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Baobab Microfinance Bank said its operations in Kano would give petty traders access to affordable loans.
During the opening of the bank’s mega branch along Hadejia Road in Kano, the Chief Executive Officer of the bank, Eric Ntumba, said the bank’s main agenda is to assist small and medium-scale enterprises (SMEs) in boosting business operations.
Ntumba, who was represented by the Head of Operations, Godwin Gabriel, explained that the bank has in the past three years disbursed N661 million to 510 beneficiaries, mostly petty traders, in Kano.
According to him, Baobab Microfinance Bank has also disbursed soft loans to the tune of N6.3 billion to small and medium enterprises in 15 states across the federation.
He said the bank’s loan ranges from N20,000 to N50 million and attracts a pocket-friendly affordable interest rate.
“Baobab Microfinance Bank has provisions for illiterates, whom we put into consideration especially now that we employed locals within those communities to facilitate the opening of accounts.
“The bank, which commenced operations in 2019 has 38 branches spread across 15 states, including Kano. We are within the market realities to ensure that our clients enjoy the best possible interest rate we can give them,” he said.
He outlined the major criteria of securing a loan to include ownership of an existing business.
“Currently, our growth portfolio book is almost above N29 billion, indicating an impressive massive growth… Today, the capital base of the bank is over N5 billion, far above CBN’s stipulated capital base for microfinance banks.
“Last month alone, we disbursed loans to over 4000 customers with a value of almost N6 billion, which demonstrates that we are ready SMEs who engage in smaller businesses,” he said.
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