Baobab MFB Pledges Improved Service Delivery

Eromosele Abiodun

The Managing Director and Chief Executive Officer of Baobab Microfinance Bank, Dr. Kazeem Olanrewaju has assured customers that the bank will continue to employ innovative technology sustain efficient service delivery.

Olanrewaju who stated this while speaking at the bank’s customers’ forum held in Lagos, recently, stressed that despite the pandemic that disrupted businesses the world over, the bank has witnessed growth.

According to him, “COVID-19 has actually caused a lot of disruption in the past few months, we are happy that you are still in business and we thank you for your support for the bank.

“We appreciate the way you have done your business with us; your support has helped the bank to grow faster than we anticipated. If you remember, we gave you an update the last time we met, I will like to tell you now that the growth that we have witnessed before the outbreak of COVID-19, though was affected in the first two months of 2020, has continued its upward trajectory.

“The growth of the company and our expansion plan is on track, as we speak we have been able to support over 240, 000 customers in the last 10 years.

“This caught across the 7 states where we currently operate, if you notice, the last time we promised to step up our support for the customers.

“One of the things we did was to increase the loan limit from N40 million to N50 million. I am also happy to say that in the next 30 days the loans limit would be increased to N100 million per customer.”

On the recapitalisation of the bank, he said the bank is well ahead of the N3.5 billion threshold set by the Central Bank of Nigeria (CBN).

“The CBN requires us to have a minimum of N35 billion as at April this year, as we talk today, the capital of the bank is at N4.7 billion.

“Before the end of this year we will be well ahead of the N5 billion set for national micro finance bank by the central bank.

“In terms of the support we give our customers, I am glad to tell you that our loan disbursement is close to 5,000 customers every month across our network and we disburse about N3 billion to N3.5 billion per month that makes it about N40 billion annually. This we hope to continue to do to support our customers, “he explained.

He added that the growth in its deposits show the confidence that the bank’s customers have in it.