighted the organization’s dedication to supporting microenterprises and small businesses. He stated that small businesses are essential to Nigeria’s economy, and Baobab aims to create an inclusive financial ecosystem that empowers entrepreneurs. The bank has developed a strong financial structure, with a Gross Loan Portfolio of N60 billion and a balance sheet of N80 billion as of December 2024, showcasing the demand for its services.
Eric Ntumba, the Managing Director and CEO of Baobab Nigeria, reported that the bank has disbursed nearly N500 billion in loans to MSMEs since its establishment. Serving approximately 300,000 clients, the bank has contributed to financial inclusion and business growth. His account emphasized the importance of maintaining low risk levels while expanding the loan portfolio significantly within the past year. Baobab’s approach incorporates the 3Ps—Planet, People, and Profit—to ensure comprehensive community service.
Board Chairman Rotimi Oyekanmi expressed Baobab’s commitment to enhancing financial accessibility for underserved communities. He noted that bridging financial gaps in Nigeria is vital, with future objectives aimed at expanding the bank’s operations to all 36 states, particularly in regions lacking financial services. This commitment underscores Baobab’s strategic focus on inclusivity and support for grassroots financial needs.
In summary, Baobab Nigeria is dedicated to empowering MSMEs by providing substantial financial solutions and fostering economic growth. The recent loan disbursement of N500 billion underscores the organization’s commitment to financial inclusion, with a goal of expanding access to underserved communities across all states. By focusing on sustainable practices and community engagement, Baobab stands as a key player in advancing Nigeria’s financial landscape.
Original Source: www.thisdaylive.com
