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Baobab MFB To Disburse N30bn To SMEs By December

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Baobab Microfinance Bank has disbursed N5 billion this year and plans to disburse about N30 billion to small and medium enterprises by the end of this year.

Mr. Kazeem Olanrewaju, the Managing Director of Baobab Microfinance bank disclosed this.

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Speaking at a customers’ forum in Abuja Olanrewaju said “We still have about N25 billion to go and it is part of the reason we are here today. We’re here to talk to our clients to let them know that there are a lot of things available for them to take home”.

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Olanrewaju added that Baobab has a lot of focus on creating risk assets for customers. Over 120,000 lives have been touched with over N30 billion disbursed within the last 10 years, he said.

Olanrewaju also spoke about how impressive the rate of loan repayment has been. He said “We closed the year with about 2.3 percent deficit. What that means is that for every N100 we give out, we are getting N97.70. And so for us, it is very good. And I can also tell you it is one of the best you can get in the industry today.”

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“Today, we have automated even our loan process. If you have good repayment history, you can get a 20 percent increase for every time you renew your loan. And you don’t have to go through all the process of documentation all over again.” Olanrewaju added.

As regards to prospects, Olanrewaju said “We grew from less than 3 branches to 20 branches 3 years ago. And our loan book was about N2.7 billion, but today, it is close to N8 billion.

“If we continue at that pace, yes, we might not cover everybody but we will have a lot of people in our books for helping them. We see the number of people coming to bank with us increasing.”

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