Baobab Microfinance Bank has emerged as the Micro-small and medium-sized enterprises’ Microfinance Bank of the Year at the 2022 Banking and Financial Institutions Awards in Lagos.
According to a statement by the company, Baobab MFB clinched the prize for standing out in offering financial support to MSMEs, at the well-attended ceremony comprising, the bank’s chief executive officers, captains of financial institutions, and professional bodies, Baobab MFB beat off competitions from other microfinance banks in the award category.
Speaking on the award, the Managing Director, Baobab Nigeria, Dr. Kazeem Olarenwaju, said the bank was being rewarded for its efforts in the financial industry.
He said, “The increasing strong demand for our services by MSME in Nigeria is being rewarded as we have invested heavily in making access to loans easy for the customers. In achieving this, we are expanding our reach, both offline and online to enable more businesses to benefit from our services.
“Already we have the Baobab application which is doing a lot of wonders in the market, enabling customers to do transactions seamlessly without actually coming to the bank. We also partner with some agency bank networks to render services to those in remote areas and this is going to continue in the years ahead, as we are also opening more branch networks in Port-Harcourt, Aba, and Onitsha.
’’This expansion has led us to disburse over N5bn monthly to over 5,000 customers in terms of credits. Our goal is to become the No 1 Microfinance Bank in Nigeria and Africa for the MSME sector and that is why we are constantly building our capacity, technology, and products.”
Kazeem noted in the statement that steps had been taken by the leadership of the board, management of the bank, and the dedication of the people working across the organisation, to deliver the successes for which Baobab is being rewarded.