Microfinance bank to disburse N300m new credit as it embarks on expansion drive

BaoBab Microfinance Bank has unveiled an expansion strategy and plans to disburse N300 million new credit to traders and small businesses.

Olanrewaju Kazeem, its chief executive officer, said the new credit lines are aside the N32bn loans it had successfully disbursed through over 112,000 deals.

Kazeem disclosed this at the weekend while opening a new branch at Alaba International market in Lagos, saying that the bank would open more branches to get closer to its 65,000 customers.

He said the Alaba branch was the 10th branch of the bank in Lagos State aside seven others in Kaduna State. He announced that Babab has 50 portfolio managers are on ground to effectively mentor customers beyond their businesses.

Kazeem said the bank also hoped to disburse N25 billion nationwide in the future as it had employed 400 Nigerians Microfinance bank to disburse N300m new credit as it embarks on expansion drive to enable its loan portfolio to be effectively managed.

Insp Abubukar Ali, the divisional police officer (DP0), Alaba Area Command, commended the bank for opening a branch at Alaba International Market, saying the police would ensure the safety of the bank and its customers.

Ali, however, urged the bank to support the Nigeria Police Force, especially those
working in the area, with modern technology and gadgets that could help to curb crime.

The bank’s investors include International Finance Corporation (IFC), Goodwill and Proparco, and Bank of Paris and it operates in 13 African countries and China, with headquarters in Paris.

“The countries include Burkina Faso, Democratic Republic of Congo, ivory Coast, Madagascar, Mali, Nigeria,
Senegal, Tunisia, Zimbabwe, China and Paris among oth￾ers,” Kazeem said.

According to him, the bank obtained its National Practice Licence in 2016, and caters for Small and Medium enterpris￾es (SMEs).