Baobab Nigeria has committed N500 billion in loans to support MSMEs, emphasizing financial inclusion and economic growth. Key leaders outlined strategies for enhancing services to underserved communities during a press conference in Lagos, highlighting their ongoing mission to empower entrepreneurs.
Baobab Nigeria, a prominent microfinance institution, has reaffirmed its dedication to Micro, Small, and Medium Enterprises (MSMEs) during a recent press conference in Lagos. The event gathered various stakeholders, including representatives from Baobab Group, international partners, and industry leaders, to discuss strategies aimed at enhancing financial inclusion and sustainable growth for small and medium enterprises in Nigeria.
Philip Sigwart, Group CEO of Baobab Group, articulated the organization’s commitment to supporting small businesses, emphasizing their role in Nigeria’s economic framework. He stated, “At Baobab, we recognize that small businesses are the backbone of the Nigerian economy…to fuel growth and economic development in Nigeria and across Africa.” Currently, Baobab’s Gross Loan Portfolio (GLP) is N60 billion, reflecting the high demand for its services.
Eric Ntumba, Managing Director and CEO of Baobab Nigeria, highlighted the institution’s significant contributions, with nearly N500 billion disbursed in loans to MSMEs since its founding. He noted that nearly 300,000 clients have benefited from these services, calling them essential for promoting financial inclusion. He added that their focus on sustainability ensures low risk while expanding their loan portfolio.
Chairman Rotimi Oyekanmi emphasized Baobab’s goal to enhance financial services to underserved communities across Nigeria. He remarked, “Our commitment to promoting financial inclusion in Nigeria is one we keep at the core of our heart,” noting their intentions to extend financial services to all 36 states, particularly in regions lacking adequate access.
In conclusion, Baobab Nigeria’s commitment to MSMEs demonstrates a significant initiative to enhance financial inclusion and economic growth in Nigeria. With substantial loan disbursements and a focus on sustainability and accessibility, Baobab is dedicated to fostering development in underserved regions. Their efforts aim to empower entrepreneurs and stimulate economic growth across the nation.
Original Source: www.thisdaylive.com
