L-R: Group Chief Executive Officer, Baobab Group, Mr. Philip Sigwart, Board Chairman, Mr. Rotimi Oyekanmi, Chief Group Operating Officer, Cecile Chahid- Nourai, Managing Director/CEO Baobab Nigeria Mr. Eric Ntumba; Independent Director, Frederic Flejou and Independent Director Mr. Kwame Ahadzi at a press conference by Baobab Microfinance Bank held in Lagos... yesterday PHOTO SUNDAY ADIGUN .
Lagos, Nigeria – Baobab Nigeria, a leading microfinance bank dedicated to empowering small businesses and individuals through financial solutions, hosted a high-profile press conference in Lagos. This significant event welcomed the presence of the esteemed Board of Directors, reaffirming Baobab’s commitment to Nigeria’s financial sector and economic growth.
The event, held at Radisson Blu Anchorage, brought together key stakeholders, including representatives from the Baobab Group, international partners, industry leaders, and regulatory bodies. The engagement provided a platform to discuss strategies, financial inclusion policies, and sustainable solutions aimed at fostering the growth of Nigeria’s small-medium sectors.
With close to N500 billion disbursed in loans to micro, small, and medium businesses since its inception, Baobab Nigeria has consistently played a pivotal role in fostering financial inclusion and business expansion. Since inception, the bank has successfully served close to 300,000 clients and disbursed close to half a million loans in number. These efforts align with Baobab’s mission to provide accessible financial services to underdeveloped African communities.
Speaking at the event, the Group CEO, Philip Sigwart, Baobab Group emphasized the company’s unwavering dedication to supporting microenterprises and small businesses through impactful financial services. “At Baobab, we recognize 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 further reiterated the need to expand grow and scale so the brands impact can be felt positively across board in peoples lives.With over 700 people working for Baobab in Nigeria he stated that there was still a lot of work to be done.
Baobab Nigeria has built a robust financial structure to sustain its growth trajectory. As of December 2024, the bank’s Gross loan portfolio (GLP) stands at N60 billion, reflecting strong demand for its financial products and the bank’s Balance sheet size stands at N80 billion.
Contributing further to the growth of the business, Eric Ntumba, MD/CEO of Baobab Nigeria said “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 3ps including the Planet, People and Profit. These are our driving force to ensure that we provide balanced services in the various communities we reside in.” When prodded further on other verticals the brand engages in, he spoke on actively seeking to understand and address the needs of the communities they serve. “Through partnerships and initiatives, we strive to create meaningful connections and foster sustainable development”. We are also heavy on Sustainability “We are dedicated to minimizing our environmental footprint. Our practices focus on sustainable sourcing, waste reduction, and energy efficiency, ensuring that we contribute to a healthier planet for future generations”
Baobab further seeks to foster financial inclusion in Nigeria focusing on providing best-in-class financial services to the underserved and the unserved at the grassroots level. This was confirmed by Rotimi Oyekanmi, the Board Chairman of Baobab Nigeria when he said “Our commitment to promoting financial inclusion in Nigeria is one we keep at the core of our heart. 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.”
Speaking on Technology as a key major enabler of their processes Chief Group Operating Officer, Cecile Chahid- Nourai said “ We are migrating and modernising our tech platforms, we want to localize some of our IT services, we would have some of our recruitments here in Nigeria this would offer better solutions to our clients” "these would enable the growth of such plans as digital lending, and a collection system that is truly digital"
The assembly of the Board of Directors showcases Baobab’s leadership in the financial sector, reaffirming its mission to be a driver for entrepreneurial growth and financial empowerment. This also paves ways to further promote the mission and vision of the company to customers, giving customers a sense of hope and assurance for a better financial experience.
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