Since its establishment in 2009, Baobab Nigeria, a subsidiary of Baobab Group, has significantly impacted the micro, small, and medium-sized enterprises (MSMEs) sector by disbursing N229.66 billion in loans. Notably, 56.3 percent of these funds have been directed towards women, with men receiving 40.4 percent.
During a press briefing held in Lagos, Rotimi Oyekanmi, the Chairman of Baobab Nigeria’s board, unveiled the company’s strategies to broaden its scope and capitalize on new growth prospects. Oyekanmi emphasized Baobab Nigeria’s commitment to innovation, collaboration, and customer-centric approaches to drive sustainable development and inclusive economic growth throughout Nigeria.
Eric Ntumba, the Acting CEO, highlighted the company’s impressive loan disbursement track record, having issued 343,036 loans, and maintaining an outstanding loan portfolio of N40.95 billion as of April 2024. Loan amounts range from N1,000,000 to N150 million and above. In 2023, the company surpassed its loan disbursement, Gross Loan Portfolio (GLP), and deposit targets.
Christina Reifschneider, a board member, underscored Baobab Nigeria’s dedication to client proximity and transparency through its network of 38 branches across 16 states and Abuja. She highlighted the company’s 7-pronged Client Protection Policy, which aims to prevent over-indebtedness and ensure responsible pricing.
Baobab Nigeria continues to drive financial inclusion through innovative products and services such as the MyBaobabApp, Jollof+ Savings App, and Point-of-Sales machines. These offerings are supported by robust IT infrastructure, high liquidity, access to funds, and diverse international ownership.
Reifschneider reaffirmed Baobab Nigeria’s commitment to customer satisfaction, citing positive feedback from satisfaction surveys. This commitment underscores the company’s dedication to empowering entrepreneurs and promoting financial inclusion.
