Baobab Nigeria has lent nearly N500 billion to micro, small, and medium-sized enterprises (MSMEs), reinforcing its commitment to financial inclusion and business growth in Nigeria.

The bank announced in a statement that it has served close to 300,000 clients, providing accessible financial solutions to help entrepreneurs expand their businesses.

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300,000 clients served 

According to the bank, it has helped entrepreneurs grow their businesses by successfully serving almost 300,000 clients.

“With close to N500bn disbursed in loans to micro, small, and medium-sized businesses since its inception, Baobab Nigeria has consistently played a pivotal role in fostering financial inclusion and business expansion,” the company said.

It further stated that Baobab’s objective of offering easily accessible financial services to marginalised African populations is in line with these initiatives.

Baobab’s commitment to support small businesses 

Baobab Group Group CEO Philip Sigwart reiterated the company’s dedication to providing small businesses and microenterprises with effective financial services during a speech at an event in Lagos.

“At Baobab, we recognise that small businesses are the backbone of the Nigerian economy. We are committed to building a sustainable and inclusive financial ecosystem that empowers entrepreneurs.

“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,” he said.

Robust financial structure to maintain growth trajectory 

To maintain its growth trajectory, Baobab has established a strong financial framework.

As of December 2024, the bank’s balance sheet size was N80 billion, and its gross loan portfolio was N60 billion, indicating high demand for its financial products. Strong financial indicators support the bank’s sustainable expansion, according to Eric Ntumba, CEO of Baobab Nigeria.

“Our growth is quite sustainable because when we look at our quality metrics, we have managed to keep a very low portfolio at risk while almost doubling our loan portfolio in just one year.

“At Baobab, we are also focused on the three Ps: Planet, People, and Profit. These principles drive us to ensure we provide balanced services to the various communities we serve,” he said.

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Baobab aims to deepen financial inclusion in Nigeria 

Baobab also aims to increase financial inclusion in Nigeria by offering top-notch financial services to underbanked and underserved communities at the local level.

Baobab Nigeria’s board chairman, Rotimi Oyekanmi, reiterated the bank’s dedication to increasing financial accessibility throughout the nation.

“Our commitment to promoting financial inclusion in Nigeria remains at the core of our mission,” Oyekanmi said. “We aim to bridge gaps in the financial industry by expanding opportunities to underserved states and regions lacking access to essential financial services.”

“In the coming years, one of our key objectives is to extend our reach across all 36 states in Nigeria, with a clear focus on financial deserts,” he added.