Baobab Nigeria, a microfinance institution, announced that it has provided approximately 500 billion naira in loans to micro, small, and medium-sized businesses, underscoring its dedication to promoting financial inclusivity and supporting enterprise development within Nigeria.
The announcement was made in a statement released on Friday, where the bank emphasized its initiatives to assist small enterprises with user-friendly financial services.
The bank stated that it has successfully assisted around 300,000 customers, aiding business owners in growing their enterprises.
"Since its launch, Baobab Nigeria has distributed nearly 500 billion naira in loans to micro, small, and medium-sized enterprises, thereby playing a crucial part in promoting financial inclusiveness and business growth," the firm stated.
The organization also noted that these initiatives are in line with Baobab’s aim to offer affordable financial services to underprivileged African populations.
At an event held in Lagos, the CEO of Baobab Group, Philip Sigwart, reiterated the organization's dedication to aiding microenterprises and small enterprises via effective financial solutions.
At Baobab, we understand that small enterprises form the cornerstone of Nigeria’s economy. Our mission is to create a sustainable and inclusive financial environment that supports business owners.
He stated, 'Through constant innovation and service expansion, we strengthen our commitment to offering accessible financial solutions that drive growth and economic progress in Nigeria and throughout Africa.'
To support its expansion plans, Baobab has established a solid financial framework. By the end of December 2024, the institution’s total loans amounted to N60 billion, indicating significant interest in their services. Additionally, their overall asset base had grown to N80 billion.
Eric Ntumba, the CEO of Baobab Nigeria, stated that the bank's expansion continues to be sustainable, supported by robust financial indicators.
Our expansion remains highly sustainable since, upon examining our quality metrics, we've successfully maintained an exceptionally low-risk portfolio even as we nearly doubled our loan portfolio within a single year.
"At Baobab, our focus revolves around the three P’s: Planet, People, and Profit. We adhere to these guiding principles to guarantee that we offer well-balanced services to all the different communities we cater to," he stated.
Baobab aims to enhance financial inclusivity in Nigeria by offering top-tier financial services to underprivileged and unbaked groups within rural areas.
Rotimi Oyekanmi, the Chairperson of Baobab Nigeria, reiterated the institution's dedication to broadening financial inclusion throughout the nation.
Our dedication to advancing financial inclusion in Nigeria stays central to what we do," Oyekanmi stated. "Our objective is to close the gaps within the financial sector by increasing accessibility for underprivileged states and areas that lack entry to vital financial services.
In the upcoming years, expanding our presence into all 36 states of Nigeria will be one of our primary goals, particularly targeting areas considered financial deserts.
Provided by Syndigate Media Inc. ( Syndigate.info ).
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