Baobab Nigeria, a microfinance bank, has announced that it has disbursed close to ₦500 billion in loans to micro, small, and medium-sized enterprises (MSMEs), reaffirming its dedication to financial inclusion and business development in Nigeria.
In a statement released on Friday, the bank highlighted its ongoing efforts to support small businesses by providing accessible financial solutions. So far, Baobab Nigeria has served nearly 300,000 clients, empowering entrepreneurs to expand their ventures.
The bank emphasized that its initiatives align with Baobab’s mission of delivering financial services to underserved communities across Africa.
Speaking at an event in Lagos, Philip Sigwart, Group Chief Executive Officer of Baobab Group, reiterated the company’s commitment to supporting micro and small businesses through impactful financial solutions.
Baobab has established a solid financial framework to sustain its growth. As of December 2024, its gross loan portfolio stood at ₦60 billion, reflecting strong demand for its financial products, while its total balance sheet size reached ₦80 billion.
Eric Ntumba, CEO of Baobab Nigeria, assured that the bank’s growth remains stable, supported by strong financial performance.
Additionally, Baobab aims to enhance financial inclusion in Nigeria by offering top-tier financial services to underserved and unbanked communities at the grassroots level.
The Board Chairman, Rotimi Oyekanmi, reaffirmed Baobab Nigeria’s commitment to broadening financial access across the country.
