Baobab provides loans worth over N323 billion to SMEs

Baobab Microfinance Bank has reaffirmed its commitment to supporting SMEs and micro-entrepreneurs across Nigeria, providing loans worth over N323 billion to more customers, disbursing over 407,000 customers.

In a statement, Baobab said that through its inclusive finance strategy, the company has positioned itself as a key player in driving economic growth, job creation and innovation in Nigeria.

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

“At Baobab, we put our customers at the heart of our strategy and increase opportunities to build sustainable, financially inclusive societies,” said Ntumba. “These numbers reflect not only loans, but also opportunities for growth, innovation and resilience for our clients and society at large.” “Every loan we disburse reflects our commitment to empowering individuals and businesses.” Further highlighting the bank’s commitment to turning business ideas into reality, he said: “Providing credit facilities to small businesses across Nigeria puts the country on the path of progress and development, which is a key role we play in the financial services industry.”

The impact of Baobab loans extends to multiple sectors including agriculture, trade, transportation, driving economic progress and helping individuals achieve their goals.

Dapo Ikupolati, Chief Commercial Officer, Baobab Nigeria also commended the bank’s efforts, noting that the bank disbursed over N92 billion in loans in 2024 alone.

“We remain committed to building a financially inclusive Nigeria, one loan at a time. One of our goals is to continue to expand our product offerings to reach hundreds of thousands of Nigerians who are seeking a better future,” Ikupolati noted.