Baobab Microfinance Bank Empowers SMEs with Over ₦323 Billion in Loans
Baobab Microfinance Bank has reaffirmed its dedication to supporting small and medium-sized enterprises (SMEs) and micro-entrepreneurs in Nigeria. The bank announced that it has disbursed loans worth over ₦323 billion to more than 407,000 customers, reflecting its commitment to fostering economic growth and financial inclusion.
Driving Economic Growth and Innovation
In a statement, Baobab highlighted its role as a key player in driving economic progress, job creation, and innovation through its financial inclusion strategies. Acting Chief Executive Officer of Baobab Nigeria, Eric Ntumba, described the milestone as a testament to the bank’s mission of empowering small businesses and advancing societal development.
“At Baobab, we place our customers at the heart of our strategy, creating more ways to build a sustainable, financially inclusive society,” Ntumba said. “Each loan we disburse represents an opportunity for growth, innovation, and resilience—not just for our customers but for the broader society.”
He further emphasized the bank’s focus on turning business ideas into reality, stating that supporting SMEs across Nigeria contributes significantly to the country’s economic advancement and development.
Impact Across Key Sectors
The bank’s financial support spans multiple sectors, including agriculture, commerce, trading, and transportation. These sectors are vital for Nigeria’s economic progress and have benefited immensely from Baobab’s credit facilities. By enabling individuals and businesses to achieve their goals, the bank is playing a pivotal role in driving economic empowerment.
Milestone Achievements in 2024
The Chief Business Officer of Baobab Nigeria, Dapo Ikupolati, shared additional insights, noting that over ₦92 billion in loans were disbursed in 2024 alone. “We remain committed to building a financially inclusive Nigeria, one loan at a time,” Ikupolati stated. “Our goal is to continue expanding our offerings to reach thousands of Nigerians striving for a better future.
Empowering businesses isn’t just about providing loans; it’s about creating opportunities for growth, innovation, and resilience that transform lives and drive societal development.” – Eric Ntumba, Acting CEO, Baobab Nigeria
Baobab Microfinance Bank’s efforts underline its commitment to empowering SMEs and micro-entrepreneurs, fostering innovation, and driving economic growth. With its continued focus on financial inclusion and customer-centric strategies, the bank is shaping a path toward a more prosperous and resilient Nigeria.
