Baobab supports SMEs with over N323bn loans

Baobab Microfinance Bank has reaffirmed its commitment to empowering small and medium-sized enterprises and micro-entrepreneurs across Nigeria by disbursing loans worth over N323bn to more than 407,000 customers.

Baobab said in a statement that it has positioned itself as a key player in fostering economic growth, job creation, and innovation in Nigeria through its financial inclusion strategy.

Speaking on the milestone, Acting Chief Executive Officer of Baobab Nigeria, Eric Ntumba, highlighted the company’s mission to support small businesses and drive societal development.

“At Baobab, we place our customers at the heart of our strategy and enhance more ways to build a sustainable, financially inclusive society,” Ntumba said. “These numbers reflect not just loans but opportunities for growth, innovation, and resilience for not only our customers but the society at large. Every loan we disburse shows our dedication to empowering individuals and businesses.”

Ntumba further emphasised the bank’s focus on turning business ideas into reality, stating, “Granting credit facilities to small businesses across Nigeria sets the country on a path for advancement and development, and this is one key role we desire to fill in the financial services sector.”

The impact of Baobab’s loans spans multiple sectors, including agriculture, commerce, trading, and transportation, driving economic progress and enabling individuals to achieve their goals.

The Chief Business Officer of Baobab Nigeria, Dapo Ikupolati, also lauded the bank’s efforts, noting that it disbursed over N92bn in loans in 2024 alone.

“We remain committed to building a financially inclusive Nigeria, one loan at a time. It is one of our goals to continue to expand our offerings to reach thousands of Nigerians seeking a better tomorrow,” Ikupolati noted.