The management of the Baobab Microfinancial Bank Limited says with a customer base of 130,000, it had disbursed N30 billion loans in 10 years of its existence.
The bank’s Managing Director, Dr Kazeem Olanrewaju, made the disclosure while speaking with journalists on the sidelines of the bank’s 2019 Customers’ Forum in Kaduna.
Olanrewaju said that with loyal and dedicated customers, the lender bank would have done more but for its current constraints.
These, he noted, include deficit in infrastructure, and power supply, which he said made the bank unable to go beyond certain limits.
He said the bank started off with a state licence from the Central Bank of Nigeria (CBN) which enabled it to operate in just one state – Kaduna.
He, however, added that with the acquisition of a national licence, the bank was able to open branches in other states.
Olanrewaju said that at present, the bank had at least 20 branches across the length and breadth of the country.
He listed the branches to include six in Kaduna, eleven in Lagos and three in the Federal Capital Territory, Abuja, saying that for now, the bank would want to stabilise to ensure that the current branches were viable, solid and strong.
He noted that despite the challenges confronting the bank, “we have been able to adapt ourselves to the environment and we are trying as much possible to overcome some of these challenges.”
The Baobab Bank chief said, “We may have some challenges, we have been able to serve in excess of 130,000 customers. We have in our loan books, 30,000 customers. We have been able to disburse in excess of N30 billion in the last 10 years.”
On the customers’ forum, he said, it served as an avenue where the management of the bank got a feedback from its clients aimed at repositioning the lender bank to serve them better.
