Baobab Microfinance Bank Commissions Mega Office In Kano

Ahmad Sorondinki in Kano

Baobab Microfinance Bank, has stated that its operations in Kano will enable petty traders have easy access to loans with affordable interest rate.  

During the grand opening ceremony of the bank’s mega branch along Hadejia road in the Kano metropolis, the Chief Executive Officer of the Bank, Eric Ntumba said the bank’s main agenda is to assist small and medium businessmen in boosting their businesses.

Ntumba, who was represented by the Head of Operations, Godwin Gabriel explained that the bank has so far disbursed not less than N661 million to 510 beneficiaries, mostly petty traders in the last three months 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 spread across the federation.

He said, the bank loan ranges from N20,000 to N50 million, and attracts a pocked friendly affordable interest rate to all account holders.

“Boabob Microfinance Bank has provisions for illiterates, who cannot read and write, whom we put into consideration, especially now that we employed locals within those communities to facilitate opening of their Bank accounts.

“The bank, which commenced operations in 2019 to dates 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 loan to include ownership of existing business.

“Currently, our grown portfolio book is almost above N29billion indicating an impressive massive growth, as well as an active clients above 25.000” Today, the capital base of the Bank is over N5 billion, far above CBN’s stipulated capital base for Micro finance banks.

“Last month alone, we disbursed to above 4000 clients, the value of almost N6.billion, which demonstrate that we are really for the small medium enterprises (SMEs) who engage in smaller level of businesses and that a lot of persons have that kind of opportunities. And the loan amount we are disbursing is between N20, 000 and N50million, “he said.

In his remarks, the Chairman of Yankaba market, Aminu Lawan commended the bank’s management for siting the bank within their neighborhood, promising to mobilise his members to patronise the bank, as well as pay back their loans as at when do to enable other members to benefit from the gesture.