Baobab Nigeria has disbursed N500 billion in loans to MSMEs, affirming its commitment to financial inclusion. The bank’s leadership, including CEO Philip Sigwart and MD Eric Ntumba, emphasizes the role of small businesses in the Nigerian economy. Baobab aims to expand its reach across all states while maintaining a low Portfolio at Risk and focusing on sustainable growth.
Baobab Nigeria, a prominent microfinance bank, has recently reaffirmed its commitment to supporting Micro, Small, and Medium Enterprises (MSMEs) across Nigeria. This declaration was made during a press conference in Lagos, gathering various stakeholders, including representatives from the Baobab Group, industry leaders, and regulatory bodies. The forum provided a platform to discuss strategies and policies aimed at enhancing financial inclusion and sustainable growth in Nigeria’s small and medium enterprises sector.
Philip Sigwart, Group CEO of Baobab, highlighted the importance of small businesses to the Nigeria economy while reiterating the bank’s commitment to creating an inclusive financial ecosystem. He stated, “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.” As of December 2024, Baobab Nigeria reports a Gross Loan Portfolio (GLP) of N60 billion, with a total balance sheet size of N80 billion, showcasing robust demand for its financial services.
Eric Ntumba, the Managing Director and CEO of Baobab Nigeria, emphasized the bank’s significant role in financial inclusion. “With close to N500 billion disbursed in loans since inception, Baobab Nigeria has consistently fostered financial inclusion and expansion for nearly 300,000 clients,” he noted. The bank has successfully maintained a low Portfolio at Risk while almost doubling its loan portfolio within a year, focusing on a sustainable growth strategy that adheres to principles concerning the planet, people, and profits.
Rotimi Oyekanmi, the Board Chairman of Baobab Nigeria, stressed the bank’s dedication to providing essential financial services to underserved communities. He explained, “Our commitment to promoting financial inclusion in Nigeria is one we keep at the core of our heart. We aim to bridge gaps in the financial industry by expanding opportunities to underserved states and regions.” Looking ahead, Baobab aims to enhance its outreach across all 36 states in Nigeria, particularly targeting areas that lack financial services.
In conclusion, Baobab Nigeria has reiterated its steadfast commitment to empowering MSMEs in Nigeria through substantial loan disbursements and financial inclusion initiatives. By emphasizing the importance of supporting small businesses and focusing on sustainability and accessibility, Baobab aims to significantly impact the economic landscape across the country. Their strategic goals for expansion highlight a proactive approach to fostering financial services in underserved regions.
Original Source: www.thisdaylive.com
