Baobab Nigeria Disburses N500bn Loans, Commits to Supporting MSMEs

Baobab Nigeria has reiterated its commitment to supporting MSMEs, announcing close to N500 billion in loans disbursed. They aim to foster financial inclusion across Nigeria, emphasizing their focus on underserved regions. Baobab’s efforts align with its mission to enhance accessibility and innovation in financial solutions, vital for economic growth.

Baobab Nigeria, an establishment aimed at empowering small businesses through strategic financial support, has reaffirmed its dedication to Micro, Small and Medium Enterprises (MSMEs) during a recent press conference in Lagos. Their board of directors hosted a gathering of stakeholders including Baobab Group representatives and regulatory bodies to discuss strategies for enhancing financial inclusion and support for Nigeria’s small-medium sectors.

Philip Sigwart, the Group CEO of Baobab Group, highlighted the necessity of supporting microenterprises, stating that small businesses form the backbone of Nigeria’s economy. He expressed the commitment to developing an inclusive financial ecosystem, emphasizing the importance of accessible financial solutions that facilitate growth and development across Nigeria and Africa. By December 2024, Baobab’s Gross Loan Portfolio (GLP) is projected to reach N60 billion, underlining the significant demand for their financial products.

Eric Ntumba, the MD/CEO of Baobab Nigeria, shared insights on the bank’s impressive achievements, reporting close to N500 billion in loans disbursed to MSMEs since its inception. The bank has served nearly 300,000 clients, highlighting its crucial role in promoting financial inclusion. Ntumba noted a sustainable growth trajectory, reflected in low Portfolio at Risk rates while nearly doubling the loan portfolio in just one year.

Rotimi Oyekanmi, the Board Chairman, emphasized Baobab’s dedication to bridging financial gaps, primarily aimed at underserved areas in Nigeria. He stated that fostering financial inclusion remains a key priority, with plans to extend services across all 36 states of Nigeria to assist regions lacking essential financial services. This mission demonstrates Baobab’s commitment to enhancing access to financial solutions for communities in need.

In summary, Baobab Nigeria has showcased its commitment to empowering MSMEs through a substantial loan disbursement, current statistics reflecting robust growth and a strategic focus on financial inclusion. With continued efforts to reach underserved regions, Baobab aims to fortify Nigeria’s economic landscape, ensuring accessibility to financial services for all communities, which is vital for sustainable development.

Original Source: www.thisdaylive.com