Baobab Nigeria, a leading microfinance bank, has announced that it has disbursed nearly N500 billion in loans to micro, small, and medium-sized enterprises (MSMEs), reinforcing its commitment to financial inclusion and business growth across Nigeria.
The bank made this announcement in a statement on Friday, emphasizing its ongoing efforts to support small businesses with accessible financial solutions. Since its inception, Baobab Nigeria has successfully served almost 300,000 clients, helping entrepreneurs expand their operations and improve their economic prospects.
“With close to N500 billion disbursed in loans to micro, small, and medium-sized businesses, Baobab Nigeria has consistently played a crucial role in fostering financial inclusion and business expansion,” the statement read. The company further highlighted its mission to provide accessible financial services to underserved communities across Africa.
Speaking at an event in Lagos, the Group Chief Executive Officer of Baobab Group, Philip Sigwart, reiterated the company’s dedication to empowering microenterprises and small businesses through impactful financial services.
“At Baobab, we recognize that small businesses are the backbone of the Nigerian economy. We are committed to building a sustainable and inclusive financial ecosystem that empowers entrepreneurs,” Sigwart said. “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.”
Baobab Nigeria has also built a strong financial foundation to sustain its expansion. As of December 2024, the bank’s gross loan portfolio stood at N60 billion, reflecting a strong demand for its financial products. Additionally, its total balance sheet size reached N80 billion, underscoring its financial stability and continued growth.
Eric Ntumba, CEO of Baobab Nigeria, affirmed that the bank’s growth remains sustainable, backed by strong financial indicators.
“Our growth is highly sustainable because we have maintained a low portfolio at risk while nearly doubling our loan portfolio within a year,” Ntumba stated. “At Baobab, we also prioritize the three Ps: Planet, People, and Profit. These guiding principles ensure we provide balanced and impactful services to the diverse communities we serve.”
Baobab Nigeria is also expanding its efforts to deepen financial inclusion by offering top-tier financial services to underserved and unbanked populations, particularly in grassroots communities. The bank aims to bridge financial gaps and provide opportunities to regions with limited access to essential financial services.
Rotimi Oyekanmi, Chairman of Baobab Nigeria’s Board, reaffirmed the bank’s commitment to expanding financial access nationwide.
“Our dedication to promoting financial inclusion in Nigeria remains at the core of our mission,” Oyekanmi said. “One of our key objectives in the coming years is to extend our reach across all 36 states in Nigeria, with a particular focus on underserved regions.”
Through its continued expansion and dedication to innovation, Baobab Nigeria is set to strengthen its role as a leading microfinance institution, driving business growth and economic development in Nigeria and beyond.
